Finance Act 1999

Finance Act 1999 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. 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:— In section 62(1A)(a) of the Alcoholic Liquor Duties Act 1979 (rate of duty per hectolitre on sparkling cider of a strength exceeding 5.5 per cent.), for “£45.05” there shall be substituted “ £161.20 ”. This section shall be deemed to have come into force at 6 o’clock in the evening of 9th March 1999. In section 6(1A) of the Hydrocarbon Oil Duties Act 1979 (rates of duty on hydrocarbon oil)— in paragraph (a) (light oil), for “£0.4926” there shall be substituted “ £0.5288 ”; in paragraph (b) (ultra low sulphur diesel), for “£0.4299” there shall be substituted “ £0.4721 ”; and in paragraph (c) (heavy oil which is not ultra low sulphur diesel), for “£0.4499” there shall be substituted “ £0.5021 ”. In section 8(3) of that Act (road fuel gas), for “£0.2113” there shall be substituted “ £0.1500 ”. In section 11(1) of that Act (rebate on heavy oil)— in paragraph (a) (fuel oil), for “£0.0218” there shall be substituted “ £0.0265 ”; and in each of paragraphs (b) and (ba) (gas oil which is not ultra low sulphur diesel and ultra low sulphur diesel), for “£0.0282” there shall be substituted “ £0.0303 ”. In section 13A(1A) of that Act (rebate on unleaded petrol)— in paragraph (a) (higher octane unleaded petrol), for “£0.0050” there shall be substituted “ £0.0055 ”; and in paragraph (b) (other unleaded petrol), for “£0.0527” there shall be substituted “ £0.0567 ”. In section 14(1) of that Act (rebate on light oil for use as furnace fuel), for “£0.0218” there shall be substituted “ £0.0265 ”. In section 13A(1A)(a) of the Hydrocarbon Oil Duties Act 1979 (rebate on higher octane unleaded petrol), for “£0.0055” there shall be substituted “ £0.0367 ”. This section comes into force on 1st October 1999. In section 15(1) of the Hydrocarbon Oil Duties Act 1979 (drawback of duty on exportation, shipment as stores or warehousing of hydrocarbon oil and related articles), the word “exportation,” shall be omitted. This section has effect in relation to any exportation on or after the day on which this Act is passed. For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 there shall be substituted— In section 7(1) of the Betting and Gaming Duties Act 1981 (rate of pool betting duty), for “26.50 per cent.” there shall be substituted “ 17.50 per cent. ” This section has effect in relation to bets the stake money on which is or has been paid on or after 28th March 1999. For the Table in section 11(2) of the Finance Act 1997 (rates of gaming duty) there shall be substituted— Table This section has effect in relation to accounting periods beginning on or after 1st April 1999. In sub-paragraph (2) of paragraph 1 of Schedule 1 to the Vehicle Excise and Registration Act 1994 (the general rate), for “£150” there shall be substituted “ £155 ”. For the word “The” at the beginning of that sub-paragraph there shall be substituted “ Except in the case of a vehicle having an engine with a cylinder capacity not exceeding 1,100 cubic centimetres, the ”. After that sub-paragraph there shall be inserted the following sub-paragraph— In the case of a vehicle having an engine with a cylinder capacity not exceeding 1,100 cubic centimetres, the general rate is £100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subsection (1) above has effect in relation to any licence issued after 9th March 1999; and subsections (2) to (4) above have effect in relation to any licence taken out for a period beginning on or after 1st June 1999. Schedule 1 to this Act (which makes provision for new rates of vehicle excise duty for goods vehicles etc.) shall have effect. For subsection (4) of section 1 of the Customs and Excise Management Act 1979 (goods for sale on board ships or aircraft to be treated as stores) there shall be substituted the following subsections— Goods for use in a ship or aircraft as merchandise for sale to persons carried in the ship or aircraft shall be treated for the purposes of the customs and excise Acts as stores if, and only if— the goods are to be sold by retail either— in the course of a relevant journey, or for consumption on board; and the goods are not treated as exported by virtue of regulations under section 12 of the Customs and Excise Duties (General Reliefs) Act 1979 (goods for use in naval ships or establishments). For the purposes of subsection (4) above a relevant journey is any journey beginning in the United Kingdom and having an immediate destination outside the member States. In relation to goods treated as stores by virtue of subsection (4) above, any reference in the customs and excise Acts to the consumption of stores shall be construed as referring to the sale of the goods as mentioned in paragraph (a) of that subsection. This section shall be deemed to have come into force on 1st July 1999 but shall not have effect in relation to any shipment of goods before that date. In section 2 of the Finance (No. 2) Act 1992 (power to provide for drawback of excise duty), in subsection (1), after “provision” there shall be inserted “ (a) ”, and after “Kingdom” there shall be inserted ; and conferring an entitlement to drawback of duty, in prescribed cases, on the shipment as stores, or warehousing in an excise warehouse for use as stores, of goods chargeable with duty In subsection (5) of that section, for “ “goods” has the same meaning” there shall be substituted “excise warehouse”, “goods”, “shipment”, “stores” and “warehousing” have the same meanings ”. Section 132 of the Customs and Excise Management Act 1979 (extension of drawback to shipment, and warehousing for use, as stores) shall cease to have effect. Subsection (3) above shall come into force on such day as the Commissioners of Customs and Excise may by order made by statutory instrument appoint. In subsection (4) of section 21 of the Value Added Tax Act 1994 (which treats as reduced for VAT purposes the value of goods falling within subsection (5) of that section and imported from outside the EU)— at the beginning there shall be inserted “ Subject to subsection (6D) below, ”; and for “14.29 per cent.” there shall be substituted “ 28.58 per cent. ” For subsections (5) and (6) of that section there shall be substituted the following subsections— The goods that fall within this subsection are— any work of art; any antique, not falling within paragraph (a) above or (c) below, that is more than one hundred years old; any collection or collector’s piece that is of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic, numismatic or philatelic interest. In this section “work of art” means, subject to subsections (6A) and (6B) below— any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand; any original engraving, lithograph or other print which— was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process; and either is the only one produced from the plate or plates or is comprised in a limited edition; any original sculpture or statuary, in any material; any sculpture cast which— was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual; and either is the only cast produced from the mould or is comprised in a limited edition; any tapestry or other hanging which— was made by hand from an original design; and either is the only one made from the design or is comprised in a limited edition; any ceramic executed by an individual and signed by him; any enamel on copper which— was executed by hand; is signed either by the person who executed it or by someone on behalf of the studio where it was executed; either is the only one made from the design in question or is comprised in a limited edition; and is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; any mounted or unmounted photograph which— was printed by or under the supervision of the photographer; is signed by him; and either is the only print made from the exposure in question or is comprised in a limited edition; The following do not fall within subsection (5) above by virtue of subsection (6)(a) above, that is to say— any technical drawing, map or plan; any picture comprised in a manufactured article that has been hand-decorated; or anything in the nature of scenery, including a backcloth. An item comprised in a limited edition shall be taken to be so comprised for the purposes of subsection (6)(d) to (h) above only if— in the case of sculpture casts— the edition is limited so that the number produced from the same mould does not exceed eight; or the edition comprises a limited edition of nine or more casts made before 1st January 1989 which the Commissioners have directed should be treated, in the exceptional circumstances of the case, as a limited edition for the purposes of subsection (6)(d) above; in the case of tapestries and hangings, the edition is limited so that the number produced from the same design does not exceed eight; in the case of enamels on copper— the edition is limited so that the number produced from the same design does not exceed eight; and each of the enamels in the edition is numbered and is signed as mentioned in subsection (6)(g)(ii) above; in the case of photographs— the edition is limited so that the number produced from the same exposure does not exceed thirty; and each of the prints in the edition is numbered and is signed as mentioned in subsection (6)(h)(ii) above. For the purposes of this section a collector’s piece is of philatelic interest if— it is a postage or revenue stamp, a postmark, a first-day cover or an item of pre-stamped stationery; and it is franked or (if unfranked) it is not legal tender and is not intended for use as such. Subsection (4) above does not apply in the case of any goods imported from outside the member States if— the whole of the VAT chargeable on their importation falls to be relieved by virtue of an order under section 37(1); or they were exported from the United Kingdom during the period of twelve months ending with the date of their importation. This section has effect in relation to goods imported at any time on or after the day on which this Act is passed. Notwithstanding the words preceding paragraph (a) in section 26(3) of the Value Added Tax Act 1994 (input tax allowable against output tax), regulations which— are made under section 26(3), and have effect in respect of exempt supplies which relate to gold, may provide that input tax is allowable, as being attributable to the supplies, only in relation to specified matters. An order under section 31(2) of that Act (exempt supplies and acquisitions) which provides for certain supplies which relate to gold to be exempt supplies may— provide that a supply which would be an exempt supply by virtue of the order shall, if the supplier so chooses, be a taxable supply; make provision by reference to notices to be published by the Commissioners. An order under section 37(1) of that Act (relief on importation of goods) which gives relief from VAT on certain importations of gold may make provision by reference to notices to be published by the Commissioners. Provision made by virtue of subsection (2) or (3) above may be expressed— to apply only in specified circumstances; to apply subject to compliance with specified conditions (which may include conditions relating to general or specific approval of the Commissioners). Regulations may— require specified persons to keep specified records in relation to specified transactions concerning gold; require specified persons to give specified information to the Commissioners about specified transactions concerning gold; The provisions of that Act (including, in particular, section 97 and paragraph 6(2) to (4) of Schedule 11) shall apply in relation to regulations under subsection (5) above , and to records kept in pursuance of such regulations, as they apply in relation to regulations under paragraph 6(1) of Schedule 11 to that Act and to records kept in pursuance of that paragraph . In this section “the Commissioners” means the Commissioners of Customs and Excise. Schedule 8 to the Value Added Tax Act 1994 (zero-rating) shall have effect, and be deemed always to have had effect, as if in Group 1 (food), in Note (6) (which provides that certain items which override the exceptions listed in that Group relate only to item 4 of the excepted items (non-alcoholic beverages)) for “Items 4 to 6” there were substituted “ Items 4 to 7 ”. In section 36 of the Value Added Tax Act 1994 (bad debts), for subsection (3) there shall be substituted— In subsection (2) above “the outstanding amount” means— if at the time of the claim no part of the consideration written off in the claimant’s accounts as a bad debt has been received, an amount equal to the amount of the consideration so written off; if at that time any part of the consideration so written off has been received, an amount by which that part is exceeded by the amount of the consideration written off; and in this subsection “received” means received either by the claimant or by a person to whom has been assigned a right to receive the whole or any part of the consideration written off. In subsection (5)(e) of that section, for the words from “where” to the end of the paragraph there shall be substituted “ where any part (or further part) of the consideration written off in the claimant’s accounts as a bad debt is subsequently received either by the claimant or, except in such circumstances as may be prescribed, by a person to whom has been assigned a right to receive the whole or any part of that consideration; ”. Until such day as the Commissioners may specify in regulations made under section 36 of that Act, Part XIX of the Value Added Tax Regulations 1995 (bad debt relief), except regulation 171, shall be read as if a reference to a payment being received by the claimant were a reference to a payment being received either by the claimant or by a person to whom a right to receive it has been assigned. Subsections (1) and (4) above have effect for the purposes of the making of any refund or repayment after 9th March 1999, but do not have effect in relation to anything received on or before that day. Schedule 2 to this Act (which makes changes to provisions about the treatment of bodies corporate as members of a group) shall have effect. For subsections (1) and (2) of section 62 of the Value Added Tax Act 1994 (incorrect certificates as to zero-rating etc.) there shall be substituted the following subsections— Subject to subsections (3) and (4) below, where— a person to whom one or more supplies are, or are to be, made— gives to the supplier a certificate that the supply or supplies fall, or will fall, wholly or partly within paragraph 1 of Schedule A1, Group 5 or 6 of Schedule 8 or Group 1 of Schedule 9, or gives to the supplier a certificate for the purposes of section 18B(2)(d) or 18C(1)(c), the certificate is incorrect, the person giving the certificate shall be liable to a penalty. a person who makes, or is to make, an acquisition of goods from another member State prepares a certificate for the purposes of section 18B(1)(d), and the person preparing the certificate shall be liable to a penalty. The amount of the penalty shall be equal to— in a case where the penalty is imposed by virtue of subsection (1) above, the difference between— the amount of the VAT which would have been chargeable on the supply or supplies if the certificate had been correct; and the amount of VAT actually chargeable; in a case where it is imposed by virtue of subsection (1A) above, the amount of VAT actually chargeable on the acquisition. Subsection (1) above has effect in relation to certificates given or, as the case may be, prepared on or after the day on which this Act is passed. For section 77(2) of the Value Added Tax Act 1994 (time limits for assessments under section 76) there shall be substituted the following subsections— Subject to subsection (5) below, an assessment under section 76 of an amount due by way of any penalty, interest or surcharge referred to in subsection (3) of that section may be made at any time before the expiry of the period of 2 years beginning with the time when the amount of VAT due for the prescribed accounting period concerned has been finally determined. Subject to subsection (5) below, an assessment under section 76 of a penalty under section 65 or 66 may be made at any time before the expiry of the period of 2 years beginning with the time when facts sufficient in the opinion of the Commissioners to indicate, as the case may be— that the statement in question contained a material inaccuracy, or that there had been a default within the meaning of section 66(1), came to the Commissioners’ knowledge. Subsection (1) above has effect in relation to any amount by way of penalty, interest or surcharge which becomes due on or after the day on which this Act is passed. Section 79 of the Value Added Tax Act 1994 (repayment supplement) shall be amended as follows. In subsection (2)(b), for “the period of 30 days beginning on the date of the receipt by the Commissioners of that return or claim” there shall be substituted “ the relevant period ”. After subsection (2) there shall be inserted— The relevant period in relation to a return or claim is the period of 30 days beginning with the later of— the day after the last day of the prescribed accounting period to which the return or claim relates, and the date of the receipt by the Commissioners of the return or claim. In subsections (3) and (7), for “subsection (2)(b)” there shall be substituted “ subsection (2A) ”; and regulations under subsection (3) shall be construed accordingly. This section has effect in relation to returns and claims received by the Commissioners on or after 9th March 1999. Section 94(3) of the Value Added Tax Act 1994 (meaning of “business”: public organisations) shall cease to have effect. This section shall come into force in accordance with such provision as the Commissioners of Customs and Excise may make by order made by statutory instrument. The Taxes Act 1988 shall be amended in accordance with subsections (2) and (3) below. This section has effect for the year 1999-00 and subsequent years of assessment. Corporation tax shall be charged for the financial year 2000 at the rate of 30 per cent. For the financial year 2000— the corporation tax starting rate shall be 10 per cent.; and the fraction mentioned in section 13AA(3) of the Taxes Act 1988 shall be one fortieth. Sections 259 to 261A of the Taxes Act 1988 (additional relief in respect of children) shall cease to have effect. This section has effect for the year 2000-01 and subsequent years of assessment. Section 262 of the Taxes Act 1988 (income tax reduction for widow in year of bereavement and following year) shall cease to have effect. Subsection (1) above has effect in relation to deaths occurring on or after 6th April 2000. Where a woman is entitled to an income tax reduction for the year 2000-01 by virtue of paragraph (b) of section 262(1) of the Taxes Act 1988, the reference in that paragraph to the amount specified in section 257A(1) for that year shall be read as a reference to the amount specified in section 257A(5A) for that year. Sections 347A and 347B of the Taxes Act 1988 shall have effect, notwithstanding anything in subsection (3) of section 36 of the Finance Act 1988 (which provides for the application of those sections), in relation to a payment made in pursuance of an existing obligation (within the meaning of that subsection) as they have effect in relation to a payment made otherwise than in pursuance of such an obligation. This section has effect in relation to any payment falling due on or after 6th April 2000. For the year 1999-00 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000. A payment of interest falling within subsection (3) or (4) below shall not be eligible for relief under section 353 of the Taxes Act 1988 by virtue of section 354 of that Act (interest on loans to buy land etc.). Section 369(1) of that Act (mortgage interest payable under deduction of tax) shall not apply to any payment of interest falling within subsection (3) or (4) below which (apart from section 353(2) of that Act and subsection (1) above) would be eligible for relief under section 353 of that Act by virtue of section 354 of that Act. A payment of interest falls within this subsection if it is— a payment made on or after 6th April 2000 (whenever falling due); or a payment made before that date, but not before 9th March 1999, of any interest that was not due until on or after 6th April 2000. made before 6th April 2000 but not before 9th March 1999; and made under or in accordance with any scheme made for a tax-avoidance purpose on or after 9th March 1999 (whether or not before the making of the payment). For the purposes of subsection (4) above, a scheme is made for a tax-avoidance purpose if its main purpose, or one of its main purposes, is to secure that a payment of one or more of the following descriptions is a relievable payment, that is to say— a payment discharging an obligation to make a payment which (but for the scheme) might have been expected to be a non-relievable payment; a payment made in pursuance of any obligation which has effect, directly or indirectly, in place of an obligation under which a payment which might have been expected to be a non-relievable payment would have become due; a payment made in pursuance of an obligation which (apart from the purpose of securing that it is a relievable payment) might have been expected to take the form of an obligation— to make a non-relievable payment, or to make two or more payments at least one of which would have been a non-relievable payment. In subsection (5) above— “non-relievable payment” means a payment falling within subsection (3) above; and “relievable payment” means a payment which— is eligible for relief under section 353 of the Taxes Act 1988, or is a payment to which section 369(1) of that Act applies. The references in this section to a scheme are references to any scheme, arrangements or understanding of any kind whatever, whether or not legally enforceable. Schedule 4 to this Act (which contains amendments consequential on the preceding provisions of this section) shall have effect. In section 365 of the Taxes Act 1988 (relief for interest on loans to buy life annuities), in subsection (1), before paragraph (a) insert— that the loan was made before 9th March 1999; After subsection (1) of that section insert— Where— a loan made on or after 9th March 1999 was made in pursuance of an offer made by the lender before that date, and the offer was either in writing or evidenced by a note or memorandum made by the lender before that date, the loan shall be deemed for the purposes of subsection (1)(aa) above to have been made before that date. This section has effect for the year 1998-99 and subsequent years of assessment. Section 365 of the Taxes Act 1988 (relief for interest on loans to buy life annuities) is amended