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FINANCE BILL 1999 (PDF
631Kb)
21st July 1999
The Latest amended version of the Finance Bill as presented to the
House of Lords is available from the Parliamentary
Website
A condensed version in PDF format is now
available (PDF 1.4Mb)
EXPLANATORY NOTES ON CLAUSES OF THE 1999
FINANCE BILL
Finance Bill 1999: New Clause
2
CLAUSE 1: RATE OF DUTY ON SPARKLING
CIDER AND PERRY
CLAUSE 2: RATES OF DUTY AND REBATE
ON HYDROCARBON OIL
CLAUSE 3: INCREASED REBATE ON
HIGHER OCTANE UNLEADED PETROL
CLAUSE 4: DRAWBACK OF DUTY ON
EXPORTATION
CLAUSE 5: RATES OF TOBACCO PRODUCTS
DUTY
CLAUSE 6: RATE OF POOL BETTING
DUTY
CLAUSE 7: RATES OF GAMING DUTY
CLAUSE 10: DRAWBACK OF DUTY
ON SHIPMENT AS STORES, ETC.
CLAUSE 12: VALUE ADDED TAX (ASSIGNMENT
OF DEBTS)
CLAUSE 13: VALUE ADDED TAX (GROUPS
OF COMPANIES)
CLAUSE 14: VALUE ADDED TAX (PENALTIES
FOR INCORRECT CERTIFICATES)
CLAUSE 15: VALUE ADDED TAX (EC
SALES STATEMENTS: TIME LIMITS FOR ASSESSMENTS TO PENALTIES)
CLAUSE 16: VALUE ADDED TAX (REPAYMENT
SUPPLEMENT)
CLAUSE 17: VALUE ADDED TAX (MEANING
OF "BUSINESS")
CLAUSE 19: INTRODUCTION
OF THE STARTING RATE OF INCOME TAX
CLAUSE 20: CHARGE AND RATES
OF INCOME TAX FOR 1999-00
CLAUSE 21: PERSONAL
ALLOWANCES FOR 1999-00 FOR THOSE AGED 65 OR MORE
CLAUSE 22: OPERATIVE
DATE OF INDEXATION FOR PAY AS YOU EARN
CLAUSE 23: RATES
OF CAPITAL GAINS TAX
CLAUSE 24: CORPORATION
TAX CHARGE AND RATES - CHARGE
AND MAIN RATE FOR FINANCIAL YEAR 2000
CLAUSE 25: CORPORATION
TAX STARTING RATE
CLAUSE 26: RATE
AND FRACTION FOR CORPORATION TAX STARTING RATE
CLAUSE 27 AND
SCHEDULE 3: CHILDREN’S TAX CREDIT
CLAUSE 28: RESTRICTION
OF THE MARRIED COUPLE'S ALLOWANCE TO THOSE REACHING 65 BEFORE 2000-01
CLAUSE 29: FURTHER
PROVISIONS ABOUT MARRIED COUPLE'S ALLOWANCE
CLAUSE 30: ABOLITION
OF EXISTING RELIEF IN RESPECT OF CHILDREN
CLAUSE 31: ABOLITION
OF WIDOW'S BEREAVEMENT ALLOWANCE
CLAUSE 32: ORDER
OF INCOME TAX REDUCTIONS, ETC.
CLAUSE 33: MAINTENANCE
PAYMENTS
CLAUSE 34: LIMIT
ON RELIEF FOR INTEREST
CLAUSE 35 AND
SCHEDULE 4: WITHDRAWAL OF RELIEF FOR INTEREST ON LOANS TO BUY LAND
ETC.
CLAUSE 36: WITHDRAWAL
OF RELIEF FOR INTEREST ON NEW ANNUITY LOANS
CLAUSE 37: ANNUITY
LOANS : RESIDENCE REQUIREMENTS AND RE-MORTGAGES
CLAUSE 38: REPAYMENTS
ATTRACTING REPAYMENT SUPPLEMENTS
CLAUSE 39: CONDITIONAL
ACQUISITION OF SHARES
CLAUSE 40: MEANING
OF CONDITIONAL INTERESTS IN SHARES
CLAUSE 41: EXEMPTION
FOR MOBILE TELEPHONES.
