Finance Act 1998 (c. 36) (c. 36)

(The document as of February, 2008)

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Petroleum revenue tax etc.

152 Gas valuation

(1) Paragraph 3A of Schedule 3 to the [1975 c. 22.] Oil Taxation Act 1975 (market value of light gases) shall have effect, and be deemed always to have had effect, with the insertion of the following sub-paragraph after sub-paragraph (3)--

" (3A) The circumstances referred to in sub-paragraph (1) above include--

(a) the timing of the making, and of any subsequent variations, of the actual contract or other arrangements under which the disposal or appropriation was made;

(b) the terms of that contract or, as the case may be, of those arrangements, and the terms of any such variations; and

(c) the extent to which the circumstances to which regard is to be had by virtue of paragraphs (a) and (b) above are circumstances that might reasonably have been expected to exist in the case of a contract satisfying the conditions specified in sub-paragraph (2) above. "

(2) Paragraph 12 of Schedule 2 to the [1983 c. 56.] Oil Taxation Act 1983 (purchase of oil at place of extraction) shall have effect and, in relation to light gases disposed of or appropriated at any time on or after 3rd May 1994, be deemed to have had effect--

(a) with the substitution, for the words "paragraphs (a) to (c)" in sub-paragraph (2), of the words "paragraphs (a) to (cb)"; and

(b) with the substitution for the words from "2(5)(b)" to "length)," in sub-paragraph (5) of the words "2(5)(b) or (ca) of the principal Act (oil disposed of otherwise than in sales at arm's length),".

(3) Section 493 of the Taxes Act 1988 (valuation of oil disposed of or appropriated in certain circumstances) shall have effect, and, in relation to light gases disposed of or appropriated at any time on or after 3rd May 1994, be deemed to have had effect, with the insertion after subsection (5) of the following subsection--

" (6) In subsections (3) and (4) above the references to the market value of any oil in the calendar month in which a disposal of the oil was made or, as the case may be, in which it was appropriated shall each have effect in relation to light gases (within the meaning of the 1975 Act) as a reference to the amount which, if paragraph 3A of Schedule 3 to the 1975 Act applied, would be the market value of that oil in relation to the disposal or appropriation in question. "

Gas levy

153 Reduction and abolition of gas levy

(1) The rate of gas levy for the year 1997-98 shall be deemed to have been three pence per therm.

(2) Gas levy shall not be payable for the year 1998-99 or any subsequent year.

(3) Section 3 of the [1981 c. 3.] Gas Levy Act 1981 shall be deemed never to have required any person to deliver a return for the chargeable period ending with 30th June 1998.

(4) Any repayment of gas levy falling to be made to any person by virtue of subsection (1) above shall be made by the Secretary of State out of the Consolidated Fund and shall carry interest at the prescribed rate from the end of July 1998 until payment.

(5) In subsection (4) above "the prescribed rate" means the rate at which repayments of gas levy for the year 1997-98 carry interest if repaid under section 3(5) of the [1981 c. 3.] Gas Levy Act 1981.

Dumping duties

154 Repeal of Customs Duties (Dumping and Subsidies) Act 1969

The [1969 c. 16.] Customs Duties (Dumping and Subsidies) Act 1969 (which confers powers on the Secretary of State, exercisable in accordance with section 6(5) of the [1978 c. 42.] Finance Act 1978, to charge duties in respect of dumping and to offset subsidies) shall cease to have effect.

Part VI Miscellaneous and Supplemental

Fiscal stability

155 Code for fiscal stability

(1) It shall be the duty of the Treasury to prepare and lay before Parliament a code for the application of the key principles to the formulation and implementation of--

(a) fiscal policy, and

(b) policy for the management of the National Debt.

(2) The key principles are transparency, stability, responsibility, fairness and efficiency.

(3) The code prepared under this section must set out, in particular--

(a) the Treasury's understanding of what each of the key principles involves in relation to fiscal policy and policy for the management of the National Debt;

(b) the provision appearing to the Treasury to be necessary for the purposes of so much of section 156 below as refers to the code; and

(c) the methods and principles of accounting to be applied in the preparation of accounts, forecasts and other documents used for the purposes of the formulation and implementation of the policies mentioned in subsection (1) above.

