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Royal arms

Finance Act 1999

1999 CHAPTER 16

ARRANGEMENT OF SECTIONS

Go to Preamble

  1. Part I

    Excise duties

    1. Alcoholic liquor duties

      1. 1. Rate of duty on sparkling cider.

    2. Hydrocarbon oil duties

      1. 2. Rates of duty and rebate on hydrocarbon oil.

      2. 3. Increased rebate on higher octane unleaded petrol.

      3. 4. Drawback of duty on exportation.

    3. Tobacco products duty

      1. 5. Rates of tobacco products duty.

    4. Betting and gaming duties

      1. 6. Rate of pool betting duty.

      2. 7. Rates of gaming duty.

    5. Vehicle excise duty

      1. 8. The general rate of vehicle excise duty.

      2. 9. Rates of duty for goods vehicles.

    6. Goods shipped etc. as stores

      1. 10. Goods for sale on board ships or aircraft.

      2. 11. Drawback of duty on shipment.

  2. Part II

    Value added tax

    1. 12. Works of art, antiques, etc.

    2. 13. Gold.

    3. 14. Preparations etc. of meat, yeast or egg.

    4. 15. Assignment of debts.

    5. 16. Groups of companies.

    6. 17. Penalties for incorrect certificates.

    7. 18. EC sales statements: time limits for assessments to penalties.

    8. 19. Period before repayment supplement payable.

    9. 20. Meaning of “business”.

    10. 21. Accounting for VAT by Government departments.

  3. Part III

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Income tax rates and charge etc.

      1. 22. Starting rate.

      2. 23. Charge and rates for 1999-00.

      3. 24. Personal allowances for 1999-00 for those aged 65 or more.

      4. 25. Operative date of indexation for PAYE.

    2. Rates of capital gains tax

      1. 26. Rates of capital gains tax.

    3. Corporation tax charge and rates

      1. 27. Charge and main rate for financial year 2000.

      2. 28. Corporation tax starting rate.

      3. 29. Rate and fraction for corporation tax starting rate.

    4. Income tax reductions

      1. 30. Children’s tax credit.

      2. 31. Restriction of MCA to those reaching 65 before 2000-01.

      3. 32. Further provision about married couple’s allowance.

      4. 33. Abolition of existing relief in respect of children.

      5. 34. Abolition of widow’s bereavement allowance.

      6. 35. Order of income tax reductions etc.

      7. 36. Maintenance payments.

    5. Relief for interest payments

      1. 37. Limit on relief for interest.

      2. 38. Withdrawal of relief for interest on loans to buy land etc.

      3. 39. Withdrawal of relief for interest on new annuity loans.

      4. 40. Annuity loans: residence requirements and re-mortgages.

      5. 41. Repayments attracting repayment supplement.

    6. Employee benefits etc.

      1. 42. Conditional acquisition of shares.

      2. 43. Meaning of conditional interests in shares.

      3. 44. Exemption for mobile telephones.

      4. 45. Limited exemption for computer equipment.

      5. 46. PRP and agricultural pay.

      6. 47. Cars available for private use.

      7. 48. Provision and support of bus services.

      8. 49. Provision of motor cycle or cycle parking facilities.

      9. 50. Cycles and cyclist’s safety equipment.

    7. Members of parliaments and assemblies

      1. 51. EU travel expenses.

      2. 52. Scottish Parliament and devolved assemblies.

    8. Sub-contractors in the construction industry

      1. 53. Exemption certificates.

    9. Reverse premiums

      1. 54. Tax treatment of reverse premiums.

    10. Charities

      1. 55. Gifts in kind to charities etc.

      2. 56. Gifts of money to relieve refugee poverty.

      3. 57. Aggregation of money gifts for relief in poor countries.

    11. Education and training

      1. 58. Employees seconded to educational establishments.

      2. 59. Phasing out of vocational training relief.

      3. 60. Student loans: certain interest to be disregarded.