as follows. In subsection (1)(d) (residence requirement for land on which loan is secured), for “uses the land on which it was secured as his only or main residence at the time the interest is paid” substitute “ used the land on which it was secured as his only or main residence immediately before 9th March 1999 ”. After subsection (1AA) (inserted by section 39 of this Act) insert— Subject to subsection (1AC) below, the conditions in paragraphs (aa) and (a) of subsection (1) above shall be treated as satisfied in relation to a loan (“the new loan”) if— the new loan was made on or after the day on which the Finance Act 1999 was passed; the new loan was made as part of a scheme (“the scheme”) under which the whole or any part of the proceeds of the loan was used to defray money applied in paying off another loan (“the old loan”); and the conditions in subsection (1) above were, or were treated by virtue of this subsection as, satisfied with respect to the old loan. If only part of the proceeds of the new loan was used to defray money applied in paying off the old loan, subsection (1AB) above applies only if, under the scheme, not less than nine-tenths of the remaining part of the proceeds of the new loan was applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons who include him. In subsection (1AC) above “the remaining part” means the part of the proceeds of the new loan that was not used to defray money applied in paying off the old loan. For subsection (1A) substitute— The condition in subsection (1)(d) above shall be treated as satisfied in relation to a loan if— the person to whom the loan was made, or any of the annuitants, ceased to use the land as his only or main residence at a time falling within the period of twelve months ending with 8th March 1999, and the intention at that time of the person to whom the loan was made, or each of the annuitants owning an estate or interest in the land, was to take steps, before the end of the period of twelve months after the day on which the land ceased to be so used, with a view to the disposal of his estate or interest. This section has effect in relation to any payment of interest (whenever falling due) made on or after the day on which this Act is passed. Section 824 of the Taxes Act 1988 (repayment supplements for individuals) shall have effect, and be deemed always to have had effect, with the following amendments. Before subsection (3) insert— Subsection (1) above shall apply to a payment made by the Board under section 375(8) (payment of amount which borrower would have been able to deduct from interest payment under section 369(1)) as if the payment were a repayment falling within that subsection. In subsection (3), before paragraph (a) insert— if the repayment is a payment made by the Board under section 375(8), the relevant time is— if the interest payment was made in the year 1996-97 or a subsequent year of assessment, the 31st January next following that year; if the interest payment was made in an earlier year of assessment, the 5th April next following that year; This section shall be deemed to have had effect in relation to provisions corresponding to section 824 of the Taxes Act 1988 directly or indirectly re-enacted in that section as it has effect in relation to that section, subject to subsections (5) and (6) below. For the purposes of subsection (4) above the references in the amendments of section 824 of the Taxes Act 1988 made by this section to provisions of that Act shall be taken to include references to any corresponding provision contained in the enactments directly or indirectly re-enacted in those provisions. Subsection (4) above applies only if the payments corresponding to payments under section 375(8) of the Taxes Act 1988 were made in the year 1984-85 or a subsequent year of assessment. Schedule 6 to the Taxes Act 1988 (cars available for private use: cash equivalent of car) shall be amended as follows. In paragraph 2(1) (reduction for business travel: 18,000 miles and above)— for “in the year concerned” substitute “ in a year ”, and for “the amount ascertained under paragraph 1 above, reduced by two thirds” substitute “ 15 per cent. of the price of the car as regards the year ”. In paragraph 2(2) (reduction for business travel: 2,500 to 18,000 miles)— for “the amount ascertained under paragraph 1 above, reduced by one third” substitute “ 25 per cent. of the price of the car as regards the year ”. For paragraph 4(a) (two or more cars) substitute— paragraph 2(1) above shall have effect as if for “15 per cent.” there were substituted “25 per cent.” In paragraph 5 (reduction for age of car), for “one third” substitute “ one quarter ”. Section 47 of the Finance Act 1998 (gifts in kind for relief in poor countries) shall cease to have effect. Subsections (1) and (2) above have effect in relation to gifts made on or after the day on which this Act is passed. For subsection (2) of section 32 of the Finance Act 1991 (vocational training relief) there shall be substituted— The individual shall be entitled to relief under this subsection in respect of the payment for the year of assessment in which it is made; but relief under this subsection shall be given only on a claim made for the purpose, except where subsections (3) to (5) below apply. Where an individual is entitled to relief under subsection (2) above in respect of any payment made in a year of assessment, the amount of his liability for that year to income tax on his total income shall be the amount to which he would be liable apart from this section less whichever is the smaller of— the amount which is equal to such percentage of the amount of the payment as is the basic rate for the year; and the amount which reduces his liability to nil. In determining for the purposes of subsection (2A) above the amount of income tax to which a person would be liable apart from this section, no account shall be taken of— any income tax reduction under Chapter I of Part VII of the Taxes Act 1988 or under section 347B of that Act; any income tax reduction under section 353(1A) of the Taxes Act 1988; any relief by way of a reduction of liability to tax which is given in accordance with any arrangements having effect by virtue of section 788 of the Taxes Act 1988 or by way of a credit under section 790(1) of that Act; any tax at the basic rate on so much of that person’s income as is income the income tax on which he is entitled to charge against any other person or to deduct, retain or satisfy out of any payment. That section and section 33 of that Act (provisions supplementary to section 32) shall cease to have effect. In this section— subsection (1) has effect in relation to payments made on or after 6th April 1999; and subsection (2) shall have effect in relation to payments made on or after such date after 6th April 2000 as the Treasury may by order appoint. In subsection (2)(a) of section 48 of the Finance (No. 2) Act 1997 (which provides for favourable tax treatment for certain expenditure on film production and acquisition incurred on or after 2nd July 1997 and before 2nd July 2000), for “2nd July 2000” there shall be substituted “ 2nd July 2002 ”. Subject to subsections (9) to (12) below, subsection (7) above has effect in relation to— any transfer of a security on or after 15th February 1999; or any occasion on or after that date on which a person holding a security becomes entitled to any payment on its redemption. For the purposes of section 92 of that Act, subsection (7) above— has effect in relation to any accounting period of a company ending on or after 15th February 1999; but does not affect any amount falling to be brought into account in respect of any disposal (in whole or in part) of an asset representing a creditor relationship if the disposal was one completed before that day. For the purposes of paragraphs 17 and 18 of Schedule 9 to that Act, subsection (7) above— does not affect any amount falling to be brought into account in respect of a security representing a debtor relationship of a company if, on that day, the company was no longer subject to any liability under the relationship. For the purposes of sections 117(2AA) and 251(8) of the Taxation of Chargeable Gains Act 1992, subsection (7) above has effect in relation to any disposal (in whole or in part) of an asset on or after 15th February 1999. For the purposes of subsection (1)(c) of section 254 of that Act (which, notwithstanding its repeal by the Finance Act 1998, continues to have effect in relation to loans made before 17th March 1998), subsection (7) above has effect in relation to any claim made on or after 15th February 1999. This section applies where— before 15th February 1999 there occurred a transaction (“the relevant transaction”) to which sections 127 to 130 of the Taxation of Chargeable Gains Act 1992 applied; and the new holding (within the meaning given by section 126 of that Act) consisted of or included something (“the new asset”) that— did not fall to be treated as a qualifying corporate bond in relation to the relevant transaction, but by virtue of section 65 above, does fall to be so treated in relation to a disposal on or after 15th February 1999. Section 116 of the Taxation of Chargeable Gains Act 1992 (reorganisations etc. involving qualifying corporate bonds) shall have effect in relation to any disposal of the whole or part of the new asset on or after 15th February 1999 as if— there had been a transaction (“the subsequent transaction”) by which the person holding the new asset had disposed of it and immediately re-acquired it; the subsequent transaction had occurred at the time mentioned in subsection (3) below; the asset re-acquired had been a qualifying corporate bond; and the subsequent transaction had been a transaction to which section 127 of that Act would have applied but for section 116(5) of that Act. That time is— where the relevant transaction took place before 5th April 1996, that date; where the relevant transaction took place on or after that date, immediately after the relevant transaction. In paragraph 19 of Schedule 15 to the Finance Act 1996 (loan relationships: savings and transitional provisions), after sub-paragraph (3) there shall be inserted the following sub-paragraph— Any income that is treated as arising at the time mentioned in subsection (5) of that section, as it applies by virtue of sub-paragraph (3) above, shall be brought into account as a non-trading credit given for the purposes of this Chapter for the accounting period in which that time falls. In paragraph 20 of that Schedule, after sub-paragraph (2) there shall be inserted the following sub-paragraph— Any income that is treated as arising on the day mentioned in subsection (5) of that section, as it applies by virtue of sub-paragraph (2) above, shall be brought into account as a non-trading credit given for the purposes of this Chapter for the accounting period in which that day falls. In paragraph 19(7) of that Schedule, for paragraph (b) there shall be substituted the following paragraph— the company did not make any disposal of that security on that date, In subsection (5)(c) of sections 64 and 65 of the Finance Act 1993 (which have effect, notwithstanding their repeal by the Finance Act 1996, in relation to deep discount and deep gain securities held on and after 31st March 1996), for “it is transferred by the creditor company” there shall be substituted “ the creditor company makes a disposal of the security ”. After subsection (5) of section 65 of that Act there shall be inserted the following subsection— There is a disposal of a security for the purposes of subsection (5)(c) above if there would be such a disposal for the purposes of the Taxation of Chargeable Gains Act 1992. Subsections (1) and (2) above apply in relation to income treated as arising on or after 15th February 1999. Subsection (3) above applies in any case where the day mentioned in paragraph 19(9) of Schedule 15 to the Finance Act 1996 falls on or after 15th February 1999. Subsections (4) and (5) above apply for determining whether a time on or after 15th February 1999— is a time falling within section 64(5)(c) of the Finance Act 1993; or is on a day falling within section 65(5)(c) of that Act. Section 328 of the Taxes Act 1988 (agreements with the Board about the taxation regime for common investment funds) shall cease to have effect. Subsections (1) and (2) above have effect in relation to— any income arising to a common investment fund on or after 6th April 1999; and any distribution made by such a fund for a distribution period beginning on or after that date. For the purposes of the Tax Acts where any common investment fund was in existence on 5th April 1999— the distribution period of that fund which was current on that date for the purposes of section 469 of the Taxes Act 1988 shall be taken to have ended with that date; and the fund’s first accounting period for the purposes of corporation tax, and its first distribution period for the purposes of the enactments relating to authorised unit trusts, shall each be taken to have begun with 6th April 1999. In this section “common investment fund” means any common investment fund established under section 42 of the Administration of Justice Act 1982. Schedule 8 to this Act (which amends Schedule 5B to the Taxation of Chargeable Gains Act 1992 in relation to cases where there is a disposal of some, but not all, of the shares to which relief under that Schedule is attributable) shall have effect. The amendments made by Schedule 8 to this Act have effect in relation to shares issued on or after 6th April 1999. Schedule 9 to this Act (which makes provision about tax-free benefits in relation to value shifting) shall have effect. For subsection (2) of section 71 of the Taxation of Chargeable Gains Act 1992 (allowable losses of trustees treated as transferred to a person becoming absolutely entitled to settled property) there shall be substituted the following subsections— Where, in any case in which a person (“the beneficiary”) becomes absolutely entitled to any settled property as against the trustee, an allowable loss would (apart from this subsection) have accrued to the trustee on the deemed disposal under subsection (1) above of an asset comprised in that property— that loss shall be treated, to the extent only that it cannot be deducted from pre-entitlement gains of the trustee, as an allowable loss accruing to the beneficiary (instead of to the trustee); but any allowable loss treated as accruing to the beneficiary under this subsection shall be deductible under this Act from chargeable gains accruing to the beneficiary to the extent only that it can be deducted from gains accruing to the beneficiary on the disposal by him of— the asset on the deemed disposal of which the loss accrued; or where that asset is an estate, interest or right in or over land, that asset or any asset deriving from that asset. In subsection (2) above “pre-entitlement gain”, in relation to an allowable loss accruing to a trustee on the deemed disposal of any asset comprised in any settled property, means a chargeable gain accruing to that trustee on— a disposal which, on the occasion on which the beneficiary becomes absolutely entitled as against the trustee to that property, is deemed under subsection (1) above to have taken place; or any other disposal taking place before that occasion but in the same year of assessment. For the purposes of subsection (2)(b)(ii) above an asset (“the relevant asset”) derives from another if, in a case where— assets have merged, an asset has divided or otherwise changed its nature, or different rights or interests in or over any asset have been created or extinguished at different times, the value of the relevant asset is wholly or partly derived (through one or more successive events falling within paragraphs (a) to (c) above but not otherwise) from the other asset. The rules set out in subsection (2D) below shall apply (notwithstanding any other rules contained in this Act or in section 113(2) of the Finance Act 1995 (order of deduction))— for determining for the purposes of this section whether an allowable loss accruing to the trustee, or treated as accruing to the beneficiary, can be deducted from particular chargeable gains for any year of assessment; and for the making of deductions of allowable losses from chargeable gains in cases where it has been determined that such an allowable loss can be deducted from particular chargeable gains. Those rules are as follows— allowable losses accruing to the trustee on a deemed disposal under subsection (1) above shall be deducted before any deduction is made in respect of any other allowable losses accruing to the trustee in that year; allowable losses treated as accruing to the beneficiary under this section, so far as they cannot be deducted in a year of assessment as mentioned in subsection (2)(b) above, may be carried forward from year to year until they can be so deducted; and allowable losses treated as accruing to the beneficiary for any year of assessment under this section, and allowable losses carried forward to any year of assessment under paragraph (b) above— shall be deducted before any deduction is made in respect of any allowable losses accruing to the beneficiary in that year otherwise than by virtue of this section; and in the case of losses carried forward to any year, shall be deductible as if they were losses actually accruing in that year. This section applies in relation to any occasion on or after 16th June 1999 on which a person becomes absolutely entitled to settled property as against the trustee. In Part VIII of the Taxation of Chargeable Gains Act 1992 (supplemental), after section 284 there shall be inserted the following sections— a person (“the original taxpayer”) has at any time obtained for any chargeable period (“the first chargeable period”) the benefit of any capital gains relief to which he had no statutory entitlement; the benefit of the relief was obtained in reliance on any concession; the concession was first published by the Board before 9th March 1999 or (having been published on or after that date) replaced a concession satisfying the requirements of this paragraph with a concession to the same or substantially the same effect; and the concession involved the application (with or without modifications), to a case to which they would not otherwise have applied, of the provisions of any enactment (“the relevant statutory provisions”). This section applies only if, at the time when the original taxpayer obtained the benefit of the relief, the concession was one available generally to any person falling within its terms. If the benefit obtained for the first chargeable period by the original taxpayer is repudiated for any later chargeable period (whether by the original taxpayer or by another person), the enactments relating to the taxation of chargeable gains shall have effect as if a chargeable gain equal to the amount of that benefit accrued in the later chargeable period to the person repudiating the benefit. For the purposes of this section— a capital gains relief for any chargeable period is a relief (of whatever description) the effect of which is that the amount of the chargeable gains taken to have accrued to that person in that period is less than it otherwise would have been; and the amount of the benefit of any such relief is the amount by which, as a consequence of that relief, those gains are less than they otherwise would have been. Where, without applying a specific enactment, any concession has the effect that— any asset is treated as the same as another asset and as acquired as the other asset was acquired, any two or more assets are treated as a single asset, or any disposal is treated as having been a disposal on which neither a gain nor a loss accrued, that concession shall be assumed for the purposes of this section to have involved the application, to a case to which it would not otherwise have applied, of the provisions of an enactment to the corresponding effect. For the purposes of this section the benefit of any relief obtained by the original taxpayer for the first chargeable period is repudiated by a person for a later chargeable period if— circumstances arise such that, had the equivalent circumstances arisen in the case of the corresponding relief under the relevant statutory provisions, the whole or a part of the benefit of that relief would have fallen to be recouped from that person in the later chargeable period; apart from this section, the recoupment in the actual circumstances of the whole or a part of the benefit obtained by the original taxpayer is prevented by the fact that the original taxpayer relied on a concession (rather than on the relevant statutory provisions) to obtain that benefit; and the person from whom, in the equivalent circumstances, the amount of the benefit or any part of it would have fallen to be recouped is not precluded by subsection (8) below from relying on that fact in relation to that amount or part. For the purposes of this section an amount of the benefit of a capital gains relief is recouped from any person in a chargeable period to the extent that an amount is so brought into account in his case for that period as to secure that— the amount of his chargeable gains for that period is taken to be more than it otherwise would have been by an amount directly or indirectly representing the whole or a part of the amount of the benefit; or the amount of his allowable losses for that period is taken to be less than it otherwise would have been by an amount directly or indirectly representing the whole or a part of the amount of the benefit. any such circumstances as are mentioned in subsection (6)(a) above have arisen in relation to the relief the benefit of which has been obtained by the original taxpayer, the person from whom, in the equivalent circumstances, the whole or any part of the amount of the benefit would have fallen to be recouped has accepted that, in the actual circumstances, the whole or a part of the benefit obtained by the original taxpayer may be recouped from him, and that acceptance is indicated in writing to the Board (whether by the making or amendment of a self-assessment or otherwise), that person’s rights subsequently to amend, appeal against or otherwise challenge any assessment shall not be exercised in any manner inconsistent with his acceptance of that matter (which shall be irrevocable). In this section “concession” includes any practice, interpretation or other statement in the nature of a concession. Chargeable gains that are treated as accruing to any person under section 284A(3) shall not be eligible for taper relief. The total amount of chargeable gains that are treated as accruing to any person under subsection (3) of section 284A in respect of any such benefit as is referred to in that subsection shall not exceed the amount of that benefit.