(4) Where any code has been laid before Parliament under subsection (1) above, the Treasury may from time to time modify that code; but, if they do so, they shall lay the modified code before Parliament.

(5) A code (including a modified code) that has been laid before Parliament under this section shall not come into force until it has been approved by a resolution of the House of Commons.

(6) It shall be the duty of the Treasury to publish, in such manner as they think fit, any code which has been laid before Parliament and approved by the House of Commons under this section.

(7) The first code to be laid before Parliament under this section shall be so laid before 31st December 1998.

156 Annual Budget documents

(1) It shall be the duty of the Treasury, for each financial year, to prepare and lay before Parliament the following documents, that is to say--

(a) a Financial Statement and Budget Report;

(b) an Economic and Fiscal Strategy Report; and

(2) The preparation and laying before Parliament of the Financial Statement and Budget Report for any financial year shall be preceded, in such cases and by such period as may be set out in the code for fiscal stability, by the preparation by the Treasury of a document to be known as the Pre-Budget Report.

(3) The Treasury shall lay before Parliament any Pre-Budget Report prepared by them under subsection (2) above.

(4) The contents of the documents which the Treasury are required to prepare and lay before Parliament under this section, and the occasions on which those documents are to be so laid, must conform to any provision about those matters made by the code for fiscal stability.

(5) It shall be the duty of the Comptroller and Auditor General to examine and report to the House of Commons on such of the conventions and assumptions underlying the preparation by the Treasury of the documents prepared by them under this section as, in accordance with the code for fiscal stability, are submitted to him by the Treasury for his examination.

(6) A report by the Comptroller and Auditor General under subsection (5) above must be made at the same time as, or as soon as reasonably practicable after, the laying before Parliament of the documents to which it is referable.

(7) It shall be the duty of the Treasury to secure the publication in the manner required by the code for fiscal stability of any document which they have laid before Parliament under this section.

(8) In this section "the code for fiscal stability" means the code for the time being in force under section 155 above.

(9) The first financial year for which the documents mentioned in subsection (1) above are required to be prepared and laid before Parliament is the year beginning with 1st April 1999.

157 Supplementary powers of the Comptroller and Auditor General

(1) The Comptroller and Auditor General--

(a) shall have a right of access, at all reasonable times, to all such relevant Government documents as he may reasonably require for the purpose of carrying out any examination under section 156(5) above; and

(b) shall be entitled to require from any person holding or accountable for any relevant Government documents any assistance, information or explanation which he reasonably thinks necessary for that purpose.

(2) In this section "relevant Government documents" means documents in the custody or under the control of the Government department primarily responsible for the adoption or formulation of the convention or assumption in question.

Government borrowing

158 Treasury's position regarding their own securities

(1) This section applies to securities issued by or on behalf of the Treasury, here referred to as Treasury securities.

(2) Any powers which relate to Treasury securities and which are conferred on the Treasury in a capacity other than issuer may be exercised by them, and no rule of law preventing a person contracting with himself shall prevent them exercising the powers.

(3) The powers referred to in subsection (2) above include powers to acquire, hold and transfer securities and to make agreements with regard to them.

(4) If Treasury securities are acquired under powers conferred on the Treasury, until they are transferred or redeemed they shall be treated as held by the persons for the time being constituting the Treasury.

159 Treasury bills

(1) In section 8 of the [1877 c. 2.] Treasury Bills Act 1877 (mode of issue of Treasury bills) the following shall be substituted for paragraph (1)--

" (1) Treasury bills shall be issued by the Treasury (either directly or through such agent as the Treasury think fit). "

(2) This section shall apply in relation to issues made on or after such day as the Treasury may appoint by order made by statutory instrument.

160 National loans

Schedule 26 to this Act (national loans) shall have effect.