    12. Various other reliefs etc.

      1. 61. Class 1B National Insurance contributions.

      2. 62. Expenditure on film production and acquisition.

      3. 63. Treatment of transfer fees under existing contracts.

    13. Settlements

      1. 64. Income of unmarried child of settlor.

    14. Securities and investments

      1. 65. Relevant discounted securities.

      2. 66. Qualifying corporate bonds: provision consequential on s. 65.

      3. 67. Deep discount and deep gain securities.

      4. 68. Court common investment funds.

    15. Venture capital trusts

      1. 69. Company restructuring and convertible securities.

      2. 70. Relief on distributions.

    16. Enterprise investment scheme

      1. 71. Eligibility for EIS relief.

      2. 72. Deferred gains: application of taper relief.

      3. 73. Deferred gains: gain accruing on part disposal etc.

    17. Chargeable gains

      1. 74. Value shifting: tax-free benefits.

      2. 75. Allowable losses where beneficiary absolutely entitled.

      3. 76. Concessions that defer a capital gains charge.

    18. Capital allowances

      1. 77. Extension of first-year allowances.

      2. 78. First-year allowances for investment in Northern Ireland.

    19. Pensions and insurance etc.

      1. 79. Sharing of pensions on divorce etc.

      2. 80. Purchased life annuities.

      3. 81. Acquisitions disregarded under insurance companies concession.

      4. 82. Lloyd's: members' agent pooling arrangements.

      5. 83. Provisions supplementary to s. 82.

      6. 84. Lloyd's: roll-over relief.

    20. Advance pricing agreements and CFCs

      1. 85. Advance pricing agreements etc.

      2. 86. Provisions supplementary to s. 85.

      3. 87. Effect of section 85 agreements on non-parties.

      4. 88. Controlled foreign companies.

    21. Management and enforcement

      1. 89. Corporation tax: due and payable date.

      2. 90. Release or writing off of debt: interest on tax overpaid.

      3. 91. Advance corporation tax: consequences of abolition.

      4. 92. Group relief: consequences of reduction in surrenderable amount.

      5. 93. Company tax returns etc.

  4. Part IV

    Oil Taxation

    1. 94. Excluded oil.

    2. 95. Sale and lease-back.

    3. 96. Transfer of field interest.

    4. 97. Provisions supplementary to ss. 95 and 96.

    5. 98. Qualifying assets.

    6. 99. PRT instalments.

    7. 100. Sale and lease-back: ring fence profits.

    8. 101. Pipe-line elections.

    9. 102. PRT returns.

    10. 103. Business assets: roll-over relief.

  5. Part V

    Inheritance tax

    1. 104. Gifts.

    2. 105. Delivery of accounts.

    3. 106. Power to call for documents etc.

    4. 107. Inland revenue charge.

    5. 108. Penalties.

  6. Part VI

    Stamp duty and stamp duty reserve tax

    1. Stamp duty

      1. 109. Interest and penalties on late stamping.

      2. 110. Interest on repayment of duty overpaid etc.

      3. 111. Stamp duty on conveyance or transfer on sale.

      4. 112. General amendment of charging provisions.

      5. 113. Bearer instruments.

      6. 114. Penalties other than on late stamping.

      7. 115. Minor amendments and repeal of obsolete provisions.

    2. Stamp duty reserve tax

      1. 116. Non-sterling bearer instruments issued in connection with merger or takeover.

      2. 117. Scope of exceptions for certain bearer instruments.

      3. 118. Relief in case of certain replacement securities.

      4. 119. Power to exempt UK depositary interests in foreign securities.

      5. 120. Minor amendments of exceptions to general charge.

      6. 121. Power to make regulations with respect to administration etc.

    3. Units in unit trusts

      1. 122. Stamp duty and stamp duty reserve tax: unit trusts.

    4. Supplementary provisions

      1. 123. Construction of this Part and other supplementary provisions.