Where, after any assessment to tax has been made on the basis that any chargeable gain is treated as having accrued to any person under section 284A(3)— the person assessed, within any of the periods allowed by subsection (4) below, gives an indication for the purposes of section 284A(8), or a final determination of the original taxpayer’s liability to tax for the first chargeable period is made on the basis that the original taxpayer did not, or was not entitled to, rely on the concession in question, all such adjustments shall be made (whether by way of assessment, amendment of an assessment, repayment of tax or otherwise) as are necessary to secure that no person is subjected to any greater liability by virtue of section 284A(3) than he would have been had the indication been given, or the final determination made, before the making of the assessment. The periods allowed by this subsection are— the period of twelve months beginning with the making of the assessment; the period within which the person is entitled to amend his self-assessment or company tax return for the chargeable period in which the chargeable gain under section 284A(3) is treated as having accrued to him; where the person makes a claim for any further relief against the amount that may be recouped from him by virtue of his indication under section 284A(8), the period allowed for making that claim. Subsection (3) above has effect notwithstanding any time limits relating to the making or amendment of an assessment for any chargeable period. Sections 284A and 284B of the Taxation of Chargeable Gains Act 1992 have effect in relation to any case in which the circumstances arising as mentioned in subsection (6)(a) of section 284A are circumstances arising on or after 9th March 1999, whether the benefit mentioned in subsection (1) of that section was obtained as so mentioned before or after the passing of this Act. Schedule 10 to this Act (which, for purposes connected with the sharing of pensions between ex-spouses, makes provision with respect to pensions and annuities) shall have effect. This section applies for the purposes of corporation tax in relation to the disposal by a company (“the relevant company”) of any asset where— the asset is one acquired by the relevant company from an insurance company at a time when the relevant company and that insurance company were both members of the same group of companies; there was an occasion before the disposal (whether the occasion of the transfer of the asset to the relevant company or the occasion of an earlier transfer of the asset) in relation to which the non-statutory arrangements for groups of insurance companies were applied in the case of the transferring company; the application of those arrangements in relation to that occasion had the effect of preventing the cost of the asset’s acquisition by the transferring company (“the previous acquisition”) from being brought into account for tax purposes; and there has not, between that occasion and the making of the disposal, been any relevant event by reference to which the cost of the previous acquisition has been brought into account in computing the profits or losses of any company for tax purposes. Subject to subsection (5) below, where the computation of the relevant company’s profits or losses from any trade requires the cost of the acquisition of the asset by that company to be brought into account in the accounting period in which the disposal takes place, that cost shall be brought into account in that period as if it were an amount equal to the cost of the previous acquisition. Subject to subsections (4) and (5) below, where— the asset disposed of represents a creditor relationship, the disposal is such that paragraph 6 of Schedule 15 to the Finance Act 1996 (adjustment for pre-commencement trading relationships) would require an amount to be brought into account in the accounting period in which the disposal takes place in any case in which there is, for that relationship, a difference such as is mentioned in sub-paragraph (1) of that paragraph, and the cost of the previous acquisition is less than the amount which for the purposes of paragraph 5(2) of that Schedule would (apart from this subsection) be the notional closing value of the relationship on 31st March 1996, the question whether an amount falls to be brought into account in accordance with paragraph 6(2) or (3) of that Schedule, and the amount (if any) falling to be so brought into account, shall be determined as if the notional closing value of the relationship on 31st March 1996 had been equal to the cost of the previous acquisition. In any case where the asset represents a creditor relationship in relation to which an election under paragraph 6(4) of Schedule 15 to the Finance Act 1996 has effect— paragraph 6(1) and (2) of that Schedule shall be treated as applying, notwithstanding paragraph 6(4) , if, in the case of that relationship, the amount referred to in subsection (3)(c) above exceeds the cost of the previous acquisition; and the amount falling by virtue of paragraph (b) above to be brought into account in accordance with paragraph 6(2) of that Schedule shall be determined as if the excess referred to in paragraph 6(2)(a) were the excess mentioned in paragraph (b) above. there are two or more occasions such as are mentioned in paragraph (b) of subsection (1) above, and paragraph (d) of that subsection is satisfied in relation to each of them, subsections (2) to (4) above shall have effect as if the references to the previous acquisition were references to the acquisition which is the previous acquisition in relation to the earliest of those occasions. In subsection (1)(d) above “relevant event”, in relation to any asset, means— a disposal of the asset; or any event by reference to which the conditions of the non-statutory arrangements for groups of insurance companies has required the cost of the previous acquisition to be brought into account in computing the profits or losses of any company for tax purposes. Section 170 of the Taxation of Chargeable Gains Act 1992 (meaning of groups etc.) shall apply for construing references in the preceding provisions of this section to a group of companies as it applies for the purposes of sections 171 to 181 of that Act. In the preceding provisions of this section— “creditor relationship” has the same meaning as in Part 5 of the Corporation Tax Act 2009 (see section 302(5)) ; and “insurance company” means an insurance company within the meaning given by section 65 of the Finance Act 2012 . References in this section to an asset shall be construed as if section 129 of the Corporation Tax Act 2009 (cases where different assets are treated as the same) applied for the purposes of this section as it applies for the purpose of calculating the profits of a company's trade ; and section 340(2) to (4) of the Corporation Tax Act 2009 (cases where different companies are treated as the same) shall apply for the purposes of this section as it applies for the purposes of Part 5 of that Act In this section any reference to the non-statutory arrangements for groups of insurance companies is a reference to so much of any arrangements made by the Board otherwise than by virtue of an enactment as— in relation to an accounting period beginning before 1st January 2000— provided for a single assessment of the trading profits of a group of insurance companies to be made on the principal company of the group; and excluded trading profits on intra-group transfers of investments from the group assessment; or contains transitional provision, in connection with the withdrawal of any arrangements falling within paragraph (a) above, for allowing trading profits on intra-group transfers to be excluded from assessments of members of groups of insurance companies that relate to accounting periods beginning on or after 1st January 1999 and before 1st January 2000. This section— shall not be construed as requiring any amount representing a gain on the disposal of the asset to be brought into account for tax purposes in so far as an amount representing that gain is or has already been brought into account, as an attributed gain, under any regulations made by virtue of Schedule 16 to the Finance Act 1993 (Forex transitional provisions); and shall be without prejudice to any power of the Board apart from this section to enforce any conditions subject to which any relief in accordance with the non-statutory arrangements for groups of insurance companies has been allowed. This section applies in relation to disposals by the relevant company made in accounting periods beginning on or after 1st January 1999. If the relevant company changes from— not recognising a profit or loss on an asset until it is realised, to bringing assets into account in each period of account at a fair value, then, in calculating the amount of any adjustment required under Chapter 14 of Part 3 of the Corporation Tax Act 2009 (calculation of adjustment on change of basis), the amount to be taken into account as the cost of the asset in relation to a period of account before the change is the cost of the previous acquisition. This section applies where a member has entered into a members’ agent pooling arrangement (“the arrangement”). Subsections (3) to (9) below shall apply for the purpose of determining any liability of the member’s to capital gains tax that may arise from transactions effected in pursuance of the arrangement. The syndicate rights held by the member under the arrangement shall be treated as a single asset acquired by him at the time when he entered into the arrangement; but, subject to subsection (9) below, he shall not be treated as disposing of the asset (in whole or in part) except as mentioned in subsection (6) below. The member shall be treated as having given, wholly and exclusively for the acquisition of the asset, consideration equal to any amount paid by him on entering into the arrangement. Any other amount paid by the member under the arrangement shall, on a disposal of the asset, be treated as expenditure incurred wholly and exclusively on the asset for the purpose of enhancing its value and reflected in its state or nature at the time of the disposal. If an amount is paid to the member at any time under the arrangement, he shall be treated as disposing of the whole asset or, as the case may be, part of the asset at that time for a consideration equal to that amount. If syndicate rights held by the member otherwise than under the arrangement become at any time rights held by him under the arrangement, he shall be treated as disposing of those rights at that time for a consideration equal to their market value at that time. If syndicate rights held by the member under the arrangement become at any time rights held by him otherwise than under the arrangement, he shall be treated as acquiring those rights at that time for a consideration equal to their market value at that time. Nothing in subsection (3) above shall affect the operation of section 24(1) of the Taxation of Chargeable Gains Act 1992 (disposals where assets extinguished etc.) in relation to the asset. Subject to subsection (11) below this section applies to arrangements entered into on or after 6th April 1999 or subsisting on that date. In the case of arrangements subsisting on 6th April 1999, this section has effect— as if the time mentioned in subsection (3) above were the earliest time (“the notional time of acquisition”) at which the member acquired any of the syndicate rights held by him under the arrangement immediately before 6th April 1999; as if the consideration referred to in subsection (4) above were the consideration, in money or money’s worth, given by him wholly and exclusively for the acquisition of such of those rights as he acquired at the notional time of acquisition; and in relation to times before 6th April 1999, as if the amount mentioned in subsection (5) above were the amount of any consideration, in money or money’s worth, given by him wholly and exclusively for the acquisition, after the notional time of acquisition, of rights such as are mentioned in paragraph (a) above; and the incidental costs of any acquisition falling within paragraph (b) or (c) above shall be taken to be incidental costs of the acquisition of the asset. In section 82 above and this section, except where the context otherwise requires— “member” means an individual who is an underwriting member of Lloyd’s; “members’ agent”, in relation to a member, means a person registered as a members’ agent at Lloyd’s who is acting as such an agent for the member; “members’ agent pooling arrangement”, in relation to a member, means an arrangement— under which a members’ agent arranges for the member’s participation in syndicates; and which satisfies the conditions set out in subsection (2) below; “syndicate” has the same meaning as in Chapter III of Part II of the Finance Act 1993; and “syndicate rights”, in relation to a member, means rights under a syndicate in which the member participates. The conditions mentioned in paragraph (ii) of the above definition of “members’ agent pooling arrangement” are that under the arrangement— the member must participate in each of the syndicates to which the arrangement relates; and the extent to which the member participates in each such syndicate is determined— by the members’ agent; or according to a formula provided for in the arrangement. References in section 82 above to the payment of an amount are references to the payment of an amount in money or money’s worth; and to the extent that an amount mentioned in subsection (4), (5) or (6) of that section is paid in money’s worth, the amount of the consideration or expenditure there referred to shall be calculated by reference to the market value of the money’s worth at the time of the payment mentioned in that subsection. Section 82 above and this section have effect in relation to a Scottish partnership which is an underwriting member of Lloyd’s as they have effect in relation to a member, but as if the reference in section 82(2) to any liability of the member’s to capital gains tax that may arise from transactions effected in pursuance of the arrangement were a reference to any such liability of members of the partnership that may so arise. In section 155 of the Taxation of Chargeable Gains Act 1992 (classes of assets for the purposes of roll-over relief), after Class 7 there shall be inserted— This section applies to— assets (or interests in them) disposed of on or after 6th April 1999; assets (or interests in them) acquired on or after that date. In the Table in section 98 of the Taxes Management Act 1970 (penalties for failure to provide information, produce documents etc.), in the first column, after the entry for Part III of the Taxes Management Act 1970 insert “ regulations under section 59E of this Act; ”. This section has effect in relation to accounting periods ending on or after 1st July 1999. In section 826(4) of the Taxes Act 1988 (interest on tax overpaid)— for “the repayment of, or of the part in question of, the loan or advance mentioned in section 419(4) was made” substitute “ the event giving rise to entitlement to relief under section 419(4) occurred ”; and in paragraph (a)(i) of that subsection, after “repayment” insert “ , or the release or writing off, ”. This section has effect in relation to the release or writing off of the whole or part of a debt on or after 6th April 1999. In section 32(6) of the Finance Act 1998 (meaning of “unrelieved surplus advance corporation tax”), for “paragraph 11” substitute “ paragraph 12 ”. The amendment made by subsection (4) above shall be deemed always to have had effect. Part VIII of Schedule 18 to the Finance Act 1998 (claims for group relief) is amended as follows. In paragraph 75 (reduction in amount available for surrender by way of group relief)— in sub-paragraph (1), for “amount available for relief” substitute “ total amount available for surrender ”; and in sub-paragraphs (2) and (4), before “amount available for surrender” insert “ total ”. After that paragraph insert— This paragraph applies where, after the surrendering company has given notice of consent to surrender, a claimant company (“the chargeable company”) has become liable to tax in consequence of receiving— notice of the withdrawal of consent, or a copy of a new notice of consent, under paragraph 75(3), or a copy of a notice containing directions by the Inland Revenue under paragraph 75(4). If any of the tax is unpaid six months after the chargeable company’s time limit for claims, the Inland Revenue may make an assessment to tax in the name of the chargeable company on any other company that has obtained group relief as a result of the surrender. The assessment may not be made more than two years after that time limit. The amount of the assessment must not exceed— the amount of the unpaid tax, or if less, the amount of tax which the other company saves by virtue of the surrender. A company assessed to an amount of tax under sub-paragraph (2) is entitled to recover from the chargeable company— a sum equal to that amount, and any interest on that amount which it has paid under section 87A of the Taxes Management Act 1970 (interest on unpaid corporation tax). For the purposes of this paragraph the chargeable company’s time limit for claims is the last of the dates mentioned in paragraph 74(1) on which the chargeable company could make or withdraw a claim for group relief for the accounting period for which the claim in question is made. In paragraph 76 (assessments to recover excessive group relief), after sub-paragraph (2) add— If an assessment under this paragraph is made because a claimant company fails, or is unable, to amend its company tax return under paragraph 75(6), the assessment is not out of time if it is made within one year from— the date on which the surrendering company gives notice of the withdrawal of consent, or (if later) sends a copy of a new notice of consent, to the claimant company under paragraph 75(3), or the date on which the Inland Revenue send the claimant company a copy of a notice containing their directions under paragraph 75(4). In section 87A(3) of the Taxes Management Act 1970 (interest on unpaid corporation tax assessed on other persons), for “section 96(8) of the Finance Act 1990” substitute “ paragraph 75A(2) of Schedule 18 to the Finance Act 1998 ”. Section 96 of the Finance Act 1990 shall cease to have effect. The enactments mentioned in Schedule 11 to this Act have effect with the amendments specified there, which are minor amendments and amendments consequential on Schedule 18 to the Finance Act 1998 (company tax returns, assessments and claims, etc.). The amendments made by Schedule 11 to this Act have effect in relation to accounting periods ending on or after 1st July 1999. a contract (“the old contract”) provides for the sale by a person (“A”) of oil consisting of gas to the British Gas Corporation or one of its successors (“the purchaser”); the old contract is a contract made, or treated (by virtue of this section) as made, before the end of June 1975; the old contract is replaced by a contract (“the new contract”) for the sale of oil consisting of gas to the purchaser made after the end of June 1975; and any of the rights and liabilities which, under the old contract, were rights and liabilities of A are, under the new contract, rights and liabilities of another person (“B”). The new contract shall be treated for the purposes of section 10(1)(a) of the Oil Taxation Act 1975 as the same contract as the old contract unless the rights and liabilities of B under the new contract are so different from those of A under the old contract that a contract conferring those rights and imposing those liabilities on A could not have been regarded as the same contract as the old contract. For the purposes of subsection (1) above the successors of the British Gas Corporation are— British Gas plc; and British Gas Trading Limited. This section shall be deemed always to have had effect. This section applies to a lease (“the lease in question”) of an asset (“the relevant asset”) where— a person (“the seller”) who is a participator in an oil field (“the seller’s oil field”) has made a disposal in a chargeable period of the relevant asset or an interest in it; the relevant asset was a qualifying asset in relation to the seller and the seller’s oil field is the chargeable field in relation to it; the relevant asset is used in connection with an oil field (“the lessee’s oil field”) by a participator in that field (“the lessee”) under the lease in question; the seller, or a person connected with him at any time in the relevant period, is the lessee; and the lessee uses the relevant asset before the end of the period of two years beginning with the disposal. Subject to subsection (8) below, to the extent that the expenditure falling within subsection (3) below exceeds the amount of the cap, that expenditure shall not be allowable under section 3 or 4 of the principal Act or section 3 of the Oil Taxation Act 1983 for the lessee’s oil field. That expenditure is the aggregate of the following— the total expenditure, excluding operating expenditure, incurred by the lessee under the lease in question; and if at any time after the disposal he acquires the relevant asset or an interest in it, the total expenditure (not falling within paragraph (a) above) incurred by him in acquiring the asset or interest. Subject to subsections (5) to (7) below— if the period in which the disposal was made is one in which the seller has benefitted from safeguard relief, the amount of the cap is the smaller of— the amount given by dividing the marginal tax on the disposal receipts by the applicable rate of tax; and the amount of the disposal receipts; and in any other case the amount of the cap is the amount of the disposal receipts. Subject to subsection (7) below, where at the relevant time there are, in relation to the relevant asset, two or more leases to which this section applies, the amount of the cap for the lease in question shall be the appropriate proportion of the cap found by applying subsection (4) above. For the purposes of subsection (5) above the appropriate proportion is the proportion given by the formula— where— A is the proportion of the total use of the relevant asset during the term of the lease in question that is expected to be use under the lease; and B is— in a case where the seller disposed of the whole of the relevant asset, one; and in any other case, the proportion that the value of the interest disposed of by him bore to the total value of the relevant asset. Where at the relevant time the relevant asset is used, or is expected to be used, by the lessee under the lease in question in connection with two or more oil fields, the amount of the cap for each of the fields shall be so much of the cap found by applying subsections (4) to (6) above as accords with the proportion of the use of the asset under the lease that is expected, at that time, to be— use in connection with that field; or use giving rise to tariff receipts of the lessee attributable to that field. expenditure falling within subsection (3) above has been allowed for the lessee’s oil field, on a claim under Schedule 5 or 6 to the principal Act, on the basis that the cap was of a particular amount; information later becomes available to the Board which establishes that the cap is not of that amount; and the amount that was allowed exceeds the amount (if any) of the expenditure falling within that subsection that would have been allowed on the claim if the information had been available when the expenditure was allowed, the excess shall continue to be allowable. Subject to subsection (10) below, this section and sections 96 and 97 below apply to assets, or interests in assets, disposed of on or after 9th March 1999. This section and those sections do not apply to assets, or interests in assets, disposed of pursuant to an agreement made before that date if— the agreement is not conditional; or the agreement is conditional and the condition is satisfied before that date. section 95 above has applied to a lease; the lessee has transferred the whole or part of his interest in the lessee’s oil field; and pursuant to the transfer, the relevant asset is used in connection with that oil field under a lease (“the new participator’s lease”) by the person who is the new participator in relation to the transfer. Subject to subsection (4) below, section 95 above shall have effect as if the new participator were the lessee and the new participator’s lease were the lease in question. The reference in subsection (1)(b) above to the lessee includes a reference to a successor of his; and subject to subsection (4) below, the expenditure that the new participator is treated by virtue of subsection (2) above as having incurred includes— any expenditure, excluding operating expenditure, incurred by the lessee or a successor of his under the lease in question or a lease of the relevant asset; and any expenditure (not falling within paragraph (a) above) incurred by the lessee or a successor of his after the disposal mentioned in section 95(1)(a) above in acquiring the relevant asset or an interest in it. Where the transfer mentioned in subsection (1)(b) above, or any antecedent transfer, was a transfer of part of the transferor’s interest in the lessee’s oil field— the amount of the cap which is applicable by virtue of subsection (2) above shall be so much of the cap that would be applicable apart from this subsection as accords with the proportion of the lessee’s interest in the field that is represented by the new participator’s interest in the field; and the expenditure incurred (as mentioned in subsection (3) above) by the lessee or any successor of his that is treated, by virtue of subsection (2) above, as expenditure incurred by the new participator shall be so much of the expenditure incurred (as so mentioned) by the person concerned as accords with the proportion of that person’s interest in the field that is represented by the new participator’s interest in the field. A person is a successor of the lessee for the purposes of this section if and only if— this section has applied to an earlier transfer by the lessee or a successor of his of the whole or part of his interest in the lessee’s oil field; and that person was the new participator in relation to the earlier transfer and used the relevant asset under the lease in connection with that oil field. In this section “antecedent transfer” means a transfer (other than the transfer mentioned in subsection (1)(b) above) by the lessee or a successor of his of the whole or part of his interest in the lessee’s oil field, pursuant to which the relevant asset was used as mentioned in subsection (1)(c) above. For the purposes of section 95 above the marginal tax on the disposal receipts is the difference between— the amount of tax to which the seller is chargeable on the assessable profit accruing to him from the seller’s oil field in the period in which the asset or interest was disposed of; and the amount of tax to which the seller would have been so chargeable if the amount or value of the consideration received or receivable by him in respect of the disposal in that period of the asset or interest had been nil. For the purposes of that section— any question whether a person is connected with the seller shall be determined in accordance with the provisions of section 1122 of the Corporation Tax Act 2010; the relevant period is the period beginning with the time of the disposal of the asset or interest and ending with the time when the first claim is made for the allowance, for the lessee’s oil field, of expenditure incurred by the lessee or a successor of his under the lease in question or a lease of the relevant asset (and in this paragraph the reference to the lessee includes a reference to a person who is treated as the lessee by virtue of section 96 above); the applicable rate of tax is the rate at which tax is charged under section 1(2) of the principal Act at the time of the disposal of the asset or interest; the amount of the disposal receipts is the aggregate of the amount or value of any consideration received or receivable by the seller in respect of the disposal of the asset or interest; a chargeable period is a period in which the seller benefits from safeguard relief if and only if the tax payable by the seller for that period is less than it would have been if section 9 of the principal Act (safeguard relief) had not been enacted; the relevant time is the end of the earliest claim period for which a claim such as is mentioned in paragraph (b) above is made; and tariff receipts of the lessee shall be taken to be attributable to an oil field if and only if they are attributable to the field for any chargeable period for the purposes of the Oil Taxation Act 1983. In section 96 above references— to the transfer by a person of the whole or part of his interest in the lessee’s oil field; or in relation to a transfer, to the new participator, shall be construed in accordance with Schedule 17 to the Finance Act 1980. The expenditure which for the purposes of sections 95 and 96 above shall be taken to be operating expenditure shall be so much of the expenditure incurred by the lessee or, as the case may be, a successor of his under the lease concerned as appears, on a just and reasonable estimate, to be operating expenditure. References in this section to a successor of the lessee shall be construed in accordance with section 96(5) above. In this section and sections 95 and 96 above— “the chargeable field” has the same meaning as in the Oil Taxation Act 1983; “lease”, in relation to an asset, has the same meaning as in Chapter 3 of Part 19 of CTA 2010 (see section 868); “the lease in question”, “the lessee”, “the lessee’s oil field”, “the relevant asset”, “the seller” and “the seller’s oil field” shall be construed in accordance with section 95(1) above; “operating expenditure” means expenditure (for example, in respect of the provision of staff or crew or the maintenance or operation of the relevant asset) of such a nature that the lessee or, as the case may be, his successor would or might have incurred it, otherwise than under any arrangements to finance his ownership, if he had been the owner of the asset; “the new participator’s lease” shall be construed in accordance with section 96(1) above; “the principal Act” means the Oil Taxation Act 1975; “qualifying asset” has the same meaning as in the Oil Taxation Act 1983; and “tariff receipts” has the same meaning as in that Act. This section and sections 95 and 96 above shall be construed as one with Part I of the principal Act. Subsection (2) below applies where— an asset which is not a mobile asset is a qualifying asset for the purposes of the Oil Taxation Act 1983 in relation to a person (“the taxpayer”) who is a participator in an oil field (“the field”); Chapter 16A of Part 2 of the Income Tax (Trading and Other Income) Act 