161 Non-FOTRA securities

(1) Subject to the following provisions of this section, any gilt-edged security issued before 6th April 1998 without FOTRA conditions shall be treated in relation to times on or after that date as if--

(a) it were a security issued with the post-1996 Act conditions; and

(b) those conditions had been authorised in relation to the issue of that security by virtue of section 22 of the [1931 c. 49.] Finance (No. 2) Act 1931.

(2) Where a gilt-edged security falls to be treated as mentioned in subsection (1) above that treatment shall have effect--

(a) for the purposes of sections 711 to 728 of the Taxes Act 1988 (accrued income scheme), in relation only to amounts which a person is treated under those sections as receiving on or after 6th April 1998;

(b) for the other purposes of the Tax Acts, in relation only to payments of interest falling due on or after that date; and

(c) for the purposes of the [1984 c. 51.] Inheritance Tax Act 1984, in relation only to a determination of whether property is excluded property at a time falling on or after that date.

(3) No charge to tax shall be treated as arising under section 65 of the [1984 c. 51.] Inheritance Tax Act 1984 (property becoming excluded property) by reason only of the coming into force of this section.

(4) In this section "FOTRA conditions" means any such conditions about exemption from taxation as are authorised in relation to the issue of a gilt-edged security by virtue of section 22 of the [1931 c. 49.] Finance (No. 2) Act 1931.

(5) In this section "the post-1996 Act conditions" means the FOTRA conditions with which 7.25% Treasury Stock 2007 was first issued by virtue of section 22 of the [1931 c. 49.] Finance (No. 2) Act 1931.

(6) In this section "gilt-edged securities" means any securities which are gilt-edged securities for the purposes of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992.

(7) This section does not apply to any 3½% War Loan 1952 Or After which was issued with a condition authorised by virtue of section 47 of the [1915 c. 89.] Finance (No. 2) Act 1915.

162 Accounting statements relating to National Savings

(1) Subject to subsection (2) below, in each of the following provisions (which provide for annual statements of account as respects years ending with 31st December to be prepared in relation to deposits with the National Savings Bank), that is to say--

(a) section 19(1) of the [1971 c. 29.] National Savings Bank Act 1971 (ordinary deposits), and

(b) section 120(4) of the [1980 c. 48.] Finance Act 1980 (investment deposits),

for "31st December" there shall be substituted "31st March".

(2) Each of the enactments mentioned in subsection (1) above shall have effect as if they required the first statement which, under each of those enactments, is to be prepared after the passing of this Act to be a statement as respects the period beginning with 1st January 1998 and ending with 31st March 1999.

(3) In section 19(2) of the [1971 c. 29.] National Savings Bank Act 1971 (delivery of statement under section 19(1) to the Comptroller and Auditor General), for the words from "before the end of May" to "that year" there shall be substituted "before the end of August next following the end of any period for which a statement falls to be prepared under subsection (1) above, transmit the statement for that period".

(4) In section 20 of that Act (adjustment of balances)--

(a) for "year ending with 31st December" there shall be substituted "period as respects which a statement falls to be prepared under section 19(1) of this Act";

(b) for the words "the year", in each place where they occur, there shall be substituted "that period"; and

(5) In section 120(5) of the [1980 c. 48.] Finance Act 1980 (delivery of statement under section 120(4) to the Comptroller and Auditor General), for the words from "each year" to "the year," there shall be substituted "any period under subsection (4) above shall, before the end of August next following the end of that period,".

The European single currency

163 Adoption of single currency by other member States

(1) The Treasury may, to such extent as appears to them appropriate in connection with any of the matters falling within subsection (2) below, by regulations modify the application and effect as respects--

(a) transactions in a currency other than sterling,

(b) instruments denominated in such a currency, and

of any enactment or subordinate legislation relating to any matter under the care and management of the Commissioners of Inland Revenue.

(2) The matters falling within this subsection are--

(a) the adoption or proposed adoption by other member States of the single currency; and

(b) any transitional measures or other arrangements applying or likely to apply in relation to the adoption of the single currency by other member States.