  7. Part VII

    Other taxes

    1. Landfill tax

      1. 124. Rate of landfill tax.

    2. Insurance premium tax

      1. 125. Rate of insurance premium tax.

    3. Customs duties

      1. 126. Interest on unpaid customs debts.

      2. 127. Interest on repayments.

      3. 128. Periods to be disregarded in determining interest under s. 127.

      4. 129. Repayment of overpaid interest etc.

      5. 130. Consequential amendments relating to interest.

  8. Part VIII

    Miscellaneous and Supplemental

    1. General administration of tax

      1. 131. Economic and monetary union: taxes and duties.

      2. 132. Power to provide for use of electronic communications.

      3. 133. Use of electronic communications under other provisions.

    2. Government borrowing etc.

      1. 134. The Debt Management Account.

      2. 135. Lending by Revenue Accounts to National Loans Fund.

      3. 136. Definition of Government Stock.

      4. 137. National Savings Bank: disclosure of information.

    3. Supplemental

      1. 138. Interpretation.

      2. 139. Repeals.

      3. 140. Short title.

  9. Schedules:

    1. Schedule 1

      Rates of vehicle excise duty for goods vehicles etc.

    2. Schedule 2

      VAT: groups of companies.

    3. Schedule 3

      New Schedule 13B to the Taxes Act 1988.

    4. Schedule 4

      Withdrawal of relief for interest on loans to buy land etc.

    5. Schedule 5

      Scottish Parliament and devolved assemblies: exemptions and reliefs.

    6. Schedule 6

      Tax treatment of receipts by way of reverse premium.

    7. Schedule 7

      Application of taper relief to EIS deferred gains.

    8. Schedule 8

      EIS deferred gains: gains accruing on part disposal.

    9. Schedule 9

      Chargeable gains: value shifting and tax-free benefits.

    10. Schedule 10

      Sharing of pensions etc. on divorce or annulment.

    11. Schedule 11

      Company tax returns etc: minor and consequential amendments.

    12. Schedule 12

      Stamp duty: interest and penalties on late stamping.

    13. Schedule 13

      Stamp duty: instruments chargeable and rates of duty.

      1. Part I

        Conveyance or transfer on sale.

      2. Part II

        Lease.

      3. Part III

        Other instruments.

      4. Part IV

        General exemptions.

    14. Schedule 14

      Stamp duty: amendments consequential on section 112.

    15. Schedule 15

      Stamp duty: bearer instruments.

      1. Part I

        Charging provisions.

      2. Part II

        Exemptions.

      3. Part III

        Supplementary provisions.

    16. Schedule 16

      Stamp duty: amendments consequential on section 113.

    17. Schedule 17

      Stamp duty: penalties other than on late stamping.

      1. Part I

        Amendments of penalties.

      2. Part II

        Determination of penalty and appeals.

      3. Part III

        Power to apply provisions as to collection and recovery etc.

    18. Schedule 18

      Stamp duty: minor amendments and repeal of obsolete provisions.

      1. Part I

        Minor amendments.

      2. Part II

        Obsolete provisions.

    19. Schedule 19

      Stamp duty and stamp duty reserve tax: unit trusts.

      1. Part I

        Abolition of stamp duty on transfers etc. of units in unit trusts.

      2. Part II

        Stamp duty reserve tax on dealings with units in unit trusts.

      3. Part III

        Minor and consequential amendments.

      4. Part IV

        General definitions.

    20. Schedule 20

      Repeals.

      1. Part I

        Excise duties.

      2. Part II

        Value added tax.

      3. Part III

        Income tax, corporation tax and capital gains tax.

      4. Part IV

        Oil taxation.

      5. Part V

        Stamp duty and stamp duty reserve tax.

      6. Part VI

        Interest on customs duty etc.

      7. Part VII

        Electronic communications.

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.

[27th July 1999]

Most Gracious Sovereign, We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

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