2005 (oil activities). not more than two chargeable periods intervene between the earlier period and the later period. The Oil Taxation Acts shall have effect, in relation to the later period and any subsequent chargeable period, as if— receipts of the taxpayer which are referable to the asset for the period concerned were tariff receipts , tax-exempt tariffing receipts or disposal receipts attributable to the field for that period; and in a case falling within subsection (1)(c)(i) above, the taxpayer continued to be a participator in the field. Subsection (4) below applies where— tariff receipts , tax-exempt tariffing receipts or disposal receipts of the taxpayer which are referable to the asset are attributable to the field for a chargeable period (“the earlier period”); in a subsequent chargeable period (“the later period”) the taxpayer disposes of— the asset; or an interest in the asset, to another person (“the transferee”) in circumstances such that section 7 of the Oil Taxation Act 1983 does not apply to the disposal; and receipts of the transferee which are referable to the asset for the period concerned were tariff receipts , tax-exempt tariffing receipts or disposal receipts attributable to the field for that period; and the transferee were a participator in the field. Subject to subsection (6) below, any reference in this section to receipts of any person which are referable to the asset for a period is a reference to any sums which— are received or receivable by that person in that period in respect of the use of the asset, or the provision of services or other business facilities of whatever kind in connection with its use; or are received or receivable by that person in respect of the disposal in that period of the asset, or an interest in the asset. In a case falling within subsection (3)(c)(ii) above— any sums which are received or receivable by the transferee otherwise than by virtue of his acquisition of the interest shall not be regarded for the purposes of subsection (4) above as receipts of his which are referable to the asset for any period; and for the purposes of paragraph (a) above, such apportionments shall be made as may be just and reasonable. In relation to tax-exempt tariffing receipts, any reference in this section— to being attributable to a field for a period, or to being referable to an asset, shall be construed as if tax-exempt tariffing receipts were tariff receipts (and expenditure were or had been allowable accordingly). This section shall be construed as one with Part I of the Oil Taxation Act 1975; and in this section “the Oil Taxation Acts” means— the enactments relating to petroleum revenue tax (including this section); Part 8 of the Corporation Tax Act 2010 (oil activities); and Nothing in this section shall be taken to affect the meaning of “participator” in paragraph 4 of Schedule 2 to the principal Act. Subject to subsection (11) below, subsection (1) above applies where— the disposal by virtue of which the taxpayer ceased to be a participator in the field; or the acquisition by virtue of which he became a participator in the other oil field, was made on or after 1st July 1999. Subject to subsection (11) below, subsection (3) above applies where the asset, or the interest in the asset, was disposed of on or after that date. Neither subsection (1) nor subsection (3) above applies where the disposal or acquisition concerned was made pursuant to an agreement which was made before 1st July 1999 and either— the agreement was not conditional; or the agreement was conditional and the condition was satisfied before that date. In paragraph 3 of Schedule 19 to the Finance Act 1982 (months in which instalments may be withheld)— in sub-paragraph (1), at the beginning there shall be inserted “Subject to sub-paragraph (1A) below,” and after “month” there shall be inserted “ (the relevant month) ”; and after that sub-paragraph there shall be inserted the following sub-paragraph— Sub-paragraph (1) above does not apply if the relevant month is a month in which any consideration (whether in the nature of income or capital) is received or receivable by the participator in respect of any such matter as is mentioned in paragraph (a) or (b) of section 6(2) of the Oil Taxation Act 1983 (chargeable tariff receipts). Subsection (1) above applies for the purpose of determining whether instalments are payable in respect of chargeable periods ending on or after 31st December 1999. In subsection (1)(b) of section 233 of the Finance Act 1994 (relief for tariff receipts from participator in non-taxable field)— for “a participator in a non-taxable field” there shall be substituted “ any person ”, and for “in connection with that non-taxable field” there shall be substituted “ otherwise than in connection with a taxable field ”. Subsection (1) above applies to sums received or receivable in any chargeable period ending on or after 31st December 1999. In paragraph 2 of Schedule 2 to the Oil Taxation Act 1975 (returns by participators)— in sub-paragraph (1) (returns must be delivered within two months of the end of a chargeable period), after “the period” there shall be inserted “ or within such longer period as the Board may allow ”; and after sub-paragraph (4) there shall be inserted the following sub-paragraph— The power of the Board to allow an extension of time under sub-paragraph (1) above shall include power— to allow an extension for an indefinite period; and to provide for the period of any extension to end at such time as may be stipulated in a notice given by the Board. In paragraph 5 of that Schedule (returns by the responsible person)— in sub-paragraph (1) (returns must be delivered within one month of the end of a chargeable period), after “the period” there shall be inserted “ or within such longer period as the Board may allow ”; and after sub-paragraph (3) there shall be inserted the following sub-paragraph— After paragraph 12 of that Schedule there shall be inserted the following paragraph— the Board has extended the period for the delivery of any return that is required under paragraph 2 of this Schedule to be delivered for any chargeable period, and the relevant time falls more than one year after the end of the chargeable period, the period within which the Board may make an assessment under this Schedule for that chargeable period shall not expire before the end of the period of five years beginning with the relevant time. In this paragraph “the relevant time” means the earlier of— the time which, as a result of the extension, is the latest time for the delivery of the return; and the time when the return is delivered. In paragraph 2 of Schedule 5 to that Act, after sub-paragraph (6) there shall be inserted the following sub-paragraphs— the claim period in which any expenditure allowable under section 3 or 4 of this Act for an oil field is incurred coincides with or includes a chargeable period, and the Board has extended the period for the delivery of the return that is required under paragraph 5 of Schedule 2 to this Act to be delivered for that chargeable period by the responsible person, and the relevant time falls more than four years after the end of the claim period, sub-paragraph (1) above shall have effect as if the reference to six years after the end of the claim period in which the expenditure is incurred were a reference to two years after the relevant time. In sub-paragraph (7) above “the relevant time” means the earlier of— the time which, as a result of the extension mentioned in that sub-paragraph, is the latest time for the delivery of the return there mentioned; and the time when that return is delivered. In the Table in paragraph 2 of Schedule 6 to that Act (application of provisions of Schedule 5 to claims under Schedule 6), after the entry relating to paragraph 2(6) of Schedule 5 there shall be inserted the following entries— For the reference to paragraph 5 of Schedule 2 to this Act substitute a reference to paragraph 2 of that Schedule; for the reference to paragraph 2(1) of Schedule 5 to this Act substitute a reference to paragraph 1(2) of this Schedule. In subsection (4) of section 62 of the Finance Act 1987 (returns relating to sales of oil), for the words from the beginning to “additional return” there shall be substituted— In any case where paragraph 2 of Schedule 2 to the principal Act requires a participator in any oil field to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred), that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return In subsection (6) of that section, for paragraph (b) (return under subsection (4) not to include details included in return under paragraph 2 of Schedule 2 to the principal Act) there shall be substituted the following paragraph— details of which are not included in a return for the period under paragraph 2 of Schedule 2 to the principal Act which is delivered to the Board at the same time as the return required by subsection (4) above or which was delivered to them previously; and The preceding provisions of this section apply in relation to chargeable periods ending on or after 30th June 1999. Section 193 of the Taxation of Chargeable Gains Act 1992 (roll-over relief not available for gains on oil licences) shall cease to have effect. This section has effect in relation to— a disposal of a licence or an interest in a licence which occurs on or after 1st July 1999; an acquisition of a licence or an interest in a licence which occurs on or after 1st July 1999. The following shall be inserted after section 102 of the Finance Act 1986 (inheritance tax: gifts with reservation)— This section applies where an individual disposes of an interest in land by way of gift on or after 9th March 1999. At any time in the relevant period when the donor or his spouse enjoys a significant right or interest, or is party to a significant arrangement, in relation to the land— the interest disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and section 102(3) and (4) above shall apply. Subject to subsections (4) and (5) below, a right, interest or arrangement in relation to land is significant for the purposes of subsection (2) above if (and only if) it entitles or enables the donor to occupy all or part of the land, or to enjoy some right in relation to all or part of the land, otherwise than for full consideration in money or money’s worth. A right, interest or arrangement is not significant for the purposes of subsection (2) above if— it does not and cannot prevent the enjoyment of the land to the entire exclusion, or virtually to the entire exclusion, of the donor; or it does not entitle or enable the donor to occupy all or part of the land immediately after the disposal, but would do so were it not for the interest disposed of. A right or interest is not significant for the purposes of subsection (2) above if it was granted or acquired before the period of seven years ending with the date of the gift. Where an individual disposes of more than one interest in land by way of gift, whether or not at the same time or to the same donee, this section shall apply separately in relation to each interest. This section applies where an individual disposes, by way of gift on or after 9th March 1999, of an undivided share of an interest in land. At any time in the relevant period, except when subsection (3) or (4) below applies— the share disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and This subsection applies when the donor— does not occupy the land; or occupies the land to the exclusion of the donee for full consideration in money or money’s worth. This subsection applies when— the donor and the donee occupy the land; and the donor does not receive any benefit, other than a negligible one, which is provided by or at the expense of the donee for some reason connected with the gift. In sections 102A and 102B above “the relevant period” has the same meaning as in section 102 above. An interest or share disposed of is not property subject to a reservation under section 102A(2) or 102B(2) above if or, as the case may be, to the extent that the disposal is an exempt transfer by virtue of any of the provisions listed in section 102(5) above. In applying sections 102A and 102B above no account shall be taken of— occupation of land by a donor, or an arrangement which enables land to be occupied by a donor, in circumstances where the occupation, or occupation pursuant to the arrangement, would be disregarded in accordance with paragraph 6(1)(b) of Schedule 20 to this Act. The provisions of Schedule 20 to this Act, apart from paragraph 6, shall have effect for the purposes of sections 102A and 102B above as they have effect for the purposes of section 102 above; and any question which falls to be answered under section 102A or 102B above in relation to an interest in land shall be determined by reference to the interest which is at that time treated as property comprised in the gift. Where property other than an interest in land is treated by virtue of paragraph 2 of that Schedule as property comprised in a gift, the provisions of section 102 above shall apply to determine whether or not that property is property subject to a reservation. Sections 102 and 102A above shall not apply to a case to which section 102B above applies. Section 102A above shall not apply to a case to which section 102 above applies. For subsection (3) of section 216 of the Inheritance Tax Act 1984 (delivery of accounts) there shall be substituted the following subsections— Subject to subsections (3A) and (3B) below, where an account is to be delivered by personal representatives (but not where it is to be delivered by a person who is an executor of the deceased only in respect of settled land in England and Wales), the appropriate property is— all property which formed part of the deceased’s estate immediately before his death, other than property which would not, apart from section 102(3) of the Finance Act 1986, form part of his estate; and all property to which was attributable the value transferred by any chargeable transfers made by the deceased within seven years of his death. If the personal representatives, after making the fullest enquiries that are reasonably practicable in the circumstances, are unable to ascertain the exact value of any particular property, their account shall in the first instance be sufficient as regards that property if it contains— a statement to that effect; a provisional estimate of the value of the property; and an undertaking to deliver a further account of it as soon as its value is ascertained. The Board may from time to time give such general or special directions as they think fit for restricting the property to be specified in pursuance of subsection (3) above by any class of personal representatives. This section has effect in relation to deaths occurring on or after 9th March 1999. In subsection (3) of section 237 of the Inheritance Tax Act 1984 (imposition of Inland Revenue charge), for “ “personal property” includes leaseholds” there shall be substituted “personal property” does not include leaseholds ”. After subsection (3A) of that section there shall be inserted the following subsections— Subsection (3C) below applies to any tax charged— under section 32, 32A or 79(3) above in respect of any property, under paragraph 8 of Schedule 4 to this Act in respect of any property, or under paragraph 1 or 3 of Schedule 5 to this Act with respect to any object or property. Where any tax to which this subsection applies, or any interest on it, is for the time being unpaid, a charge for the amount unpaid is also by virtue of this section imposed in favour of the Board— except where the event giving rise to the charge was a disposal to a purchaser of the property or object in question, on that property or object; and in the excepted case, on any property for the time being representing that property or object. Subsection (1) above has effect in relation to deaths occurring on or after 9th March 1999; and subsection (2) above has effect in relation to tax charged on or after that day.

For section 245 of the Inheritance Tax Act 1984 (failure to provide information) there shall be substituted the following sections— This section applies where a person (“the taxpayer”) fails to deliver an account under section 216 or 217 above. The taxpayer shall be liable— to a penalty not exceeding £100; and to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the account is delivered. If— proceedings in which the failure could be declared are not commenced before the end of the relevant period, and the taxpayer has not delivered the account by the end of that period, he shall be liable to a further penalty not exceeding £100. In subsection (3) above “the relevant period” means the period of six months beginning immediately after the end of the period given by section 216(6) or (7) or section 217 above (whichever is applicable). If the taxpayer proves that his liability to tax does not exceed a particular amount, the penalty under subsection (2)(a) above, together with any penalty under subsection (3) above, shall not exceed that amount. A person shall not be liable to a penalty under subsection (2)(b) above if he delivers the account required by section 216 or 217 before proceedings in which the failure could be declared are commenced. A person who has a reasonable excuse for failing to deliver an account shall not be liable by reason of that failure to a penalty under this section, unless he fails to deliver the account without unreasonable delay after the excuse has ceased. A person who fails to make a return under section 218 above shall be liable— to a penalty not exceeding £300; and to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the return is made. A person who fails to comply with a notice under section 219 above shall be liable— to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the notice is complied with. A person who fails to comply with a notice under section 219A(1) or (4) above shall be liable— to a penalty not exceeding £50; and to a further penalty not exceeding £30 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the notice is complied with. A person shall not be liable to a penalty under subsection (1)(b), (2)(b) or (3)(b) above if— he makes the return required by section 218 above, he complies with the notice under section 219 above, or he complies with the notice under section 219A(1) or (4) above, before proceedings in which the failure could be declared are commenced. A person who has a reasonable excuse for failing to make a return or to comply with a notice shall not be liable by reason of that failure to a penalty under this section, unless he fails to make the return or to comply with the notice without unreasonable delay after the excuse has ceased. In section 247 of that Act (provision of incorrect information)— in subsection (3), for “£500” and “£250” there shall be substituted “ £3,000 ” and “ £1,500 ” respectively; and in subsection (4), for “£500” there shall be substituted “ £3,000 ”. Subsection (1) above does not have effect in relation to a failure by any person— to deliver an account under section 216 or 217 of the Inheritance Tax Act 1984, to make a return under section 218 of that Act, or to comply with a notice under section 219 of that Act, where the period within which the person is required to perform the obligation in question expires before the day on which this Act is passed. Subsection (2) above has effect in relation to incorrect accounts, information or documents delivered, furnished or produced on or after the day on which this Act is passed. For section 15 of the Stamp Act 1891 (penalty upon stamping instruments after execution) substitute— An unstamped or insufficiently stamped instrument may be stamped after being executed on payment of the unpaid duty and any interest or penalty payable. Any interest or penalty payable on stamping shall be denoted on the instrument by a particular stamp. Interest is payable on the stamping of an instrument which— is chargeable withad valorem duty, and is not duly stamped within 30 days after the day on which the instrument was executed (whether in the United Kingdom or elsewhere). Interest is payable on the amount of the unpaid duty from the end of the period of 30 days mentioned in subsection (1)(b) until the duty is paid. If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount. Interest shall be calculated at the rate applicable under section 178 of the Finance Act 1989 (power of Treasury to prescribe rates of interest). The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5. No interest is payable if that amount is less than £25. Interest under this section shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes. A penalty is payable on the stamping of an instrument which is not presented for stamping within 30 days after— if the instrument is executed in the United Kingdom, the day on which it is so executed; if the instrument is executed outside the United Kingdom, the day on which it is first received in the United Kingdom. If the instrument is presented for stamping within one year after the end of the 30-day period mentioned in subsection (1), the maximum penalty is £300 or the amount of the unpaid duty, whichever is less. If the instrument is not presented for stamping until after the end of the one-year period mentioned in subsection (2), the maximum penalty is £300 or the amount of the unpaid duty, whichever is greater. The Commissioners may, if they think fit, mitigate or remit any penalty payable on stamping. No penalty is payable if there is a reasonable excuse for the delay in presenting the instrument for stamping. In section 178(2) of the Finance Act 1989 (enactments for purposes of which Treasury may prescribe rates of interest), before paragraph (a) insert— section 15A of the Stamp Act 1891; The consequential amendments in Schedule 12 to this Act have effect. This section applies to instruments executed on or after 1st October 1999. A payment by the Commissioners to which this section applies shall be paid with interest at the rate applicable under section 178 of the Finance Act 1989 for the period between the relevant time (as defined below) and the date on which the order for the payment is issued. This section applies to any repayment by the Commissioners of duty, or any penalty on late stamping, under the enactments relating to stamp duty. In that case the relevant time is 30 days after the day on which the instrument in question was executed or, if later, the date on which the payment of duty or penalty was made. This section applies to a repayment by the Commissioners of an amount lodged with them in respect of the duty payable on stamping an instrument if— the instrument is presented for stamping, the instrument is duly stamped, and the repayment is of an amount then repayable. In that case the relevant time is 30 days after the day on which the instrument was executed or, if later, the date on which the amount was lodged with the Commissioners. This section also applies to a money payment made by the Commissioners under section 11 of the Stamp Duties Management Act 1891 (allowances for spoiled or misused stamps). In that case the relevant time is the date on which the duty was paid for the stamp in respect of which the allowance is made. A payment by the Commissioners under section 12A(2)(b) of that Act (allowances for lost or spoiled instruments) is treated for the purposes of this section as a repayment of the duty or penalty by reference to which it is made. In that case the relevant time is the date on which the payment of duty or penalty was made. No interest is payable under this section if the amount of the payment to which this section applies is less than £25. No interest is payable under this section in respect of a payment made in consequence of an order or judgment of a court having power to allow interest on the payment. Interest paid to any person under this section is not income of that person for any tax purposes. In section 178(2) of the Finance Act 1989 (enactments for purposes of which Treasury may prescribe rates of interest), after paragraph (o) add— , and section 110 of the Finance Act 1999. This section applies in relation to instruments executed on or after 1st October 1999. Section 55 of the Finance Act 1963 and section 4 of the Finance Act (Northern Ireland) 1963 (rates of stamp duty on conveyance or transfer on sale) are each amended as follows. In subsection (1)(d) (rate of £2 for every £100 etc. where consideration does not exceed £500,000 and the instrument is certified at that amount) for “£2” substitute “ £2.50p ”. In subsection (1)(e) (rate of £3 for every £100 etc. in cases not otherwise provided for) for “£3” substitute “ £3.50p ”. This section applies to instruments executed on or after 16th March 1999, except where the instrument in question is executed in pursuance of a contract made on or before 9th March 1999. This section shall be deemed to have come into force on 16th March 1999. The amount of any stamp duty chargeable ad valorem— shall be a percentage of the amount specified in the relevant charging provision, and shall be rounded up (if necessary) to the nearest multiple of £5. The amount of every fixed stamp duty shall be £5. The provisions of Schedule 13 to this Act have effect in place of Schedule 1 to the Stamp Act 1891, and certain related enactments, so far as they relate to the instruments (other than bearer instruments) chargeable to duty and the method of calculation and rates of duty. The consequential amendments in Schedule 14 to this Act have effect. The percentage rates specified in Schedule 13 and the enactments amended by Schedule 14 correspond to the rates of duty generally in force at the passing of this Act. In the case of an instrument in relation to which there was then in force transitional provision in connection with an earlier change in the rate of duty having the effect that a different rate applied, the new or amended provisions have effect as if a reference to a percentage corresponding to that different rate were substituted. This section has effect in relation to instruments executed on or after 1st October 1999. The provisions of Schedule 15 to this Act have effect in place of the heading “Bearer Instruments” in Schedule 1 to the Stamp Act 1891, and certain related enactments, and incorporate amendments in relation to bearer instruments corresponding to those made by— section 109 (interest and penalties on late stamping), section 112 (general amendment of charging provisions), and Part I of Schedule 17 to this Act (amendments of penalties other than on late stamping). The percentage rates specified in Schedule 15 correspond to the rates of duty generally in force at the passing of this Act. In the case of an instrument in relation to which there was then in force transitional provision in connection with an earlier change in the rate of duty having the effect that a different rate applied, the new provisions have effect as if a reference to a percentage corresponding to that different rate were substituted. The consequential amendments specified in Schedule 16 to this Act have effect. This section applies in relation to bearer instruments issued on or after 1st October 1999. The provisions of Schedule 17 to this Act (stamp duty: penalties other than on late stamping) have effect. The provisions of that Schedule have effect in relation to penalties in respect of things done or omitted on or after 1st October 1999. Schedule 18 to this Act (stamp duty: minor amendments and repeal of obsolete provisions) has effect. In section 95 of the Finance Act 1986 (exceptions from charge on entry into depositary receipt system), for subsection (2) (bearer instruments) substitute— There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of an inland bearer instrument, within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891, except in the case of— an instrument within exemption 3 in that heading (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue); or an instrument within the stamp duty exemption for non-sterling instruments which is issued in connection with a company merger or takeover (whether or not involving the company issuing the instrument). In paragraph (b) “the stamp duty exemption for non-sterling instruments” means the exemption from stamp duty provided for by section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967. In section 97 of the Finance Act 1986 (exceptions from charge on entry into clearance system), for subsection (3) (bearer instruments) substitute— There shall be no charge to tax under section 96 above in respect of a transfer or issue of an inland bearer instrument, within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891, except in the case of— This section applies to any instrument issued on or after 30th January 1999, except one giving effect to an agreement for a company merger or takeover entered into in writing by the companies involved before that date. In section 95(2) of the Finance Act 1986 (bearer instruments excepted from charge on entry into depositary receipt system), for paragraph (b) (one of the categories of instrument to which the exception does not apply) substitute— an instrument within the stamp duty exemption for non-sterling instruments which— does not raise new capital, and is not issued in exchange for an instrument raising new capital. After that subsection insert— For the purpose of subsection (2)(b)— an instrument is regarded as raising new capital only if the condition in subsection (2B) is met, and an instrument is regarded as issued in exchange for an instrument raising new capital only if the conditions in subsection (2C) are met. The condition mentioned in subsection (2A)(a) is that the instrument— is issued in conjunction with— the issue of relevant securities for which only cash is subscribed, or the granting of rights to subscribe for relevant securities which are granted for a cash consideration only and exercisable only by means of a cash subscription; or is issued to give effect to the exercise of such rights as are mentioned in paragraph (a)(ii). The conditions mentioned in subsection (2A)(b) are that— the instrument is issued in conjunction with the issue of relevant securities by a company in exchange for relevant securities issued by another company, and immediately before the exchange an instrument relating to those other securities— was regarded for the purposes of subsection (2)(b) as raising new capital or as issued in exchange for an instrument raising new capital, or would have been so regarded if the amendments made to this section by section 117 of the Finance Act 1999 had been in force at the time of its issue, and accordingly was or would have been within the exception conferred by subsection (2). For the purposes of subsections (2B) and (2C) “relevant securities” means chargeable securities which are either— shares the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company, or loan capital within the meaning of section 78 above, and