Finance (No. 2) Act 1992 (c. 48)

(The document as of February, 2008)

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6 (1) Where by virtue of sub-paragraph (4) of paragraph 5 above an election is made under section 11 of the [1990 c. 1.] Capital Allowances Act 1990 in respect of a lease to which that sub-paragraph applies, sub-paragraph (2) and, if the relevant condition is met, sub-paragraph (3) below shall apply; and for the purposes of this sub-paragraph the relevant condition is that, as a result of a disposal by the lessee in relevant circumstances, section 275(1) of the [1970 c. 10.] Income and Corporation Taxes Act 1970 or section 174(1) of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 applies in relation to a subsequent disposal.

(2) Where this sub-paragraph applies, section 34 of the [1979 c. 14.] Capital Gains Tax Act 1979 or, as the case may be, section 41 of the Taxation of Chargeable Gains Act 1992 (restriction of losses by reference to capital allowances etc.) shall apply in relation to any disposal by the lessee as if any capital allowance made to--

(a) NIE or any predecessor, or

(b) the lessor,

in respect of expenditure incurred on the construction of the building or structure comprised in the lease had been made to the lessee.

(3) Where this sub-paragraph applies, section 275(1) of the Income and Corporation Taxes Act 1970 or, as the case may be, section 174(1) of the Taxation of Chargeable Gains Act 1992 shall apply as if the reference to capital allowances made to the person from which the asset was acquired included capital allowances made to--

(a) NIE or any predecessor, or

(b) the lessor,

in respect of expenditure incurred on the construction of the building or structure comprised in the lease but only so far as not taken into account in relation to any previous disposal.

(4) Where by virtue of sub-paragraph (5) of paragraph 5 above an election is made under section 55 of the Capital Allowances Act 1990 in respect of a lease to which that sub-paragraph applies, sub-paragraph (5) and, if the relevant condition is met, sub-paragraph (6) below shall apply; and the relevant condition for the purposes of this sub-paragraph is the same as the relevant condition for the purposes of sub-paragraph (1) above.

(5) Where this sub-paragraph applies, section 34 of the Capital Gains Tax Act 1979 or, as the case may be, section 41 of the Taxation of Chargeable Gains Act 1992 shall apply in relation to any disposal by the lessee as if any capital allowance made to--

(a) NIE or any predecessor, or

(b) the lessor,

in respect of expenditure incurred on the provision of the fixture comprised in the lease had been made to the lessee.

(6) Where this sub-paragraph applies, section 275(1) of the Income and Corporation Taxes Act 1970 or, as the case may be, section 174(1) of the Taxation of Chargeable Gains Act 1992 shall apply as if the reference to capital allowances made to the person from which the asset was acquired included capital allowances made to--

(a) NIE or any predecessor, or

(b) the lessor,

in respect of expenditure incurred on the provision of the fixture comprised in the lease but only so far as not taken into account in relation to any previous disposal.

Transfers between successor companies

7 Where any property, rights and liabilities transferred by the Order to a successor company (the first company) are, in pursuance of Schedule 10 to the Order, transferred to another successor company (the second company)-

(a) the preceding provisions of this Schedule shall have effect as if the transfer effected by the Order had been a transfer to the second company; and

(b) anything which, in relation to the property, rights and liabilities transferred in pursuance of that Schedule, was done by the first company for the purposes of its trade shall be deemed to have been done by the second company for the purposes of its trade.

Apportionments etc.

8 (1) This paragraph applies where any apportionment or other matter arising under the preceding provisions of this Schedule appears to be material as respects the liability to tax (for whatever period) of two or more successor companies.

(2) Any question which arises as to the manner in which the apportionment is to be made or the matter is to be dealt with shall be determined, for the purposes of the tax of the successor companies concerned--

(a) in a case where the same body of General Commissioners have jurisdiction with respect to the companies concerned, by those Commissioners, unless the companies agree that it shall be determined by the Special Commissioners;

(b) in a case where different bodies of General Commissioners have jurisdiction with respect to the companies concerned, by such of those bodies as the Board may direct, unless the companies agree that it shall be determined by the Special Commissioners; and

(c) in any other case, by the Special Commissioners.