(3) Without prejudice to the generality of subsection (1) above, the power conferred by that subsection includes power by regulations to provide--

(a) for liabilities to pay amounts to the Commissioners of Inland Revenue under any enactment or subordinate legislation relating to taxation to be capable of being discharged, in accordance with the regulations, by payments in the single currency;

(b) for elections made for the purposes of section 93(1)(b) or 94(2)(b) of the [1993 c. 34.] Finance Act 1993 (computation of a company's profits in a foreign currency) to have effect as modified in accordance with the regulations; and

(c) for such persons as may be described in the regulations to be treated as having made elections for any of those purposes in such terms as may be provided for in the regulations.

(4) The power to make regulations under this section includes--

(a) power to impose charges to taxation;

(b) power to amend or repeal any enactment; and

(c) power to make such incidental, supplemental, consequential and transitional provision as appears to the Treasury to be appropriate.

(5) The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

(6) In this section--

"enactment" includes any enactment contained in this Act (other than this section) and any enactment passed after this Act;
"other member State" means a member State other than the United Kingdom;
"subordinate legislation" has the same meaning as in the [1978 c. 30.] Interpretation Act 1978.

(7) References in this section to the adoption of the single currency are references to the adoption of the single currency in accordance with the Treaty establishing the European Community, and the reference in subsection (3)(a) above to that currency shall be construed accordingly.

Supplemental

164 Interpretation

In this Act "the Taxes Act 1988" means the [1988 c. 1.] Income and Corporation Taxes Act 1988.

165 Repeals

(1) The enactments mentioned in Schedule 27 to this Act (which include spent provisions) are hereby repealed to the extent specified in the third column of that Schedule.

(2) The repeals specified in that Schedule have effect subject to the commencement provisions and savings contained or referred to in the notes set out in that Schedule.

166 Short title

This Act may be cited as the Finance Act 1998.

SCHEDULES

Section 16.

SCHEDULE 1 Rates of duty where pollution reduced

Meaning of "the 1994 Act"

1 In this Schedule "the 1994 Act" means the [1994 c. 22.] Vehicle Excise and Registration Act 1994.

Certificates as to reduced pollution

2 The following section shall be inserted after section 61A of the 1994 Act--

" 61B Certificates as to reduced pollution.

(1) The Secretary of State may by regulations make provision--

(a) for the making of an application to the Secretary of State for the issue in respect of an eligible vehicle of a reduced pollution certificate;

(b) for the manner in which any determination of whether to issue such a certificate on such an application is to be made;

(c) for the examination of an eligible vehicle, for the purposes of the determination mentioned in paragraph (b), by such persons, and in such manner, as may be prescribed;

(d) for a fee to be paid for such an examination;

(e) for a reduced pollution certificate to be issued in respect of an eligible vehicle if, and only if, it is found, on a prescribed examination, that the reduced pollution requirements are satisfied with respect to it;

(f) for the form and content of such a certificate;

(g) for such a certificate to be valid for such period as the Secretary of State may determine;

(h) for the revocation, cancellation or surrender of such a certificate before the end of any such period;

(i) for the Secretary of State to be entitled to require the return to him of such a certificate that has been revoked;

(j) for the fact that such a certificate is, or is not, in force in respect of a vehicle to be treated as having conclusive effect for the purposes of this Act as to such matters as may be prescribed;

(k) for the Secretary of State to be entitled, in prescribed cases, to require the production of such a certificate before making a determination for the purposes of section 7(5); and

(l) for appeals against any determination not to issue such a certificate.

(2) For the purposes of this Act, the reduced pollution requirements are satisfied with respect to a vehicle at any time if, as a result of adaptations of the prescribed description having been made to the vehicle after the prescribed date, the prescribed requirements are satisfied at that time with respect to the rate and content of the vehicle's emissions.

(3) Without prejudice to the generality of subsection (1), for the purpose of enabling the Secretary of State to determine whether the reduced pollution requirements are satisfied at any time with respect to a vehicle in respect of which a reduced pollution certificate is in force, regulations under this section--

(a) may authorise such person as may be prescribed to require the vehicle to be re-examined in accordance with the regulations;

(b) may provide for a fee to be paid for such a re-examination;

(c) may provide for the refund of such a fee if it is found, on the prescribed re-examination, that the reduced pollution requirements are satisfied with respect to the vehicle.