which, in either case, do not carry any rights (of conversion or otherwise) by the exercise of which chargeable securities other than relevant securities may be obtained. For subsection (6) of that section substitute— Where an arrangement is entered into under which— a company issues securities to persons in respect of their holdings of securities issued by another company, and the securities issued by the other company are cancelled, the issue shall be treated for the purposes of this section as an issue of securities in exchange for securities issued by the other company. In section 97(3) of that Act (bearer instruments excepted from charge on entry into clearance system), for paragraph (b) (one of the categories of instrument to which the exception does not apply) substitute— For the purpose of subsection (3)(b)— an instrument is regarded as raising new capital only if the condition in subsection (3B) is met, and an instrument is regarded as issued in exchange for an instrument raising new capital only if the conditions in subsection (3C) are met. The condition mentioned in subsection (3A)(a) is that the instrument— The conditions mentioned in subsection (3A)(b) are that— was regarded for the purposes of subsection (3)(b) as raising new capital or as issued in exchange for an instrument raising new capital, or and accordingly was or would have been within the exception conferred by subsection (3). For the purposes of subsections (3B) and (3C) “relevant securities” means chargeable securities which are either— For subsection (7) of that section substitute— Subsections (1) to (6) above apply in relation to any instrument issued on or after 9th March 1999, except one giving effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999. After section 95 of the Finance Act 1986 (depositary receipts: exceptions) insert— There shall be no charge to tax under section 93 above in respect of the transfer, issue or appropriation of chargeable securities (“the new securities”) issued by a company in place of existing securities of the same company (“the old securities”) if the following conditions are met. The first condition is that the old securities are held under a depositary receipt scheme. The second condition is that— there was a charge to tax under section 93 above in respect of the transfer, issue or appropriation— of the old securities, or of earlier securities in relation to which on a previous application of this section those securities were the new securities, or there would have been such a charge if that section had been in force; or there would have been such a charge but for section 95(2) or (3) above. The third condition is that there is an arrangement under which— the new securities are transferred, issued or appropriated as mentioned in section 93(1)(b), and the old securities are cancelled. For the purposes of subsection (2) above the cases in which securities are held under a depositary receipt scheme are those specified (in relation to shares) in section 95(5) above. The exception provided by this section applies only to the extent that the value of the new securities immediately after their issue does not exceed the value of the old securities immediately before the issue of the new securities. In section 99(10) of that Act (meaning of “chargeable securities”), after “95,” insert “ 95A, ”. After section 97 of that Act (clearance services: exceptions) insert— There shall be no charge to tax under section 96 above in respect of the transfer or issue of chargeable securities (“the new securities”) issued by a company in place of existing securities of the same company (“the old securities”) if the following conditions are met. The first condition is that the old securities are held under a clearance services scheme. there was a charge to tax under section 96 above in respect of the transfer or issue— there would have been such a charge but for section 97(3) or (4) above. the new securities are transferred or issued as mentioned in section 96(1)(b), and For the purposes of subsection (2) above the cases in which securities are held under a clearance services scheme are those specified (in relation to shares) in section 97(6) above. In section 99(10) of that Act (meaning of “chargeable securities”), after “97” insert “ , 97AA ”. This section applies in relation to securities issued on or after 1st May 1998. The Treasury may by regulations make provision excluding from the definition of “chargeable securities” in Part IV of the Finance Act 1986 such rights in or in relation to securities as, in accordance with the regulations, are to be treated as exempt UK depositary interests in foreign securities. Subject to subsection (3), the regulations may— define “depositary interest”, “UK depositary interest” and “foreign securities” for this purpose; and exempt such descriptions of UK depositary interests in foreign securities (as so defined) as may from time to time be specified in the regulations. The regulations shall not make provision for the exemption of a depositary interest unless the terms of issue of the interest are such that it can only be transferred in accordance with regulations under section 785 of the Companies Act 2006 (transfer of securities without written instrument) or by means of a transfer within section 186(1) of the Finance Act 1996 (transfer of securities to member of electronic transfer system). The regulations may contain such incidental, supplementary, consequential and transitional provision as appears to the Treasury to be appropriate. This may include provision modifying the enactments relating to stamp duty reserve tax for the purpose of giving effect to the exemption conferred by regulations under this section (or, where earlier regulations are varied or revoked, withdrawing an exemption formerly conferred). Regulations under this section may make different provision for different cases. Regulations under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons. Section 90 of the Finance Act 1986 (exceptions from the general charge to stamp duty reserve tax) is amended as follows. In subsection (3F)(c) (conditions of exception under subsection (3E)) for “securities which are not listed” substitute “ chargeable securities which are not listed ”. In subsection (5) for “by a person” substitute “ for the purposes of a business ”; and in subsection (6) for “A person is within this subsection if his business is exclusively” substitute “ A business is within this subsection if, or so far as, it consists of ”. Subsection (2) above applies to instruments issued on or after 9th March 1999. Subsection (3) above applies to agreements to transfer securities made on or after 9th March 1999. The following provisions have effect with respect to the power conferred on the Treasury by section 98(1) of the Finance Act 1986 (stamp duty reserve tax: regulations with respect to administration, etc.). That power includes power to make provision— applying the provisions of the Taxes Management Act 1970 relating to penalties and the payment of interest on overdue tax, and requiring information to be provided, or books, documents or other records to be made available for inspection, and imposing a penalty for failure to do so. That power includes, and shall be deemed always to have included, power to make provision requiring specified descriptions of persons to account for and pay tax, and any interest on it, on behalf of the person liable to pay it. The following provisions of this Act (which apply generally to instruments executed on or after 1st October 1999)— section 109 and Schedule 12 (interest and penalties on late stamping), section 110 (interest on duty overpaid, etc.), and section 112 and Schedules 13 and 14 (general amendment of charging provisions), do not apply to transfers or other instruments relating to units under a unit trust scheme. Subsection (1) does not affect the operation of those provisions in relation to stamp duty— on a conveyance or transfer on sale of property other than units under a unit trust scheme in relation to which such units form the whole or part of the consideration, or under Schedule 15 to this Act (bearer instruments). In subsections (1) and (2) “unit” and “unit trust scheme” have the same meaning as in Part VII of the Finance Act 1946 or Part III of the Finance (No.2) Act (Northern Ireland) 1946. Schedule 19 to this Act (stamp duty and stamp duty reserve tax: unit trusts) has effect. This subsection and that Schedule come into force on 6th February 2000. This Part— so far as it relates to stamp duty shall be construed as one with the Stamp Act 1891, and so far as it relates to stamp duty reserve tax shall be construed as one with Part IV of the Finance Act 1986. In this Part— “the enactments relating to stamp duty” means the Stamp Act 1891 and any enactment amending or which is to be construed as one with that Act; and “the enactments relating to stamp duty reserve tax” means Part IV of the Finance Act 1986 and any enactment amending or which is to be construed as one with that Part. The following provisions of this Part shall cease to have effect on the day appointed under section 111(1) of the Finance Act 1990 (abolition of stamp duty for securities etc.)— section 113; sections 116 to 121; subsections (1)(b) and (2)(b) of this section; in Schedule 13— paragraph 3, in paragraph 4 the words “in the case of any other conveyance or transfer on sale”, paragraph 7(1)(b)(ii) to (iv), paragraph 24(a)... and (d); in Schedule 14, paragraphs 5, 8, 12, 13, 16 to 21 and 23; Schedule 15; in Schedule 16, paragraphs 2 to 11; in Schedule 17, paragraphs 6 to 8; Parts I and III of Schedule 19; in Part IV of that Schedule, the words “and the enactments relating to stamp duty reserve tax” in paragraphs 14(1), 15, 16, 17(1) and 18(1). The amendment by this Part, or the repeal in consequence of this Part, of any enactment relating to stamp duty does not affect that enactment as applied for any purpose other than stamp duty. In section 42 of the Finance Act 1996 (amount of landfill tax), in subsections (1)(a) and (2), for “£7”, in each place where it occurs, there shall be substituted “ £10 ”. This section has effect in relation to taxable disposals made, or treated as made, on or after 1st April 1999. This section applies for the determination and recovery of the amount of any interest charged in accordance with Article 232 of the Community Customs Code (interest on duty not paid within the prescribed period) on arrears of customs duty payable to the Commissioners. Subject to subsection (3) below, the interest shall be charged on the amount in arrears at the rate applicable under section 197 of the Finance Act 1996 (power to fix rates of interest applicable in the case of indirect taxes) for the period which— begins with the latest time for payment of that amount; and ends with the day before that on which payment of that amount is actually made. Regulations made for the purposes of this section under section 197 of the Finance Act 1996 may provide that, where the amount of interest computed in any case in accordance with subsection (2) above is less than such minimum amount as may be specified in or determined in accordance with the regulations, the amount of interest charged in that case is (instead of being the amount so computed) to be taken to be equal to that minimum amount. Subsections (2) and (3) above have effect subject to Article 232(2) of the Community Customs Code (power to waive interest in certain cases). Any interest the amount of which falls to be determined in accordance with this section shall be recoverable by the Commissioners as if it were customs duty; but nothing in this subsection shall be taken to impose any liability to interest on an amount so determined. Interest on an amount of customs duty shall not be recoverable from any person at any time more than three years after the latest time for payment of that amount unless a written notice that arrears of customs duty attract interest was given to that person by the Commissioners at a time falling— at or after the time when that amount first became payable; and before the end of that three years. “the Commissioners” means the Commissioners of Customs and Excise; “the Community Customs Code” means Council Regulation (EEC) No. 2913/92 establishing the Community Customs Code; “customs duty” includes any agricultural levy of the European Union ; and “the latest time for payment”, in relation to an amount of customs duty, means the end of the period prescribed by the Community Customs Code for the payment of that amount. The preceding provisions of this section— shall have effect for periods beginning on or after such day as the Treasury may by order made by statutory instrument appoint; and shall so have effect in relation to interest running from before that day, as well as in relation to interest running from, or from after, that day; and different days may be appointed under this subsection for different purposes. Subject to the following provisions of this section, where the Commissioners are liable to repay an amount to any person in consequence of— the payment to them by way of customs duty of an amount that was not due from that person, or any requirement to repay an amount of customs duty in accordance with the Community Customs Code or Commission Regulation No. 2454/93, then, if and to the extent that they would not be liable to do so apart from this section, the Commissioners shall pay interest to him on that amount for the applicable period. The amounts that carry interest under subsection (1) above— include only so much of any amount mentioned in that subsection as is the subject of a claim that the Commissioners are required to satisfy or have satisfied; and do not include any amount of interest under this section. Subject to section 128 below, in relation to any amount that carries interest under subsection (1) above, the applicable period for the purposes of this section is the period which– begins with the thirty-first working day after the making of the claim for repayment of that amount; and ends with the date on which the Commissioners issue the repayment of that amount, and in paragraph (a) above “working day” means any day other than a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882 . The Commissioners shall not be liable to pay interest under this section except on the making of a claim for that purpose. A claim under this section must be in writing and must be made not more than three years after the end of the applicable period to which it relates. Any reference in this section to the issue by the Commissioners of any repayment of any amount includes a reference to the discharge by way of set-off of the Commissioners’ liability to repay that amount. Interest under this section shall be payable at the rate applicable under section 197 of the Finance Act 1996. In this section and section 128 below— “the Community Customs Code” means Council Regulation (EEC) No. 2913/92 establishing the Community Customs Code; and “customs duty” includes any agricultural levy of the European Union . The Commissioners may by order modify subsection (3) above so as to provide for interest under this section to begin to run from a time before the sixty-first day after the making of the claim for repayment. The power of the Commissioners to make an order under subsection (9) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons. This section has effect in relation only to a repayment the claim for which is made on or after such day as the Treasury may by order made by statutory instrument appoint; and different days may be appointed under this subsection for different purposes. In determining the applicable period for the purposes of section 127 above in the case of interest on the amount of any repayment there shall be left out of account any period by which the Commissioners’ issue of the repayment is delayed as a result of circumstances beyond their control. The reference in subsection (1) above to a period by which the Commissioners’ issue of a repayment is delayed as a result of circumstances beyond their control includes, in particular, any period which is referable to any one or more of the matters mentioned in subsections (3) to (5) below. The first of those matters is any unreasonable delay in the making of any claim for the repayment of the amount on which interest is claimed. The second of those matters is any failure by any person to provide the Commissioners— at or before the time of the making of any such claim, or subsequently in response to a request for information by the Commissioners, with all the information required by them to enable the existence and amount of the claimant’s entitlement to a repayment to be determined. The third of those matters is the making, as part of or in association with such a claim, of a claim to anything to which the person making the claim has no entitlement. In determining for the purposes of subsection (4) above whether any period of delay is referable to a failure by any person to provide information in response to a request by the Commissioners, there shall be taken to be so referable any period which— begins with the date on which the Commissioners request that person to provide information which they reasonably consider relevant to the matter to be determined; and ends with the earliest date on which it would be reasonable for the Commissioners to conclude— that they have received a complete answer to their request for information; that they have received all that they need in answer to that request; or that it is unnecessary for them to be provided with any information in answer to that request. the Commissioners have issued an amount to any person by way of— a payment of interest under section 127 above, or a repayment of customs duty or of interest on arrears of customs duty, that person was not entitled to that amount, and the Commissioners are entitled to recover it, the amount shall be recoverable by the Commissioners as if it were customs duty. An amount shall not be recoverable from any person in accordance with subsection (1) above at any time more than three years after the payment or repayment was issued unless a written notice that the amount is recoverable was given to that person by the Commissioners before the end of those three years. Any reference in this section to the issue by the Commissioners of any payment or repayment of any amount includes a reference to the discharge by way of set-off of the Commissioners’ liability to pay or, as the case may be, to repay that amount. Nothing in this section shall be taken to impose any liability to interest on an amount to which subsection (1) above applies. “the Commissioners” means the Commissioners of Customs and Excise; and This section shall have effect in relation to amounts issued on or after such day as the Treasury may by order made by statutory instrument appoint; and different days may be appointed under this subsection for different purposes. In section 14(1) of the Finance Act 1994 (reviewable and appealable decisions), for the “and” at the end of paragraph (c) there shall be substituted— any decision as to whether or not— an amount due in respect of customs duty or agricultural levy, or any repayment by the Commissioners of an amount paid by way of customs duty or agricultural levy, is to carry interest, or as to the rate at which, or period for which, any such amount is to carry interest; For sub-paragraph (k) of paragraph 1 of Schedule 5 to that Act (under which decisions as to interest under the Community Customs Code are reviewable and appealable) there shall be substituted the following sub-paragraph— any decision as to whether or not collection of interest on arrears of customs duty or agricultural levy is to be waived; In section 197(2) of the Finance Act 1996 (setting of rates of interest for indirect taxes), after paragraph (e) there shall be inserted the following paragraph— sections 126 and 127 of the Finance Act 1999 (interest on overdue customs duty and on repayments of amounts paid by way of customs duty). Subsections (1) and (2) above have effect in relation to decisions made on or after the day on which this Act is passed. The Commissioners of Inland Revenue and the Commissioners of Customs and Excise may incur expenditure in order to secure that, if the United Kingdom were to move to the third stage of economic and monetary union, they would be able to exercise their functions relating to taxes and duties (including agricultural levies of the European Union ). Regulations may be made, in accordance with this section, for facilitating the use of electronic communications for— the delivery of information the delivery of which is authorised or required by or under any legislation relating to a taxation matter; the making of payments under any such legislation. The power to make regulations under this section is conferred— on the Commissioners of Inland Revenue in relation to matters which are under their care and management; and on the Commissioners of Customs and Excise in relation to matters which are under their care and management. For the purposes of this section provision for facilitating the use of electronic communications includes any of the following— provision authorising persons to use electronic communications for the delivery of information to tax authorities, or for the making of payments to tax authorities; provision requiring electronic communications to be used for the making to tax authorities of payments due from persons using such communications for the delivery of information to those authorities; provision authorising tax authorities to use electronic communications for the delivery of information to other persons or for the making of any payments; provision as to the electronic form to be taken by any information that is delivered to any tax authorities using electronic communications; provision requiring persons to prepare and keep records of information delivered to tax authorities by means of electronic communications, and of payments made to any such authorities by any such means; provision for the production of the contents of records kept in accordance with any regulations under this section; provision imposing conditions that must be complied with in connection with any use of electronic communications for the delivery of information or the making of any payment; provision, in relation to cases where use is made of electronic communications, for treating information as not having been delivered, or a payment as not having been made, unless conditions imposed by any such regulations are satisfied; provision, in relation to such cases, for determining the time when information is delivered or a payment is made; provision, in relation to such cases, for determining the person by whom information is to be taken to have been delivered or by whom a payment is to be taken to have been made; provision, in relation to cases where information is delivered by means of electronic communications, for authenticating whatever is delivered. The power to make provision under this section for facilitating the use of electronic communications shall also include power to make such provision as the persons exercising the power think fit (including provision for the application of conclusive or other presumptions) as to the manner of proving for any purpose— whether any use of electronic communications is to be taken as having resulted in the delivery of information or the making of a payment; the time of delivery of any information for the delivery of which electronic communications have been used; the time of the making of any payment for the making of which electronic communications have been used; the person by whom information delivered by means of electronic communications was delivered; the contents of anything so delivered; the contents of any records; any other matter for which provision may be made by regulations under this section. Regulations under this section may— allow any authorisation , requirement or other provision (other than provision under subsection (6)(a) or (b)) for which such regulations may provide to be given , imposed or made by means of a specific or general direction given by the Commissioners of Inland Revenue or the Commissioners of Customs and Excise; provide that the conditions of any such authorisation or requirement are to be taken to be satisfied only where such tax authorities as may be determined under the regulations are satisfied as to specified matters; allow a person to refuse to accept delivery of information in an electronic form or by means of electronic communications except in such circumstances as may be specified in or determined under the regulations; allow or require use to be made of intermediaries in connection with— the delivery of information, or the making of payments, by means of electronic communications; or the authentication or security of anything transmitted by any such means. Power to make provision by regulations under this section shall include power— to provide for a contravention of, or any failure to comply with, a specified provision of any such regulations to attract a penalty of a specified amount not exceeding £1,000; to provide that specified enactments relating to penalties imposed for the purposes of any taxation matter (including enactments relating to assessments, review and appeal) are to apply, with or without modifications, in relation to penalties under such regulations; to make different provision for different cases; to make such incidental, supplemental, consequential and transitional provision in connection with any provision contained in any such regulations as the persons exercising the power think fit. 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. References in this section to the delivery of information include references to any of the following (however referred to)— the production or furnishing to a person of any information, account, record or document; the giving, making, issue or surrender to, or service on, any person of any notice, notification, statement, declaration, certificate or direction; the imposition on any person of any requirement or the issue to any person of any request; the making of any return, claim, election or application; the amendment or withdrawal of anything mentioned in paragraphs (a) to (d) above. References in this section to a taxation matter are references to any of the matters which are under the care and management of the Commissioners of Inland Revenue or of the Commissioners of Customs and Excise. “electronic communications” includes any communications by means of an electronic communications service ; “legislation” means any enactment, EU legislation or subordinate legislation; “payment” includes a repayment; “records” includes records in electronic form; “subordinate legislation” has the same meaning as in the Interpretation Act 1978; “tax authorities” means— the Commissioners of Inland Revenue or the Commissioners of Customs and Excise, any officer of either body of Commissioners; or any other person who for the purposes of electronic communications is acting under the authority of either body of Commissioners. Without prejudice to section 132 above, where any power to make subordinate legislation for or in connection with the delivery of information or the making of payments is conferred in relation to any taxation matter on— the Commissioners of Inland Revenue, the Commissioners of Customs and Excise, or the Treasury, that power shall be taken (to the extent that it would not otherwise be so taken) to include power to make any such provision in relation to the delivery of that information or the making of those payments as could be made by any person by regulations in exercise of a power conferred by that section. Provision made in exercise of the powers conferred by section 132 above or subsection (1) above shall have effect notwithstanding so much of any enactment or subordinate legislation as (apart from the provision so made) would require— any information to be delivered, or any amount to be paid, in a form or manner that would preclude the use of electronic communications for its delivery or payment, or the use in connection with its delivery or payment of an intermediary. Schedule 3A to the Taxes Management Act 1970 (electronic lodgment of tax returns etc.) shall cease to have effect. Subsection (3) above shall come into force on such day as the Treasury may by order made by statutory instrument appoint; and different days may be appointed under this subsection for different purposes. Expressions used in this section and section 132 above have the same meanings in this section as in that section. Schedule 5A to the National Loans Act 1968 (the Debt Management Account) shall be amended in accordance with subsections (2) to (6) below. In paragraph 1(2) (objects of the Treasury’s operation of the Debt Management Account), after paragraph (b) there shall be inserted— meeting any request to borrow money from the Treasury, made by the Bank of England; After paragraph 5 there shall be inserted— Where the Treasury raise money by virtue of paragraph 4 above, they shall exercise their powers under this Schedule so as to secure that the principal amount is repaid within the period of one year beginning with the day on which the money was raised. Nothing in sub-paragraph (1) above shall require the Treasury to repay any amount at any time when— they are unable to obtain a good discharge for the repayment or they consider that there is a material risk that they would be unable to do so; or it is impracticable to repay the amount. by virtue of sub-paragraph (2) above, an amount is not repaid within the period mentioned in sub-paragraph (1) above, and the case ceases to be one in relation to which sub-paragraph (2)(a) or (b) applies, the Treasury shall exercise their powers under this Schedule so as to secure that the amount is repaid as soon as is reasonably practicable. Any reference in this paragraph to the repayment of any amount includes a reference to the discharge by way of set-off of the Treasury’s liability to repay that amount. In paragraph 9(1) (payments from Debt Management Account into National Loans Fund in respect of securities or Treasury bills), after “Treasury bills” there shall be inserted “ (other than bills issued by virtue of paragraph 4 above) ”. In paragraph 13(1) (payment into Debt Management Account of sums in respect of payments of interest made from that Account), after “respect of” there shall be inserted “ (a) ” and after “the Account” there shall be inserted any discount on any Treasury bills issued by virtue of paragraph 4 above. In paragraph 13(3) (payment into National Loans Fund in respect of payments of interest received or earned by the Debt Management Account), after “respect of” there shall be inserted “ (a) ” and after “the Account” there shall be inserted any benefit accruing to the Account which, in the opinion of the Treasury, ought to be treated in the same way as such interest.