(3) The Commissioners by whom the question falls to be determined shall make the determination in like manner as if it were an appeal except that the successor companies concerned shall be entitled to appear and be heard by the Commissioners or to make representations to them in writing.

Securities of successor companies

9 (1) Any share issued by a successor company in pursuance of Article 73 of the Order (initial government holding in successor companies) shall be treated for the purposes of the Corporation Tax Acts as if it had been issued wholly in consideration of a subscription paid to the company of an amount equal to the nominal value of the share.

(2) Any debenture issued by a successor company in pursuance of Article 73 of the Order shall be treated for the purposes of the Corporation Tax Acts as if it had been issued--

(a) wholly in consideration of a loan made to the company of an amount equal to the principal sum payable under the debenture; and

(b) wholly and exclusively for the purposes of the trade carried on by the company.

(3) If any such debenture includes provision for the payment of a sum expressed as interest in respect of a period which falls wholly or partly before the issue of the debenture, any payment made in pursuance of that provision in respect of that period shall be treated for the purposes of the Corporation Tax Acts as if the debenture had been issued at the commencement of that period and, accordingly, as interest on the principal sum payable under the debenture.

Stamp duty reserve tax

10 (1) No agreement made for the purposes of or for purposes connected with the transfer scheme shall give rise to a charge to stamp duty reserve tax.

(2) No agreement which is made in pursuance of Schedule 10 to the Order shall give rise to a charge to stamp duty reserve tax.

(3) This paragraph shall be deemed to have come into force on 1st April 1992.

Section 82.

SCHEDULE 18 Repeals

Part I Excise duties: general

Chapter	Short title	Extent of repeal
1979 c. 2.	The Customs and Excise Management Act 1979.	Section 100H(1)(f).
		In section 117--
		(a) the word "relevant", in the first place where it occurs in subsection (1) and where it occurs in subsections (2)(a) and (5); and
		(b) the definition of "relevant excise duty" in subsection (8).
1979 c. 4.	The Alcoholic Liquor Duties Act 1979.	Section 41A(7)(d).
		Section 52.
1981 c. 35.	The Finance Act 1981.	In Schedule 8, in paragraph 2(d), sub-paragraph (ii) and the word "and" immediately preceding that sub-paragraph.
1986 c. 41.	The Finance Act 1986.	In Schedule 3, paragraphs 2 and 6.
1991 c. 31.	The Finance Act 1991.	In Schedule 2, paragraph 17.

1 The repeal of section 100H(1)(f) of the Customs and Excise Management Act 1979 comes into force with paragraph 6 of Schedule 1 to this Act and is subject to sub-paragraph (2) of that paragraph.

2 The repeals in section 117 of the Customs and Excise Management Act 1979 come into force with paragraph 5 of Schedule 2 to this Act.

3 The repeal of section 41A(7)(d) of the Alcoholic Liquor Duties Act 1979 comes into force with paragraph 10 of Schedule 1 to this Act and is subject to sub-paragraph (2) of that paragraph.

4 The repeals of section 52 of the Alcoholic Liquor Duties Act 1979 and of paragraph 17 of Schedule 2 to the Finance Act 1991 come into force with so much of paragraph 8 of Schedule 2 to this Act as inserts a new section 170B in the Customs and Excise Management Act 1979.

5 The repeal in Schedule 8 to the Finance Act 1981 comes into force with paragraph 2(6) of Schedule 2 to this Act.

6 The repeals of paragraphs 2 and 6 of Schedule 3 to the Finance Act 1986 come into force with sub-paragraphs (1) and (3), respectively, of paragraph 2 of Schedule 2 to this Act.