(4) In this section "eligible vehicle" means--

(a) a bus, as defined in paragraph 3(2) of Schedule 1;

(b) a vehicle to which paragraph 6 of Schedule 1 applies;

(d) a goods vehicle, other than one falling within paragraph 9(2) or 11(2) of Schedule 1.

(5) In this section "prescribed" means prescribed by regulations made by the Secretary of State. "

Buses

3 (1) In sub-paragraph (1) of paragraph 3 of Schedule 1 to the 1994 Act (annual rates of vehicle excise duty for buses), after "bus" there shall be inserted "with respect to which the reduced pollution requirements are not satisfied".

(2) After that sub-paragraph there shall be inserted the following sub-paragraph--

" (1A) The annual rate of vehicle excise duty applicable to a bus with respect to which the reduced pollution requirements are satisfied is the general rate specified in paragraph 1(2). "

(3) In sub-paragraph (6) of that paragraph, for "which falls" there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied; and

(b) falls " .

Special vehicles

4 In paragraph 4(7) of that Schedule (annual rates of vehicle excise duty for special vehicles), for "which falls" there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied; and

(b) falls " .

Recovery vehicles

5 In paragraph 5(6) of that Schedule (annual rates of vehicle excise duty for recovery vehicles), for "which falls" there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied; and

(b) falls " .

Vehicles used for exceptional loads

6 (1) In paragraph 6 of that Schedule (annual rates of vehicle excise duty for vehicles used for exceptional loads), in sub-paragraph (2), for "the heavy tractive unit rate" there shall be substituted "the rate specified in sub-paragraph (2A)."

(2) After that sub-paragraph there shall be inserted the following sub-paragraph--

" (2A) The rate referred to in sub-paragraph (2) is--

(a) in the case of a vehicle with respect to which the reduced pollution requirements are not satisfied, £5,170; and

(b) in the case of a vehicle with respect to which those requirements are satisfied, £4,670. "

(3) Sub-paragraph (3A) of that paragraph shall cease to have effect.

Haulage vehicles

7 (1) In paragraph 7 of that Schedule (annual rates of vehicle excise duty for haulage vehicles), in sub-paragraph (1)(b), for "the general haulage vehicle rate" there shall be substituted "the rate specified in sub-paragraph (3A)".

(2) In sub-paragraph (3) of that paragraph, for "which falls" there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied; and

(b) falls " .

(3) After that sub-paragraph there shall be inserted the following sub-paragraph--

" (3A) The rate referred to in sub-paragraph (1)(b) is--

(a) in the case of a vehicle with respect to which the reduced pollution requirements are not satisfied, £350; and

(b) in the case of a vehicle with respect to which those requirements are satisfied, the general rate specified in paragraph 1(2). "

(4) Sub-paragraphs (4), (5) and (6) of that paragraph shall cease to have effect.

Rigid goods vehicles

8 (1) In sub-paragraph (1) of paragraph 9 of that Schedule (annual rates of vehicle excise duty for rigid goods vehicles), after "which" there shall be inserted "is not a vehicle with respect to which the reduced pollution requirements are satisfied and which".

(2) In sub-paragraph (3) of that paragraph, for the words from "which has" to the end of the sub-paragraph there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied,

(b) has a revenue weight exceeding 44,000 kilograms, and

shall be £5,170. "

(3) In sub-paragraph (4) of that paragraph, for "which falls" there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied; and

(b) falls " .

(4) Sub-paragraph (5) of that paragraph shall cease to have effect.

9 After that paragraph there shall be inserted the following paragraphs--

" 9A (1) This paragraph applies to a rigid goods vehicle which--

(a) is a vehicle with respect to which the reduced pollution requirements are satisfied;

(b) is not a vehicle for which the annual rate of vehicle excise duty is determined under paragraph 9(2); and

(2) Subject to sub-paragraph (3), the annual rate of vehicle excise duty applicable to a rigid goods vehicle to which this paragraph applies shall be determined in accordance with the table set out in paragraph 9B by reference to--

(a) the revenue weight of the vehicle, and

(b) the number of axles on the vehicle.