In section 18 of the National Savings Bank Act 1971 (securities in which ordinary deposits may be invested), in paragraph (a), for the words “or on the National” to the end there shall be substituted “ , on the National Loans Fund with recourse to the Consolidated Fund or on the Debt Management Account with recourse to the National Loans Fund and then to the Consolidated Fund, or ”. Subsection (6) above has effect in relation to any benefit accruing to the Debt Management Account on or after 1st April 1999. Where, at the close of business on any day, a sum stands to the credit of— the General Account of the Commissioners of Customs and Excise, or the General Account of the Commissioners of Inland Revenue, that sum may be lent to the National Loans Fund on that day. Subsection (1) above does not apply to any sum to the extent that it is required to be paid, on the day in question, in accordance with section 44 of the Commissioners for Revenue and Customs Act 2005 . A loan made by virtue of subsection (1) above shall be repaid before the close of business on the day after the loan is made or, where that day is not a business day, before the close of business on the next business day. Subject to subsection (3) above, a loan made by virtue of subsection (1) above shall be made in such circumstances, and on such terms and conditions, as the Treasury may from time to time direct. In this section “business day” means any day other than— a Saturday or Sunday; Good Friday or Christmas Day; a day which, in England and Wales, is a bank holiday under the Banking and Financial Dealings Act 1971; a day specified in an order under section 2(1) of that Act (days on which financial dealings are suspended) and declared by that order to be a non-business day for the purposes of this paragraph; or a day appointed by Royal proclamation as a public fast or thanksgiving day. The descriptions of stock and bonds specified in Part I of Schedule 11 to the Finance Act 1942 (description of Government stock and bonds to which the provisions of that Act regarding transfer and registration apply, and which by virtue of section 16(3) of the National Loans Act 1968 include descriptions of certain securities issued under that Act) do not include— any securities (of whatever series) of any of the descriptions specified in subsection (2) below issued before 20th July 1998, or any securities issued on or after 20th July 1998 under the auspices of the Director of Savings. The descriptions referred to in subsection (1) are— Defence Bonds; National Development Bonds; British Savings Bonds; National Savings Indexed Income Bonds; National Savings Income Bonds; National Savings Deposit Bonds; National Savings Capital Bonds; Children’s Bonus Bonds; National Savings FIRST Option Bonds; National Savings Pensioners Guaranteed Income Bonds. The modifications made by this section shall be deemed always to have had effect. The following shall be inserted after section 12(2) of the National Savings Bank Act 1971 (secrecy)— Subsection (1) above shall not prevent the disclosure, by a person authorised by the Director of Savings, of information to any person for a permitted purpose. A permitted purpose is a purpose connected with the provision of information about— the business of the National Savings Bank; any other means by which money is raised under the auspices of, by or through the Director of Savings. A person to whom information is disclosed in pursuance of subsection (2A) above shall not— use the information for a purpose other than a permitted purpose; disclose the information to any other person. In this Act “theTaxes Act 1988” means the Income and Corporation Taxes Act 1988. The enactments mentioned in Schedule 20 to this Act (which include provisions that are spent or of no practical utility) are hereby repealed to the extent specified in the third column of that Schedule. 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. This Act may be cited as the Finance Act 1999. Schedule 1 to the Vehicle Excise and Registration Act 1994 (annual rates of vehicle excise duty) shall be amended as follows. In sub-paragraph (2A)(b) of paragraph 6 (vehicles which are used for exceptional loads and satisfy the reduced pollution requirements), for “£4,670” there shall be substituted “ £4,170 ”. In sub-paragraph (3) of that paragraph (weight by reference to which vehicles classified as vehicles used for exceptional loads), for “38,000 kilograms” there shall be substituted “ 41,000 kilograms ”. For the Table in paragraph 9(1) (rigid goods vehicles not satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted— In paragraph 9A(3) (rigid goods vehicles satisfying reduced pollution requirements and with a revenue weight exceeding 44,000 kilograms), for “£4,670” there shall be substituted “ £4,170 ”. For the Table in paragraph 9B (rigid goods vehicles satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted— For the Table in paragraph 11(1) (tractive units not satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted— In paragraph 11A(3) (tractive units satisfying reduced pollution requirements and with a revenue weight exceeding 44,000 kilograms), for “£4,670” there shall be substituted “ £4,170 ”. For the Table in paragraph 11B (tractive units satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted— Subject to the following provisions of this paragraph, the preceding provisions of this Schedule apply in relation to licences taken out after 9th March 1999. Sub-paragraph (3) below applies where— a pre-commencement licence was taken out for a goods vehicle at a rate applicable to a vehicle with a revenue weight falling within a specified range of weights; and the revenue weight of the vehicle at any time on or after 17th April 1999 (though still within the specified range of weights mentioned in paragraph (a) above) is or has been one which, for the purposes of taking out a licence for that vehicle after 9th March 1999, would fall in a range of weights attracting a rate of duty higher than that attracted by the vehicle’s licensed weight. For the purposes of section 15 of the Vehicle Excise and Registration Act 1994 (vehicles becoming chargeable at a higher rate) any use of the vehicle on a public road at a time on or after 17th April 1999 when its revenue weight is or was within sub-paragraph (2)(b) above shall be treated as a use of the vehicle so as to subject it to a rate of duty higher than that at which the pre-commencement licence was taken out. Sub-paragraph (5) below applies where— a pre-commencement licence was taken out for a goods vehicle at a rate applicable to a vehicle with a revenue weight falling within a specified range of weights; the revenue weight of the vehicle is or has been increased at a time after 9th March 1999; and the revenue weight of the vehicle immediately after the increase (though still within the specified range of weights mentioned in paragraph (a) above) is or was one which, for the purposes of taking out a licence for that vehicle after 9th March 1999, would fall in a range of weights attracting a rate of duty higher than that attracted by the vehicle’s licensed weight. For the purposes of section 15 of the Vehicle Excise and Registration Act 1994 (vehicles becoming chargeable at a higher rate) any use of the vehicle on a public road after the increase in its revenue weight shall be treated (if it would not otherwise be so treated by virtue of sub-paragraph (3) above) as a use of the vehicle so as to subject it to a rate of duty higher than that at which the pre-commencement licence was taken out. In this paragraph— “licensed weight”, in relation to a vehicle, means the revenue weight of the vehicle at the time when the pre-commencement licence for that vehicle was taken out; and “pre-commencement licence” means a licence taken out on or before 9th March 1999 and in force after that date. Section 43 of the Value Added Tax Act 1994 (groups of companies) shall be amended as follows. In subsection (1), for the words “the following provisions of this section” there shall be substituted the words “ sections 43A to 43C ”. Subsections (3) to (8) shall cease to have effect. The following shall be inserted after section 43 of the Value Added Tax Act 1994— Two or more bodies corporate are eligible to be treated as members of a group if each is established or has a fixed establishment in the United Kingdom and— one of them controls each of the others, one person (whether a body corporate or an individual) controls all of them, or two or more individuals carrying on a business in partnership control all of them. For the purposes of this section a body corporate shall be taken to control another body corporate if it is empowered by statute to control that body’s activities or if it is that body’s holding company within the meaning of section 736 of the Companies Act 1985. For the purposes of this section an individual or individuals shall be taken to control a body corporate if he or they, were he or they a company, would be that body’s holding company within the meaning of that section. This section applies where an application is made to the Commissioners for two or more bodies corporate, which are eligible under section 43A(1), to be treated as members of a group. This section also applies where two or more bodies corporate are treated as members of a group and an application is made to the Commissioners— for another body corporate, which is eligible under section 43A(1) to be treated as a member of the group, to be treated as a member of the group, for a body corporate to cease to be treated as a member of the group, for a member to be substituted as the group’s representative member, or for the bodies corporate no longer to be treated as members of a group. An application with respect to any bodies corporate— must be made by one of them or by the person controlling them, and in the case of an application for the bodies to be treated as a group, must appoint one of them as the representative member. Where this section applies in relation to an application it shall, subject to subsection (6) below, be taken to be granted with effect from— the day on which the application is received by the Commissioners, or such earlier or later time as the Commissioners may allow. The Commissioners may refuse an application, within the period of 90 days starting with the day on which it was received by them, if it appears to them— in the case of an application such as is mentioned in subsection (1) above, that the bodies corporate are not eligible under section 43A(1) to be treated as members of a group, in the case of an application such as is mentioned in subsection (2)(a) above, that the body corporate is not eligible under section 43A(1) to be treated as a member of the group, or in any case, that refusal of the application is necessary for the protection of the revenue. If the Commissioners refuse an application it shall be taken never to have been granted. The Commissioners may, by notice given to a body corporate, terminate its treatment as a member of a group from a date— which is specified in the notice, and which is, or falls after, the date on which the notice is given. The Commissioners may give a notice under subsection (1) above only if it appears to them to be necessary for the protection of the revenue. a body is treated as a member of a group, and it appears to the Commissioners that the body is not, or is no longer, eligible under section 43A(1) to be treated as a member of the group, the Commissioners shall, by notice given to the body, terminate its treatment as a member of the group from a date specified in the notice. The date specified in a notice under subsection (3) above may be earlier than the date on which the notice is given but shall not be earlier than— the first date on which, in the opinion of the Commissioners, the body was not eligible to be treated as a member of the group, or the date on which, in the opinion of the Commissioners, the body ceased to be eligible to be treated as a member of the group. For section 83(k) of the Value Added Tax Act 1994 (appeals) there shall be substituted— the refusal of an application such as is mentioned in section 43B(1) or (2); the giving of a notice under section 43C(1) or (3); After section 84(4) of the Value Added Tax Act 1994 (appeals: supplementary) there shall be inserted— Where an appeal is brought against the refusal of an application such as is mentioned in section 43B(1) or (2) on the grounds stated in section 43B(5)(c)— the tribunal shall not allow the appeal unless it considers that the Commissioners could not reasonably have been satisfied that there were grounds for refusing the application, the refusal shall have effect pending the determination of the appeal, and if the appeal is allowed, the refusal shall be deemed not to have occurred. Where an appeal is brought against the giving of a notice under section 43C(1) or (3)— the notice shall have effect pending the determination of the appeal, and if the appeal is allowed, the notice shall be deemed never to have had effect. Where an appeal is brought against the giving of a notice under section 43C(1), the tribunal shall not allow the appeal unless it considers that the Commissioners could not reasonably have been satisfied that there were grounds for giving the notice. an appeal is brought against the giving of a notice under section 43C(3), and the grounds of appeal relate wholly or partly to the date specified in the notice, the tribunal shall not allow the appeal in respect of the date unless it considers that the Commissioners could not reasonably have been satisfied that it was appropriate. Schedule 9A to the Value Added Tax Act 1994 (groups: anti-avoidance) shall be amended as follows. At the end of paragraph 2 (which becomes sub-paragraph (1) of that paragraph) there shall be inserted— This paragraph shall not apply where the relevant event is the termination of a body corporate’s treatment as a member of a group by a notice under section 43C(1) or (3). In paragraph 3(8), for the words “under section 43” there shall be substituted “ such as is mentioned in section 43B ”. In paragraph 7(1), for the words “section 43” there shall be substituted “ sections 43 to 43C ”. “the old law” means sections 43, 83 and 84 of, and Schedule 9A to, the Value Added Tax Act 1994 as they have effect without the amendments in paragraphs 1 to 5 of this Schedule, and “the new law” means sections 43 to 43C, 83 and 84 of, and Schedule 9A to, that Act as they have effect by virtue of paragraphs 1 to 5 of this Schedule. Where, immediately before this Schedule comes into force, two or more bodies corporate are treated as members of a group by virtue of the old law— they shall continue to be treated as members of a group, and in their treatment as members of a group after this Schedule comes into force, they shall be treated as if any application under the old law by virtue of which they are treated as members of a group had been an equivalent application under the new law. Where an application under section 43 of the Value Added Tax Act 1994 is received by the Commissioners, and has neither taken effect nor been refused before the day on which this Act is passed, the old law shall apply to determine whether the application is to take effect; but where it is determined under this sub-paragraph that an application is to take effect— it shall be treated as if it were an equivalent application under the new law, and it shall be taken to have been granted under the new law at the time when it would have taken effect in accordance with the old law. In a case to which sub-paragraph (2) or (3) above applies, the power under section 43C(3) shall not be used to terminate the treatment of a body corporate as a member of a group— on the ground that the body corporate is not established, and does not have a fixed establishment, in the United Kingdom, and from a date before 1st January 2000. Where an application which purports to be an application under the old law is received by the Commissioners after the day on which this Act is passed— it shall be treated as if it were an application under the new law, and section 43B of the new law shall apply notwithstanding any provision in the application for a date from which it is to take effect. Section 353 of the Taxes Act 1988 (general provision for relief for interest payments) is amended as follows. In subsections (1A) and (1B), omit the words “354 or”. Section 367 of the Taxes Act 1988 (supplementary provisions) is amended as follows. In subsection (5), for “sections 356A to 357 and” substitute “ section ”. In section 369 of the Taxes Act 1988 (mortgage interest payable under deduction of tax), for subsection (1A) substitute— In subsection (1) above “the applicable percentage” means the percentage which is the basic rate for the year of assessment in which the payment has become or becomes due. Section 370 of the Taxes Act 1988 (meaning of “relevant loan interest”) is amended as follows. In subsection (1)— for “sections 372” substitute “ sections 373 ”; and In subsection (5), for the words from “sections” to “each” substitute “ section 365 shall ”. Section 373 of the Taxes Act 1988 (loans in excess of the qualifying maximum, and joint borrowers) is amended as follows. In subsection (6), for “sections 370 to 372” substitute “ section 370 ”. In section 375 of the Taxes Act 1988 (interest ceasing to be relevant loan interest, etc.), after subsection (8A) insert— Subsections (1), (5) and (6) above shall not apply where interest ceases to be relevant loan interest by virtue of section 38 of the Finance Act 1999. In section 378 of the Taxes Act 1988 (supplementary regulations)— in subsection (3), for “377”, wherever occurring, substitute “ 376A ”. In section 379 of the Taxes Act 1988 (interpretation of sections 369 to 378)— after the definition of “relevant loan interest” insert the following definition— “separated” means separated under an order of a court of competent jurisdiction or by deed of separation or in such circumstances that the separation is likely to be permanent. Section 488 of the Taxes Act 1988 (tax liability of co-operative housing associations) is amended as follows. Section 222 of the Taxation of Chargeable Gains Act 1992 (relief on disposal of private residence) is amended as follows. After subsection (8) insert— Subject to subsections (8B), (8C) and (9) below, for the purposes of subsection (8) above living accommodation is job-related for a person if— it is provided for him by reason of his employment, or for his spouse by reason of her employment, in any of the following cases— where it is necessary for the proper performance of the duties of the employment that the employee should reside in that accommodation; where the accommodation is provided for the better performance of the duties of the employment, and it is one of the kinds of employment in the case of which it is customary for employers to provide living accommodation for employees; where, there being a special threat to the employee’s security, special security arrangements are in force and the employee resides in the accommodation as part of those arrangements; under a contract entered into at arm’s length and requiring him or his spouse to carry on a particular trade, profession or vocation, he or his spouse is bound— to carry on that trade, profession or vocation on premises or other land provided by another person (whether under a tenancy or otherwise); and to live either on those premises or on other premises provided by that other person. If the living accommodation is provided by a company and the employee is a director of that or an associated company, subsection (8A)(a)(i) or (ii) above shall not apply unless— the company of which the employee is a director is one in which he or she has no material interest; and either— the employment is as a full-time working director, or the company is non-profit making, that is to say, it does not carry on a trade nor do its functions consist wholly or mainly in the holding of investments or other property, or the company is established for charitable purposes only. Subsection (8A)(b) above does not apply if the living accommodation concerned is in whole or in part provided by— a company in which the borrower or his spouse has a material interest; or any person or persons together with whom the borrower or his spouse carries on a trade or business in partnership. a company is an associated company of another if one of them has control of the other or both are under the control of the same person; and “employment”, “director”, “full-time working director”, “material interest” and “control”, in relation to a body corporate, have the same meanings as they have for the purposes of Chapter II of Part V of the Taxes Act. In subsection (9)— for “Section 356(3)(b) and (5) of the Taxes Act” substitute “ Subsections (8A)(b) and (8C) above ”; and for “within the meaning of that section” substitute “ for the purposes of that subsection ”. Paragraph 15 above has effect in relation to any claim for (or for part of) the year 2000-01 or any subsequent year of assessment. Paragraph 17 above has effect for the year 2000-01 and subsequent years of assessment. The other provisions of this Schedule have effect in relation to any payment of interest falling within subsection (3) or (4) of section 38 of this Act. and in the closing words for “Funds” (twice) substitute “ funds ”. Sub-paragraph (2) below applies if provision under the Scotland Act 1998 is made for the salary paid to members of the Scottish Parliament who are also members of the Scottish Executive to be lower than that of other members of the Scottish Parliament. In that case, sections 629 ... of the Taxes Act 1988 (under which part of the salary of the holder of certain offices is treated as remuneration as a member of the House of Commons) apply in relation to the salary of a member of the Scottish Executive who is also a member of the Scottish Parliament as they apply in relation to the salary of the holder of a qualifying office within the meaning of those sections who is also a member of the House of Commons, with such modifications as the Treasury may specify by order. In this paragraph references to a member of the Scottish Executive include a junior Scottish Minister. Schedule 5B to the Taxation of Chargeable Gains Act 1992 (relief in respect of re-investment under the enterprise investment scheme) is amended as follows. In paragraph 4(1) (amount of gain accruing on chargeable event), for paragraph (b) substitute— the amount of the gain shall be equal to so much of the deferred gain as is attributable to the shares in relation to which the chargeable event occurs. For paragraph 4(5)(a) (amount of gain where shares represented by other assets) substitute— so much of the deferred gain as is attributable to those shares shall be treated, in determining for the purposes of this paragraph the amount of the deferred gain to be treated as attributable to each of those assets, as apportioned in such manner as may be just and reasonable between those assets; and After paragraph 4(5) insert— In order to determine, for the purposes of this paragraph, the amount of the deferred gain attributable to any shares, a proportionate part of the amount of the