Part II Matches and mechanical lighters

Chapter	Short title	Extent of repeal
1979 c. 2.	The Customs and Excise Management Act 1979.	In section 1(1), in the definition of "the Customs and Excise Acts 1979", the words "the Matches and Mechanical Lighters Duties Act 1979".
		In section 178(2), the words "the Matches and Mechanical Lighters Duties Act 1979".
1979 c. 6.	The Matches and Mechanical Lighters Duties Act 1979.	The whole Act.
1979 c. 58.	The Isle of Man Act 1979.	In Schedule 1, paragraphs 34 and 35.
1981 c. 35.	The Finance Act 1981.	Section 3.
1983 c. 55.	The Value Added Tax Act 1983.	Section 24(3)(c).
1986 c. 41.	The Finance Act 1986.	Section 8(5)(g).
		In Schedule 5, paragraph 5.

These repeals have effect as from 1st January 1993.

Part III Vehicles excise duty: goods vehicles

Chapter	Short title	Extent of repeal
1971 c. 10.	The Vehicles (Excise) Act 1971.	In section 18A(3), in paragraph (c) of Case B the words from "in circumstances in which" to the end of the paragraph.

This repeal has effect in accordance with section 11 of this Act.

Part IV Vehicles excise duty: disabled persons

Chapter	Short title	Extent of repeal
1971 c. 10.	The Vehicles (Excise) Act 1971.	In section 7, in subsection (2)(c) the words "subsection (2C) below or section 7 of the Finance Act 1971" and subsections (2C) and (2D).
1971 c. 68.	The Finance Act 1971.	Section 7.
1972 c. 41.	The Finance Act 1972.	Section 128(2).
1974 c. 30.	The Finance Act 1974.	Section 50.
1977 c. 49.	The National Health Service Act 1977.	In Schedule 15, paragraph 54.
1978 c. 42.	The Finance Act 1978.	In section 8, subsections (2) and (3) and in subsection (4) the words "and (3)".
1991 c. 31.	The Finance Act 1991.	In Schedule 3, paragraph 5(1)(b) and (3).

These repeals have effect in accordance with section 12 of this Act.

Part V Value added tax

(1) Abolition of fiscal frontiers

Chapter	Short title	Extent of repeal
1983 c. 55.	The Value Added Tax Act 1983.	In section 2, in subsection (2), the words from the beginning to "and" and subsections (4) and (5).
		In section 7(4), paragraph (a).
		In section 9(1), the word "and" at the end of paragraph (a).
		Section 10(6).
		Section 11(3) and (4).
		In section 14(3), the word "and" at the end of paragraph (a).
		In section 15(2), paragraph (c).
		In section 20(1), the words "or on the importation of goods by".
		In section 21(1), the words "or the importation of goods by".
		Section 32(1).
		Section 36(3).
		In section 40(1)(j), the word "2".
		In Schedule 1--
		(a) in paragraph 5A(2), paragraph (b) and the word "or" immediately preceding it; and
		(b) in paragraph 15, the words from the beginning to "Act and".
		In Schedule 4, paragraphs 2 and 5 and, in paragraph 13, the word "2".
		In Schedule 5, in Item 1 of Group 15, the words "of imported goods".
		In Schedule 10, in the words in brackets in paragraph 6, the word "acquired".
1985 c. 54.	The Finance Act 1985.	In section 22(7), the words "sub-paragraph (1) or sub-paragraph (2) of".
1987 c. 16.	The Finance Act 1987.	Section 12(3).
		Section 13(2) and (3).
1988 c. 39.	The Finance Act 1988.	In section 14(8), paragraph (a).

These repeals come into force in accordance with section 14(3) of this Act.

(2) Fuel and power

Chapter	Short title	Extent of repeal
1983 c. 55.	The Value Added Tax Act 1983.	In Schedule 5, in Note (8) to Group 7, the words from "upon which" to "be charged".

This repeal has effect in accordance with section 17 of this Act.

Part VI Car tax

Chapter	Short title	Extent of repeal
1983 c. 53.	The Car Tax Act 1983.	In section 5--
		(a) in subsection (1), the word "and" at the end of paragraph (b); and
		(b) subsection (6).

These repeals come into force in accordance with section 18(2) of this Act.

Part VII Income tax and corporation tax

(1) Married couple's allowance etc.