(3) The annual rate of vehicle excise duty applicable to a rigid goods vehicle to which this paragraph applies which has a revenue weight exceeding 44,000 kilograms shall be £4,670.

9B That table is as follows--

Revenue weight of vehicle		Rate
(1)	(2)	(3)	(4)	(5)
Exceeding	Not Exceeding	Two axle vehicle	Three axle vehicle	Four or more axle vehicle
kgs	kgs	£	£	£
3,500	7,500	150	150	150
7,500	12,000	150	150	150
12,000	13,000	150	150	150
13,000	14,000	150	150	150
14,000	15,000	340	150	150
15,000	17,000	820	150	150
17,000	19,000	820	350	150
19,000	21,000	820	520	150
21,000	23,000	820	970	150
23,000	25,000	820	1,730	330
25,000	27,000	820	1,840	970
27,000	29,000	820	1,840	1,820
29,000	31,000	820	1,840	2,860
31,000	44,000	820	1,840	3,900 "

10 In paragraph 10 of that Schedule (the trailer supplement), in sub-paragraph (1), for "paragraph 9" there shall be substituted "paragraphs 9 and 9A".

Tractive units

11 (1) In sub-paragraph (1) of paragraph 11 of that Schedule (annual rates of vehicle excise duty for tractive units), after "which" there shall be inserted "is not a vehicle with respect to which the reduced pollution requirements are satisfied and which".

(2) In sub-paragraph (3) of that paragraph, for the words from "which has" to the end of the sub-paragraph there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied,

(b) has a revenue weight exceeding 44,000 kilograms, and

shall be £5,170. "

(3) In sub-paragraph (4) of that paragraph, for "which falls" there shall be substituted " which--

(a) is not a vehicle with respect to which the reduced pollution requirements are satisfied; and

(b) falls " .

(4) Sub-paragraph (5) of that paragraph shall cease to have effect.

12 After that paragraph there shall be inserted the following paragraphs--

" 11A (1) This paragraph applies to a tractive unit which--

(a) is a vehicle with respect to which the reduced pollution requirements are satisfied;

(b) is not a vehicle for which the annual rate of vehicle excise duty is determined under paragraph 11(2); and

(2) Subject to sub-paragraph (3), the annual rate of vehicle excise duty applicable to a tractive unit to which this paragraph applies shall be determined, in accordance with the table set out in paragraph 11B, by reference to--

(a) the revenue weight of the tractive unit,

(b) the number of axles on the tractive unit, and

(3) The annual rate of vehicle excise duty applicable to a tractive unit to which this paragraph applies which has a revenue weight exceeding 44,000 kilograms shall be £4,670.

11B That table is as follows--

Revenue weight of tractive unit		Rate for tractive unit with two axles			Rate of tractive unit with three or more axles
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Exceeding	Not exceeding	Any no. of semi-trailer axles	2 or more semi-trailer axles	3 or more semi-trailer axles	Any no. of semi-trailer axles	2 or more semi-trailer axles	3 or more semi-trailer axles
kgs	kgs	£	£	£	£	£	£
3,500	7,500	150	150	150	150	150	150
7,500	12,000	150	150	150	150	150	150
12,000	16,000	150	150	150	150	150	150
16,000	20,000	150	150	150	150	150	150
20,000	23,000	310	150	150	150	150	150
23,000	26,000	690	150	150	150	150	150
26,000	28,000	690	630	150	630	150	150
28,000	31,000	1,240	1,240	590	1,240	160	150
31,000	33,000	2,030	2,030	1,240	2,030	500	150
33,000	34,000	4,670	4,670	1,240	2,030	970	150
34,000	36,000	4,670	4,670	2,340	2,030	1,600	360
36,000	38,000	4,670	4,670	2,710	2,320	2,320	780
38,000	44,000	4,670	4,670	2,710	2,320	2,320	780 "

Other amendments

13 In section 15 of the 1994 Act (vehicles becoming chargeable to duty at higher rate), after subsection (2) there shall be inserted the following subsection--

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