gain shall be attributed to each of the relevant shares held, immediately before the occurrence of the chargeable event in question, by the investor or a person who has acquired any of the relevant shares from the investor on a disposal within marriage. In this paragraph “the deferred gain” means— the amount of the original gain against which expenditure has been set under this Schedule, less the amount of any gain treated as accruing under this paragraph previously as a result of a disposal of any of the relevant shares. In paragraph 19(1) (interpretation) omit the definition of “relevant shares”. After paragraph 19(1) insert— For the purposes of this Schedule, “the relevant shares”, in relation to a case to which this Schedule applies, means the shares which— are acquired by the investor in making the qualifying investment, and where the qualifying investment is made before the time at which the original gain accrues, are still held by the investor at that time. This is subject to sub-paragraphs (1B) and (1D) below. If any corresponding bonus shares in the same company are issued to the investor or any person who has acquired any of the relevant shares from the investor on a disposal within marriage, this Schedule shall apply as if references to the relevant shares were to all the shares comprising the relevant shares and the bonus shares so issued. In sub-paragraph (1B) above “corresponding bonus shares” means bonus shares which— are issued in respect of the relevant shares; and are of the same class, and carry the same rights, as those shares. If, in circumstances in which paragraph 8 above applies, new shares are issued in exchange for old shares, references in this Schedule to the relevant shares, so far as they relate to the old shares, shall be construed as references to the new shares and not to the old shares. In sub-paragraph (1D) above “new shares” and “old shares” have the same meaning as in paragraph 8 above. In consequence of paragraph 3 above— in paragraph 2 (postponement of original gain), in sub-paragraphs (1) and (4), for “relevant shares” substitute “ the relevant shares ”; in paragraph 2(2) and (3), for “any relevant shares” substitute “ the relevant shares ”; in paragraph 2(2)(b), for “those relevant shares” substitute “ the relevant shares ”; in paragraph 3 (chargeable events), in sub-paragraph (1) and paragraphs (a) and (b) of sub-paragraph (5), for “any relevant shares” substitute “ any of the relevant shares ”; in paragraph 4 (gain accruing on chargeable event), in sub-paragraphs (1) and (5), for “any relevant shares” substitute “ any of the relevant shares ”; in paragraph 4(5)(b), for “the same relevant shares” substitute “ the same shares ”; in paragraph 5(1) (person to whom gain accrues), for “any relevant shares” substitute “ any of the relevant shares ”; in paragraph 6(1) (deferral claims), for “relevant shares” substitute “ the relevant shares ”; in paragraph 16(1) and (2) (information about chargeable events), for “any relevant shares” substitute “ any of the relevant shares ”; and in paragraph 19(1) (interpretation), in the definition of “the five year period”, for “any relevant shares” substitute “ any of the relevant shares ”. In section 615(6)(b) of the Taxes Act 1988 (funds annuities from which are paid without deduction of tax to non-UK residents), after “purpose” there shall be inserted “ (subject to any enactment or Northern Ireland legislation requiring or allowing provision for the value of any rights to be transferred between schemes or between members of the same scheme) ”. Section 411A of the Taxes Act 1988 (group relief in substitution for loss relief) shall cease to have effect. For section 12 of the Stamp Act 1891 (assessment of duty by Commissioners) substitute— Subject to such regulations as the Commissioners may think fit to make, the Commissioners may be required by any person to adjudicate with reference to any executed instrument upon the questions— whether it is chargeable with duty; with what amount of duty it is chargeable; whether any penalty is payable under section 15B (penalty on late stamping); what penalty is in their opinion correct and appropriate. The Commissioners may require to be furnished with an abstract of the instrument and with such evidence as they may require as to the facts and circumstances relevant to those questions. The Commissioners shall give notice of their decision upon those questions to the person by whom the adjudication was required. If the Commissioners decide that the instrument is not chargeable with any duty, it may be stamped with a particular stamp denoting that it has been the subject of adjudication and is not chargeable with any duty. If the Commissioners decide that the instrument is chargeable with duty and assess the amount of duty chargeable, the instrument when stamped in accordance with their decision may be stamped with a particular stamp denoting that it has been the subject of adjudication and is duly stamped. Every instrument stamped in accordance with subsection (4) or (5) shall be admissible in evidence and available for all purposes notwithstanding any objection relating to duty. An instrument which has been the subject of adjudication by the Commissioners under section 12 shall not, if it is unstamped or insufficiently stamped, be stamped otherwise than in accordance with the Commissioners’ decision on the adjudication. If without reasonable excuse any such instrument is not duly stamped within 30 days after the date on which the Commissioners gave notice of their decision, or such longer period as the Commissioners may allow, the person by whom the adjudication was required is liable to a penalty not exceeding £300. A statutory declaration made for the purposes of section 12 shall not be used against the person making it in any proceedings whatever, except in an inquiry as to the duty with which the instrument to which it relates is chargeable or as to the penalty payable on stamping that instrument. Every person by whom any such declaration is made shall, on payment of the duty chargeable upon the instrument to which it relates, and any interest or penalty payable on stamping, be relieved from any penalty to which he may be liable by reason of the omission to state truly in the instrument any fact or circumstance required by this Act to be so stated. For section 13 of the Stamp Act 1891 (appeal against assessment of duty) substitute— A person who is dissatisfied with a decision of the Commissioners on an adjudication under section 12 may appeal against it. The appeal must be brought within 30 days of notice of the decision on the adjudication being given under section 12(3). An appeal may only be brought on payment of— duty and any penalty in conformity with the Commissioners’ decision, and any interest that in conformity with that decision would be payable on stamping the instrument on the day on which the appeal is brought. An appeal which relates only to the penalty payable on late stamping may be brought to the Special Commissioners in accordance with section 13A below. Any other appeal may be brought in accordance with section 13B below to the High Court of the part of the United Kingdom in which the case has arisen. The following provisions apply in relation to an appeal under section 13(4). Notice of appeal must be given in writing to the Commissioners, specifying the grounds of appeal. On the hearing of the appeal the Special Commissioners may allow the appellant to put forward a ground not specified in the notice of appeal, and take it into consideration, if satisfied that the omission was not wilful or unreasonable. The powers conferred by sections 46A(1)(c) and (2) to (4) and sections 56B to 56D of the Taxes Management Act 1970 (power of Lord Chancellor to make regulations as to jurisdiction, practice and procedure in relation to appeals) are exercisable in relation to appeals to which this section applies. On the appeal the Special Commissioners may— if it appears to them that no penalty should be paid, set the decision aside; if the amount determined appears to them to be appropriate, confirm the decision; if the amount determined appears to them to be excessive, reduce it to such other amount (including nil) as they consider appropriate; if the amount determined appears to them to be insufficient, increase it to such amount as they consider appropriate. Section 56A of the Taxes Management Act 1970 (general right of appeal on point of law) applies in relation to a decision of the Special Commissioners under this section. Without prejudice to that right of appeal, an appeal lies against the amount of a penalty determined by the Special Commissioners under this section, at the instance of the person liable to the penalty, to the High Court. On an appeal under subsection (7) the court has the same powers as are conferred on the Special Commissioners by subsection (5) above. The following provisions apply in relation to an appeal under section 13(5). The appellant may for the purposes of the appeal require the Commissioners to state and sign a case setting out the questions upon which they were required to adjudicate and their decision upon them. The Commissioners shall thereupon state and sign a case and deliver the same to the person by whom it is required, and the case may, within 30 days thereafter, be set down by him for hearing. On the appeal the court shall determine the questions submitted and may give such directions as it thinks fit with respect to the repayment of any duty or penalty paid in conformity with the Commissioners’ decision. Section 14 of the Stamp Act 1891 (terms upon which instruments not duly stamped may be received in evidence) is amended as follows. for the words from “if the instrument” to “it may” substitute “ the instrument may ”, and for “the penalty” substitute “ any interest or penalty ”. In subsection (2) for “the duty and penalty” (three times) substitute “ the duty and any interest or penalty ”. In subsection (3)— for “any duty or penalty” substitute “ any duty, interest or penalty ”, and for “the duty and penalty” substitute “ the duty, interest and penalty ”. In subsection (4) for “first executed” substitute “ executed ”. For section 240 of the Finance Act 1994 (time for presenting agreements for leases) substitute— This section applies if there are presented for stamping at the same time in pursuance of Schedule 13 to the Finance Act 1999— an agreement for a lease, and the lease which gives effect to the agreement, and the duty (if any) chargeable on the agreement is paid. Section 15A of that Act (interest payable on late stamping) applies in relation to the agreement as if the reference to the day on which the instrument was executed were to the day on which the lease was executed. For the purposes of section 15B of that Act (penalty on late stamping) the agreement is treated— as if it had been executed at the same time and place as the lease, and where the lease was executed outside the United Kingdom, as if it had been first received in the United Kingdom at the same time as the lease. For the purposes of this section a lease gives effect to an agreement if the lease is granted subsequent to the agreement and either is in conformity with the agreement or relates to substantially the same property and term as the agreement. References in this section to an agreement for a lease include missives of let in Scotland. A lease shall not be treated as duly stamped unless— it contains a certificate that there is no agreement to which it gives effect, or it is stamped with a stamp denoting— that there is an agreement to which it gives effect which is not chargeable with duty, or the duty paid on the agreement to which it gives effect. References in this section to a lease do not include, and references in this section to an agreement do include, missives of let in Scotland. Stamp duty is chargeable on a conveyance or transfer on sale. For this purpose “ transfer on sale ” includes every instrument, and every decree or order of a court or commissioners, by which any property, or any estate or interest in property, is, on being sold, transferred to or vested in the purchaser or another person on behalf of or at the direction of the purchaser. Sub-paragraph (1) is subject to sub-paragraphs (3A) to (6). Stamp duty is not chargeable under sub-paragraph (1) on a transfer of stock or marketable securities where— the amount or value of the consideration for the sale is £1,000 or under, and the instrument is certified at £1,000. Where a company acquires any shares in itself by virtue of section 690 of the Companies Act 2006 (power of company to purchase own shares) or otherwise, sub-paragraph (1) does not apply to any instrument by which the shares are transferred to the company. Where a company holds any shares in itself by virtue of section 724 of that Act (treasury shares) or otherwise, sub-paragraph (1) does not apply to any instrument to which sub-paragraph (6) applies. This sub-paragraph applies to any instrument for the sale or transfer of any of the shares by the company, other than an instrument which, in the absence of sub-paragraph (5), would be an instrument in relation to which— section 67(2) of the Finance Act 1986 (transfer to person whose business is issuing depositary receipts etc), or section 70(2) of that Act (transfer to person who provides clearance services etc), applied. Duty under this Part is chargeable by reference to the amount or value of the consideration for the sale. In the case of a conveyance or transfer of stock or marketable securities the rate is 0.5%. In the case of any other conveyance or transfer on sale the rates of duty are as follows— The above provisions are subject to any enactment setting a different rate or setting an upper limit on the amount of duty chargeable. The references in paragraphs 1(3A) and 4 above to an instrument being certified at a particular amount mean that it contains a statement that the transaction effected by the instrument does not form part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value, of the consideration exceeds that amount. For this purpose a sale or contract or agreement for the sale of goods, wares or merchandise shall be disregarded— in the case of an instrument which is not an actual conveyance or transfer of the goods, wares or merchandise (with or without other property); in the case of an instrument treated as such a conveyance or transfer only by virtue of paragraph 7 (contracts or agreements chargeable as conveyances on sale); and any statement as mentioned in sub-paragraph (1) shall be construed as leaving out of account any matter which is to be so disregarded. A contract or agreement for the sale of— any equitable estate or interest in property, or any estate or interest in property except— land, goods, wares or merchandise, stock or marketable securities, any ship or vessel, or a part interest, share or property of or in any ship or vessel, or property of any description situated outside the United Kingdom, is chargeable with the samead valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate, interest or property contracted or agreed to be sold. Where the purchaser has paidad valorem duty and before having obtained a conveyance or transfer of the property enters into a contract or agreement for the sale of the same, the contract or agreement is chargeable, if the consideration for that sale is in excess of the consideration for the original sale, with thead valorem duty payable in respect of the excess consideration but is not otherwise chargeable. Where duty has been paid in conformity with sub-paragraphs (1) and (2), the conveyance or transfer to the purchaser or sub-purchaser, or any other person on his behalf or by his direction, is not chargeable with any duty. In that case, upon application and upon production of the contract or agreement (or contracts or agreements) duly stamped, the Commissioners shall either— denote the payment of thead valorem duty upon the conveyance or transfer, or transfer thead valorem duty to the conveyance or transfer. Where a contract or agreement would apart from paragraph 7 not be chargeable with any duty and a conveyance or transfer made in conformity with the contract or agreement is presented to the Commissioners for stamping with the ad valorem duty chargeable on it— within the period of six months after the execution of the contract or agreement, or within such longer period as the Commissioners may think reasonable in the circumstances of the case, the conveyance or transfer shall be stamped accordingly, and both it and the contract or agreement shall be deemed to be duly stamped. Nothing in this paragraph affects the provisions as to the stamping of a conveyance or transfer after execution. The ad valorem duty paid upon a contract or agreement by virtue of paragraph 7 shall be repaid by the Commissioners if the contract or agreement is afterwards rescinded or annulled or is for any other reason not substantially performed or carried into effect so as to operate as or be followed by a conveyance or transfer. Stamp duty is chargeable on a lease. In the case of a lease for a definite term less than a year the duty is as follows— In the case of a lease of land for any other definite term, or for an indefinite term, the duty is determined as follows. If the consideration or part of the consideration moving to the lessor or to any other person consists of any money, stock, security or other property, the duty in respect of that consideration is the same as that on a conveyance on a sale for the same consideration. But if— part of the consideration is rent, and that rent exceeds £600 a year, the duty is calculated as if paragraph 1 of the Table in paragraph 4 of this Schedule were omitted. If the consideration or part of the consideration is rent, the duty in respect of that consideration is determined by reference to the rate or average rate of the rent (whether reserved as a yearly rent or not), as follows. Term not more than 7 years or indefinite— (a) if the rent is £5000 or less (b) if the rent is more than £5000 Nil 1% Stamp duty of £5 is chargeable on a lease not within paragraph 11 or 12 above. An agreement for a lease is chargeable with the same duty as if it were an actual lease made for the term and consideration mentioned in the agreement. Where duty has been duly paid on an agreement for a lease and subsequent to that agreement a lease is granted which either— is in conformity with the agreement, or relates to substantially the same property and term as the agreement, the duty which would otherwise be charged on the lease is reduced by the amount of the duty paid on the agreement. Sub-paragraph (1) does not apply to missives of let in Scotland that constitute an actual lease. Subject to that, references in this paragraph to an agreement for a lease include missives of let in Scotland. For the purposes of this Part a lease granted for a fixed term and thereafter until determined is treated as a lease for a definite term equal to the fixed term together with such further period as must elapse before the earliest date at which the lease can be determined. Paragraph 14 (agreement for a lease charged as a lease) shall be construed accordingly. The following are chargeable with duty as a conveyance on sale— a disposition of heritable property in Scotland to singular successors or purchasers; a disposition of heritable property in Scotland to a purchaser containing a clause declaring all or any part of the purchase money a real burden upon, or affecting, the heritable property thereby disponed, or any part of it; The duplicate or counterpart of an instrument chargeable with duty is not duly stamped unless— it is stamped as an original instrument, or it appears by some stamp ... on it that the full and proper duty has been paid on the original instrument of which it is the duplicate or counterpart. Sub-paragraph (2) does not apply to the counterpart of an instrument chargeable as a lease, if that counterpart is not executed by or on behalf of any lessor or grantor. An instrument (not itself a lease)— by which it is agreed that the rent reserved by a lease should be increased, or which confirms or records any such agreement made otherwise than in writing, is chargeable with the same duty as if it were a lease in consideration of the additional rent made payable by it. Sub-paragraph (1) does not apply to an instrument giving effect to provision in the lease for periodic review of the rent reserved by it. Where on the partition or division of an estate or interest in land consideration exceeding £100 in amount or value is paid or given, or agreed to be paid or given, for equality, the principal or only instrument by which the partition or division is effected is chargeable with the same ad valorem duty as a conveyance on sale for the consideration, and with that duty only. Where there are several instruments for completing the title of either party, the principal instrument is to be ascertained, and the other instruments shall be charged with duty, as provided by sections 58(3) and 61 of the Stamp Act 1891 in the case of several instruments of conveyance. The following are exempt from stamp duty under this Schedule— transfers of shares in the government or parliamentary stocks or funds or strips (within the meaning of section 47 of the Finance Act 1942) of such stocks or funds; testaments, testamentary instruments and dispositionsmortis causa in Scotland; renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue. Stamp duty is not chargeable under this Schedule on any description of instrument in respect of which duty was abolished by— section 64 of the Finance Act 1971 or section 5 of the Finance Act (Northern Ireland) 1971 (abolition of duty on mortgages, bonds, debentures etc.), or section 173 of the Finance Act 1989 (life insurance policies and superannuation annuities). Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule ... — on the transfer of stock, marketable securities or an interest in a partnership to a depositary under a co-ownership contractual scheme, to be held as part of the property subject to the scheme, in exchange for the issue of units in the scheme (and for no other consideration); in relation to a co-ownership contractual umbrella scheme, on transfers between sub-schemes; on the transfer of units in a co-ownership contractual scheme. In sub-paragraph (1) and this sub-paragraph— “authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000; “co-ownership contractual scheme” means— an authorised contractual scheme, or a Reserved Investor Fund (Contractual Scheme); “co-ownership contractual umbrella scheme” means a co-ownership contractual scheme— which provides arrangements for separate pooling of the contributions of participants and of the profits or income out of which payments are to be made to them, and under which the participants are entitled to exchange rights in one pool for rights in another; “depositary” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000; “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024; “sub-scheme”, in relation to a contractual umbrella scheme, means such of the arrangements as relate to a separate pool; “units” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000.