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 265(4), the words from "(and" onwards.
1989 c. 26.	The Finance Act 1989.	In section 33(10), the reference to section 257B(2) of the Taxes Act 1988.
		In section 57(4), the reference to section 257B(2) of the Taxes Act 1988.
1991 c. 31.	The Finance Act 1991.	In section 33(4), the reference to section 257B(2) of the Taxes Act 1988.

These repeals have effect in accordance with paragraph 10 of Schedule 5 to this Act.

(2) Charities: powers of inspection

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In the Table in section 98, the words "Section 94(1) of the Finance Act 1990".
1990 c. 29.	The Finance Act 1990.	Section 94.

These repeals have effect in accordance with section 28 of this Act.

(3) Returns of Interest

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 17, in subsection (4) the words from "and if a person" to the end of the subsection.

This repeal has effect in accordance with section 29 of this Act.

(4) Distributions

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 234(3) and (4).
1989 c. 26.	The Finance Act 1989.	Section 170(2).

These repeals have effect in accordance with section 32 of this Act.

(5) Deep gain securities

Chapter	Short title	Extent of repeal
1990 c. 29.	The Finance Act 1990.	Section 57.
		In section 58(6), paragraph (b) and the word "and" immediately preceding it.

These repeals have effect in accordance with Schedule 7 to this Act.

(6) Transfers of trade

Chapter	Short title	Extent of repeal
1988 c. 39.	The Finance Act 1988.	In Schedule 11, in paragraph 5 the word "intra-group".

This repeal has effect in accordance with section 49 of this Act.

(7) Oil extraction

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 502(1), in the definition of "oil extraction activities", in paragraph (c) the words "as far as dry land in the United Kingdom".

This repeal has effect in accordance with section 55(2) of this Act.

(8) Paying and collecting agents etc.

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 86(4), paragraph 2 of the Table.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 123(3), the words from "and income tax" to the end.
		In Schedule 3, paragraphs 6(2) and 7 to 10, in paragraph 13(1) the words "Without prejudice to the generality of paragraph 7 above" and paragraph 15(2).

These repeals have effect in accordance with paragraph 6 of Schedule 11 to this Act.

(9) Enterprise zones

Chapter	Short title	Extent of repeal
1990 c. 1.	The Capital Allowances Act 1990.	In section 1(10), the words from "and, except for that purpose" to the end of the subsection.
		Section 6(5).

These repeals have effect in accordance with paragraph 14 of Schedule 13 to this Act.

Part VIII Oil taxation

Chapter	Short title	Extent of repeal
1975 c. 22.	The Oil Taxation Act 1975.	In section 3(4)(c)(i) the words from "of either" to "designated area".
		In section 12(1), in the definitions of "initial storage" and "initial treatment" the words "in the United Kingdom, the territorial sea thereof or a designated area".
		In Schedule 3, in the heading to paragraph 7 the words "in United Kingdom".
1983 c. 56.	The Oil Taxation Act 1983.	In Schedule 1, in paragraph 1, in sub-paragraph (4) paragraph (c) and the word "and" immediately preceding it.
		In Schedule 4, in paragraph 11, in sub-paragraph (3) the words from "and on" to "(4) below", and sub-paragraph (4).

These repeals have effect in accordance with sections 55(3) and 74(5) of this Act.

Part IX General and Special Commissioners

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	Section 57B.
1984 c. 43.	The Finance Act 1984.	In Schedule 22, paragraph 4.

Part X Northern Ireland Electricity

Chapter	Short title	Extent of repeal
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 35(3)(d) the word "and" at the end of sub-paragraph (vi).

This repeal has effect in accordance with paragraph 5(9) of Schedule 17 to this Act.

Part XI Treasury bills

Chapter	Short title	Extent of repeal
1877 c. 2.	The Treasury Bills Act 1877.	In section 8 the words "countersigned by the Comptroller and Auditor General".

This repeal has effect in accordance with section 79 of this Act.

Part XII National loans

Chapter	Short title	Extent of repeal
1968 c. 13.	The National Loans Act 1968.	Section 5(8).

This repeal has effect in accordance with section 80 of this Act.

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