CLAUSE 42: LIMITED
EXEMPTION FOR COMPUTER EQUIPMENT.
CLAUSE 43: PRP
AND AGRICULTURAL PAY
CLAUSE 44 : CARS
AVAILABLE FOR PRIVATE USE
CLAUSE 45: PROVISION
AND SUPPORT OF BUS SERVICES
CLAUSE 46: PROVISION
OF MOTOR CYCLE OR CYCLE PARKING FACILITIES
CLAUSE 47: CYCLES
AND CYCLIST’S SAFETY EQUIPMENT
CLAUSE 48 AND
SCHEDULE 5 : SCOTTISH PARLIAMENT AND DEVOLVED ASSEMBLIES
CLAUSE 49:EXEMPTION
CERTIFICATES
CLAUSE 50 AND
SCHEDULE 6: TAX TREATMENT OF REVERSE PREMIUMS
Clause 50 and
Schedule 6: Amendment
CLAUSE 51: GIFTS
IN KIND TO CHARITIES ETC
CLAUSE 52: AGGREGATION
OF MONEY GIFTS FOR RELIEF IN POOR COUNTRIES
CLAUSE 53:EMPLOYEES
SECONDED TO EDUCATIONAL ESTABLISHMENTS
CLAUSE 54 : PHASING
OUT OF VOCATIONAL TRAINING RELIEF
CLAUSE 55: STUDENT
LOANS: CERTAIN INTEREST TO BE DISREGARDED
CLAUSE 56:CLASS
1B NATIONAL INSURANCE CONTRIBUTIONS
CLAUSE 57:EXPENDITURE
ON FILM PRODUCTION AND ACQUISITION
CLAUSE 58: INCOME
OF UNMARRIED CHILD OF SETTLOR
CLAUSE 59: RELEVANT
DISCOUNTED SECURITIES
CLAUSE 60: QUALIFYING
CORPORATE BONDS: PROVISIONS CONSEQUENTIAL ON S. 59
CLAUSE 61: DEEP
DISCOUNT AND DEEP GAIN SECURITIES
CLAUSE 62: COURT COMMON
INVESTMENT FUNDS
CLAUSE 63: RELIEF
ON DISTRIBUTIONS OF VENTURE CAPITAL TRUSTS
CLAUSE 64: ELIGIBILITY
FOR EIS RELIEF
CLAUSE 65 AND
SCHEDULE 7: DEFERRED GAINS: APPLICATION OF TAPER RELIEF
CLAUSE
66 AND SCHEDULE 8: EIS DEFERRED GAINS: GAIN ACCRUING ON PART DISPOSAL,
ETC.
CLAUSE
67[68] AND SCHEDULE 9[8]:VALUE SHIFTING: TAX-FREE BENEFITS. CAPITAL
GAINS ON SALES OF SUBSIDIARIES
CLAUSE
68: CONCESSIONS THAT DEFER A CAPITAL GAINS CHARGE
CLAUSE
69 : EXTENSION OF FIRST YEAR ALLOWANCES.
CLAUSE
70 AND SCHEDULE 10: SHARING OF PENSIONS ON DIVORCE, ETC.
CLAUSE
71: PURCHASED LIFE ANNUITIES
CLAUSE
72:ACQUISITIONS DISREGARDED UNDER INSURANCE COMPANIES CONCESSIONS
CLAUSE
73: LLOYD’S: MEMBERS’ AGENT POOLING ARRANGEMENTS
CLAUSE
74: PROVISIONS SUPPLEMENTARY TO S.73
CLAUSE
75: LLOYD’S: ROLL-OVER RELIEF
CLAUSE
76: ADVANCE PRICING AGREEMENTS ETC
CLAUSE
77: PROVISION SUPPLEMENTAL TO SECTION 76
CLAUSE
78: EFFECT OF SECTION 76 AGREEMENTS ON NON-PARTIES
CLAUSE
79: CONTROLLED FOREIGN COMPANIES (CFCs)
CLAUSE
80: CORPORATION TAX: DUE AND PAYABLE DATE
CLAUSE
81: RELEASE OR WRITING OFF OF DEBT: INTEREST ON TAX OVERPAID
CLAUSE
82: ADVANCE CORPORATION TAX: CONSEQUENCES OF ABOLITION
CLAUSE
83: GROUP RELIEF: CONSEQUENCES OF REDUCTION IN SURRENDERABLE AMOUNT
CLAUSE
84 AND SCHEDULE 11: COMPANY TAX RETURNS ETC.
CLAUSE
85: PETROLEUM REVENUE TAX: EXCLUDED OIL
CLAUSE
86: SALE AND LEASEBACK - PETROLEUM REVENUE TAX
CLAUSE
87: TRANSFER OF FIELD INTEREST
CLAUSE
88: PROVISIONS SUPPLEMENTARY TO SS.86 AND 87
CLAUSE
89: SALE AND LEASEBACK - RING FENCE PROFITS
CLAUSE
90: PIPE-LINE ELECTIONS
CLAUSE
91: PRT RETURNS
CLAUSE
92: GIFTS
CLAUSE
93: DELIVERY OF ACCOUNTS
CLAUSE
94: POWER TO CALL FOR DOCUMENTS ETC
CLAUSE
95: INLAND REVENUE CHARGE
CLAUSE
96: PENALTIES
CLAUSE
97 AND SCHEDULE 12:INTEREST AND PENALTIES ON LATE STAMPING
CLAUSE
98: INTEREST ON REPAYMENT OF DUTY OVERPAID ETC
CLAUSE
99: STAMP DUTY ON CONVEYANCE OR TRANSFER ON SALE
CLAUSE
100: ABOLITION OF DUTY ON TRANSFERS ETC OF UNITS IN UNIT TRUSTS
CLAUSE
101 AND SCHEDULES 13 AND 14: GENERAL AMENDMENT OF CHARGING PROVISIONS
CLAUSE
102 AND SCHEDULES 15 AND 16: BEARER INSTRUMENTS
CLAUSE
103 AND SCHEDULE 17: PENALTIES OTHER THAN ON LATE STAMPING
CLAUSE
104 AND SCHEDULE 18: MINOR AMENDMENTS AND REPEAL OF OBSOLETE PROVISIONS
CLAUSE
105: NON STERLING BEARER INSTRUMENTS ISSUED IN CONNECTION WITH MERGER
OR TAKEOVER.
CLAUSE
106: SCOPE OF EXCEPTIONS FOR CERTAIN BEARER INSTRUMENTS
CLAUSE
107: RELIEF IN CASE OF CERTAIN REPLACEMENT SECURITIES.
CLAUSE
108 & SCHEDULE 19: CHARGE TO TAX ON SURRENDER OF UNITS IN UNIT
TRUSTS
CLAUSE
109: APPLICATION OF UNIT TRUST PROVISIONS TO OEICS
CLAUSE
110: POWER TO EXEMPT UK DEPOSITARY INTERESTS IN FOREIGN SECURITIES
CLAUSE
111: MINOR AMENDMENTS OF EXCEPTIONS TO GENERAL CHARGE
CLAUSE
112: POWER TO MAKE REGULATIONS WITH RESPECT TO ADMINISTRATION ETC.
CLAUSE
113: CONSTRUCTION OF THIS PART AND OTHER SUPPLEMENTARY PROVISIONS
CLAUSE 114: LANDFILL TAX (STANDARD
RATE)
CLAUSE 115: RATE OF INSURANCE
PREMIUM TAX
CLAUSE 116: CUSTOMS DUTY (INTEREST
ON LATE PAYMENT OF CUSTOMS DEBTS)
CLAUSE 117: CUSTOMS DUTY (INTEREST
ON REPAYMENTS)
CLAUSE 118: CUSTOMS DUTY (PERIODS
TO BE DISREGARDED IN DETERMINING INTEREST UNDER CLAUSE 117)
CLAUSE 119: CUSTOMS DUTY (REPAYMENT
OF OVERPAID INTEREST)
CLAUSE 120: CUSTOMS DUTY (CONSEQUENTIAL
AMENDMENTS RELATING TO INTEREST)
CLAUSE 122: POWER TO PROVIDE
FOR USE OF ELECTRONIC COMMUNICATIONS
CLAUSE 123: USE OF ELECTRONIC
COMMUNICATIONS UNDER OTHER PROVISIONS
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