This paragraph shall not apply where the transfer forms part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of stamp duty or stamp duty reserve tax. Nothing in this Schedule affects any other enactment conferring exemption or relief from stamp duty. Any reference (express or implied) in any enactment, instrument or other document to any of the headings in Schedule 1 to the Stamp Act 1891 (other than the heading “Bearer Instrument”) shall be construed, so far as is required for continuing its effect, as being or, as the case may require, including a reference to the corresponding provision of Schedule 13 to this Act. Sub-paragraph (1)— has effect subject to any express amendment made by this Act, and is without prejudice to the general application of section 17(2) of the Interpretation Act 1978 (general effect of repeal and re-enactment). In the enactments relating to stamp duty for “lease or tack”, wherever occurring, substitute “ lease ”. In section 42(1) of the Finance Act 1930 (relief from transfer duty in case of transfer between associated companies) for “the heading “Conveyance or Transfer on Sale” in the First Schedule to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In section 11(1) of the Finance Act (Northern Ireland) 1954 (relief from transfer duty in case of transfer between associated companies) for “the heading “Conveyance or Transfer on sale” in the First Schedule to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In section 33(1) of the Finance Act 1970 (composition by stock exchange in respect of transfer duty), for the words from “the heading” to “1891” substitute “ Part I or paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) ”. In section 129(1) of the Finance Act 1982 (exemption from duty on grants, transfers to charities, etc.) for the words from “by virtue of any of the following headings” to “ “Lease or Tack”,” substitute “ under Part I or II, or paragraph 16, of Schedule 13 to the Finance Act 1999 ”. Section 81 of the Finance Act 1985 (renounceable letters of allotment, etc.) is amended as follows. For subsection (2) substitute— The instrument shall not be exempt by virtue of paragraph 24(d) of Schedule 13 to the Finance Act 1999 (renounceable letters of allotment, etc.) from stamp duty under or by reference to Part I of that Schedule (conveyance or transfer on sale). In subsection (3) for the words from “section 126(1)” to “126(2) or (3)” substitute “ section 79(4) of the Finance Act 1986 does not apply by virtue of section 79(5) or (6) ”. In section 83 of the Finance Act 1985 (duty on transfers in connection with divorce etc.)— in subsection (1) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”; In section 84 of the Finance Act 1985 (duty on instruments varying dispositions on death etc.)— Section 67 of the Finance Act 1986 (depositary receipts) is amended as follows. For subsections (2) and (3) substitute— If stamp duty is chargeable on the instrument under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale), the rate at which that duty is chargeable is 1.5% of the amount or value of the consideration for the sale to which the instrument gives effect. If stamp duty is chargeable on the instrument under paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer otherwise than on sale), then, subject to subsection (5), the rate at which that duty is chargeable is 1.5% of the value of the securities at the date the instrument is executed. Section 70 of the Finance Act 1986 (clearance services) is amended as follows. In section 75(2) of the Finance Act 1986 (acquisitions: further provisions about reliefs) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In section 77(1) of the Finance Act 1986 (acquisition of target company’s share capital) for “the heading ’Conveyance or Transfer on Sale’ in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In section 79 of the Finance Act 1986 (loan capital: new provisions), for subsection (8) substitute— Where stamp duty is chargeable under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) on an instrument which transfers loan capital, the rate at which duty is charged under that Part shall be 0.5% of the amount or value of the consideration for the sale to which the instrument gives effect. In section 80B(7) of the Finance Act 1986 (intermediaries: power of Treasury to specify rate of duty), for “10p for every £100 or part of £100” substitute “ 0.1% ”. In section 80C(8) of the Finance Act 1986 (repos and stock lending: power of Treasury to specify rate of duty), for “10p for every £100 or part of £100” substitute “ 0.1% ”. Section 88 of the Finance Act 1986 (stamp duty reserve tax: special cases) is amended as follows. In subsection (1) for paragraphs (aa) and (ab) substitute— paragraph 24(d) of Schedule 13 to the Finance Act 1999 (renounceable letters of allotment etc.), In subsection (1A)(b) for “50p” substitute “ £5 ”. In section 50(1) of the Finance Act 1987 (warrants to purchase government stock etc.), for the words from “either of the following headings” to the end substitute “ Part I, or paragraph 16, of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) ”. In section 55(1) of the Finance Act 1987 (Crown exemption), for the words from “by virtue of any of the following headings” to “ “Lease or Tack”,” substitute “ under Part I or II, or paragraph 16, of Schedule 13 to the Finance Act 1999 ”. In section 175(1) of the Finance Act 1989 (stock exchange nominees: power to exclude double charge), in paragraph (a) (circumstances in which power exercisable) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In section 61(3) of the National Health Service and Community Care Act 1990 for the words from “by virtue of any of the following headings” to “ “Lease or Tack”,” substitute “ under Part I or II, or paragraph 16, of Schedule 13 to the Finance Act 1999 ”. In section 110 of the Finance Act 1991 (stamp duty to be abolished in certain cases), for subsections (1) to (4) substitute— Where apart from this section stamp duty under any of the provisions of Schedule 13 to the Finance Act 1999 would be chargeable on an instrument, stamp duty shall not be so chargeable if the property consists entirely of exempt property. In section 111(1) of the Finance Act 1991 (stamp duty to be reduced in certain cases) for “the heading “conveyance or transfer on sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In section 113 of the Finance Act 1991 (certification of instruments for stamp duty purposes), for subsections (1) to (3) substitute— For the purposes of paragraph 6(1) of Schedule 13 to the Finance Act 1999 (meaning of instrument being certified at an amount)— a sale or contract or agreement for the sale of exempt property within the meaning of section 110 above shall be disregarded; and any statement as mentioned in that provision shall be construed as leaving out of account any matter which is to be so disregarded. Section 202 of the Finance Act 1993 (rent to mortgage: England and Wales) is amended as follows. In subsection (2) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In subsection (4)(a)— for “the heading ’Lease or Tack’ in Schedule 1 to the Stamp Act 1891” substitute “ Part II of Schedule 13 to the Finance Act 1999 (lease) ”; and for “the heading ’Conveyance or Transfer on Sale’ in that Schedule” substitute “ Part I of that Schedule (conveyance or transfer on sale) ”. In subsection (4)(b) for “the heading ’Conveyance or Transfer on Sale’” substitute “ Part I of that Schedule ”. In section 203(2) of the Finance Act 1993 (rent to loan: Scotland), for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In section 241(1) of the Finance Act 1994 (consideration consisting of property)— in paragraph (a) for “lease or tack” substitute “ lease ”; in paragraph (b) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. Section 242 of the Finance Act 1994 (consideration not ascertainable from conveyance or lease) is amended as follows. In subsections (1) (twice), (2) and (3) (twice) for “lease or tack” substitute “ lease ”. In the opening words of subsection (1) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”. In subsection (2) for “paragraph (3) of the heading “Lease or Tack” in Schedule 1 to that Act” substitute “ paragraph 12 of Schedule 13 to the Finance Act 1999 ”. In section 243 of the Finance Act 1994 (agreements to surrender leases) for “any duty chargeable under the Stamp Act 1891” substitute “ stamp duty ”. In section 151 of the Finance Act 1995 (lease or tack: associated bodies)— in subsection (1) for “the heading “Lease or Tack” in Schedule 1 to the Stamp Act 1891” substitute “ Part II of Schedule 13 to the Finance Act 1999 (lease) ”; in subsections (1) (twice), (2), (3) and (6) (four times) for “lease or tack” substitute “ lease ”. Stamp duty is chargeable on the transfer in the United Kingdom of the stock constituted by or transferable by means of a bearer instrument if ...— duty would be chargeable under Part I of Schedule 13 (conveyance or transfer on sale) if the transfer were effected by an instrument other than a bearer instrument, or the stock constituted by or transferable by means of a bearer instrument consists of units under a unit trust scheme. In this Schedule “bearer instrument” means— a marketable security transferable by delivery; a share warrant or stock certificate to bearer or instrument to bearer (by whatever name called) having the like effect as such a warrant or certificate; a deposit certificate to bearer; any other instrument to bearer by means of which stock can be transferred; or an instrument issued by a non-UK company that is a bearer instrument by usage. The duty chargeable under this Schedule is 1.5% of the market value of the stock constituted by or transferable by means of the instrument, unless paragraph 5 ... applies. In the case of— a deposit certificate in respect of stock of a single non-UK company, or an instrument issued by a non-UK company that is a bearer instrument by usage (and is not otherwise within the definition of “bearer instrument” in paragraph 3), the duty is 0.2% of the market value of the stock constituted by or transferable by means of the instrument. For the purposes of duty under paragraph 2 (charge on transfer of stock by means of instrument) the market value of the stock constituted by or transferable by means of the instrument is ascertained as follows. In the case of a transfer pursuant to a contract of sale, the market value shall be taken to be the value of the stock on the date when the contract is made. In any other case, the market value shall be taken to be the value of the stock on the day preceding that on which the instrument is presented to the Commissioners for stamping, or, if it is not so presented, on the date of the transfer. In this Schedule a “deposit certificate” means an instrument acknowledging the deposit of stock and entitling the bearer to rights (whether expressed as units or otherwise) in or in relation to the stock deposited or equivalent stock. In this Schedule a “bearer instrument by usage” means an instrument — which is used for the purpose of transferring the right to stock, and delivery of which is treated by usage as sufficient for the purposes of a sale on the market, whether that delivery constitutes a legal transfer or not. A bearer instrument by usage is treated— as transferring the stock on delivery of the instrument, and as issued by the person by whom or on whose behalf it was first issued, whether or not it was then capable of being used for transferring the right to the stock without execution by the holder. In this Schedule— “company” includes any body of persons, corporate or unincorporate; “UK company” means— a company that is formed or established in the United Kingdom (other than an SE which has its registered office outside the United Kingdom following a transfer in accordance with Article 8 of Council Regulation (EC) 2157/2001 on the Statute for a European Company (Societas Europaea)), or a UK Societas; “non-UK company” means a company that is not a UK company. In this Schedule “stock” includes securities. References in this Schedule to stock include any interest in, or in any fraction of, stock or in any dividends or other rights arising out of stock and any right to an allotment of or to subscribe for stock. In this Schedule “transfer” includes negotiation, and “transferable”, “transferred” and “transferring” shall be construed accordingly. Stamp duty is not chargeable on a substitute instrument. A substitute instrument is a bearer instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or otherwise) (“the original instrument”). The substitute instrument shall not be treated as duly stamped unless it appears by some stamp ... on it that the full and proper duty has been paid on the original instrument. Stamp duty is not chargeable on a bearer instrument issued outside the United Kingdom in respect of a loan which is expressed in a currency other than sterling and which is not— offered for subscription in the United Kingdom, or offered for subscription with a view to an offer for sale in the United Kingdom of securities in respect of the loan. Stamp duty is not chargeable under this Schedule on an instrument constituting, or used for transferring, stock (other than units in a unit trust) that is exempt from all stamp duties on transfer. Stamp duty is not chargeable under this Schedule on renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue. Stamp duty is not chargeable under this Schedule on ... an instrument which relates to stock expressed— in a currency other than sterling, or in units of account defined by reference to more than one currency (whether or not including sterling). ... Where the stock to which the instrument relates consists of a loan for the repayment of which there is an option between sterling and one or more other currencies, sub-paragraph (1) applies if the option is exercisable only by the holder of the stock and does not apply in any other case. Where the capital stock of a company is not expressed in terms of any currency, it shall be treated for the purposes of paragraph 17 as expressed in the currency of the territory under the law of which the company is formed or established. A unit under a unit trust scheme or a share in a foreign mutual fund shall be treated for the purposes of paragraph 17 as capital stock of a company formed or established in the territory by the law of which the scheme or fund is governed. A “foreign mutual fund” means a fund administered under arrangements governed by the law of a territory outside the United Kingdom under which subscribers to the fund are entitled to participate in, or receive payments by reference to, profits or income arising to the fund from the acquisition, holding, management or disposal of investments. In relation to a foreign mutual fund “share” means the right of a subscriber, or of another in his right, to participate in or receive payments by reference to profits or income so arising. Where a bearer instrument issued by or on behalf of a non-UK company in respect of a loan expressed in sterling— has been stampedad valorem, or has been stamped in accordance with paragraph 12A, or has been stamped with the denoting stamp referred to in paragraph 21(2)(b) below, duty is not chargeable under this Schedule by reason only that the instrument is amended on its face pursuant to an agreement for the variation of any of its original terms or conditions. This paragraph applies where duty is chargeable under paragraph 2 of this Schedule. Where the instrument is presented to the Commissioners for stamping— the person presenting it, and the owner of the instrument, shall furnish to the Commissioners such particulars in writing as the Commissioners may require for determining the amount of duty chargeable. If the instrument is not duly stamped each person who in the United Kingdom— transfers any stock by or by means of the instrument, or is concerned as broker or agent in any such transfer, is liable to a penalty not exceeding the aggregate of £300 and the amount of duty chargeable. Those persons are also jointly and severally liable to pay to Her Majesty— the duty chargeable, and interest on the unpaid duty from the date of the transfer in question until the duty is paid. The following provisions apply to interest under paragraph 22(2) or 23(4). Interest is payable at the rate prescribed under section 178 of the Finance Act 1989 for the purposes of section 15A of the Stamp Act 1891 (interest on late stamping). No interest is payable if the amount is less than £25. The interest shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes. A person who in furnishing particulars under this Part of this Schedule wilfully or negligently furnishes particulars that are false in any material respect is liable to a penalty not exceeding the aggregate of £300 and twice the amount by which the stamp duty chargeable exceeds that paid. An instrument in respect of which duty is chargeable under paragraph 2 of this Schedule which— has been stampedad valorem, ... shall be treated as duly stamped for all purposes other than paragraph 25. Any reference (express or implied) in any enactment, instrument or other document to the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 shall be construed, so far as is required for continuing its effect, as being or, as the case may require, including a reference to Schedule 15 to this Act. In section 67 of the Finance Act 1963 (prohibition of circulation of blank transfers) for subsection (4) substitute— “stock” includes securities; references to stock include any interest in, or in any fraction of, stock or in any dividends or other rights arising out of stock and any right to an allotment of or to subscribe for stock; and “transfer” includes any instrument used for transferring stock. Nothing in this section applies to— an instrument which is chargeable with duty at the rate specified in paragraph 5 of Schedule 15 to the Finance Act 1999 (certain bearer instruments issued by or on behalf of non-UK companies) and is duly stamped, or In section 131(3) of the Finance Act 1976 (exemption for instruments issued by Inter-American Development Bank) for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”. In section 126(3)(c) and (5) of the Finance Act 1984 (exemption for bearer instruments issued by designated international organisations) for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”. In section 79(2) of the Finance Act 1986 (exemption for instruments relating to loan capital), for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”. Section 90 of the Finance Act 1986 (exceptions from general charge to stamp duty reserve tax) is amended as follows. In subsection (3) for paragraph (a) substitute— a non-UK bearer instrument; In subsection (3A) for “an inland bearer instrument within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ a UK bearer instrument ”. In subsection (3B) for “exemption 3 in the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc.) ”. In subsection (3C) for paragraph (b) substitute— stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument by virtue only of the exemption conferred by paragraph 17 of that Schedule (non-sterling bearer instruments); and In subsection (3E) for paragraph (b) substitute— stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument— by virtue only of the exemption conferred by section 79(2) above (bearer instruments relating to loan capital), or by virtue only of that provision and paragraph 17 of that Schedule (non-sterling bearer instruments); In section 95 of the Finance Act 1986 (exceptions from charge to stamp duty reserve tax on entry into depositary receipt system), for subsection (2) substitute— There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of a UK bearer instrument, except in the case of— an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which— There shall be no charge to tax under section 93 of that Act by virtue of paragraph (b) of subsection (2) of section 95 as substituted by sub-paragraph (1) above in the case of an instrument which gives effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999. In section 97 of the Finance Act 1986 (exceptions from charge to stamp duty reserve tax on entry into clearance system), for subsection (3) substitute— There shall be no charge to tax under section 96 above in respect of a transfer or issue of a UK bearer instrument, except in the case of— There shall be no charge to tax under section 96 of that Act by virtue of paragraph (b) of subsection (3) of section 97 as substituted by sub-paragraph (1) above in the case of an instrument which gives effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999. In section 99 of the Finance Act 1986 (interpretation of Part IV), after subsection (1) insert— “Bearer instrument” has the same meaning as in Schedule 15 to the Finance Act 1999. An instrument is a “UK bearer instrument” or “non-UK bearer instrument” according to whether it is issued by or on behalf of a UK company or a non-UK company within the meaning of that Schedule. Section 50 of the Finance Act 1987 (warrants to purchase government stock etc.: exempt securities) is amended as follows. In subsection (2) for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”. In subsection (3)(b) for the words from “by virtue of section 30” to “1891” substitute “ exempt from stamp duty under paragraph 1 of Schedule 15 to the Finance Act 1999 (issue of bearer instrument) by virtue of paragraph 17 of that Schedule (certain non-sterling instruments) ”. In subsection (3)(c) for the words from “by virtue of section 30” to “that heading” substitute “ exempt from stamp duty under that Schedule by virtue of paragraph 17 of that Schedule or section 79(2) of the Finance Act 1986 ”. Section 143 of the Finance Act 1988 (paired shares) is amended as follows. In relation to an instrument to which this subsection applies, no duty is chargeable under paragraph 1 of Schedule 15 to the Finance Act 1999 (bearer instruments: charge on issue); but this does not affect the other requirements of that Schedule. In subsection (3) for “This subsection applies” substitute “ Subsection (2) above applies ”. For subsection (4) substitute— In relation to an instrument to which this subsection applies— the foreign company shall be treated for the purposes of Schedule 15 to the Finance Act 1999 (stamp duty on bearer instruments) as a UK company, and paragraph 17 of that Schedule (exemption for non-sterling instruments) shall not apply. In subsection (5) for “This subsection applies” substitute “ Subsection (4) above applies ”. For section 107 of the Finance Act 1990 (bearers: abolition of stamp duty) substitute— Stamp duty shall not be chargeable under Schedule 15 to the Finance Act 1999 (bearer instruments). Subsection (1) above applies in relation to the charge under paragraph 1 of that Schedule (charge on issue) where the instrument is issued on or after the abolition day. Subsection (1) above applies in relation to the charge under paragraph 2 of that Schedule (charge on transfer of stock) where the stock constituted by or transferable by means of the instrument is transferred on or after the abolition day. The amendments in this Part of this Schedule— replace administrative fines by penalties; amend provisions imposing a fine or penalty of a specified amount so as to impose a penalty not exceeding a specified amount; increase or modernise in certain cases the maximum penalty. The Stamp Duties Management Act 1891 is amended as follows. In section 12A (lost or spoiled instruments), in subsection (2)(b) for “, fine or penalty” (twice) substitute “ or penalty ”. In section 21 (penalty for frauds in relation to duties), for “a fine of fifty pounds” substitute “ a penalty not exceeding £3,000 ”. The Stamp Act 1891 is amended as follows. In section 5 (failure to set out in instrument facts and circumstances affecting duty), for “a fine of ten pounds” substitute “ a penalty not exceeding £3,000 ”. In section 9(1) (penalty for frauds in relation to instrument bearing adhesive stamp), for the words from “he shall” to the end substitute “ he is liable to a penalty not exceeding £3,000 ”. In section 16 (rolls, books, etc. to be open to inspection), for “a fine of ten pounds” substitute “ a penalty not exceeding £300 ”. In section 17 (penalty for enrolling, etc. instrument not duly stamped), for “a fine of ten pounds” substitute “ a penalty not exceeding £300 ”. In section 83 (penalty on issuing etc. foreign etc. security not duly stamped), for “a fine of twenty pounds” substitute “ a penalty not exceeding £300 ”. In section 67(1) of the Finance Act 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “£50” substitute “ £300 ”. In section 16(1) of the Finance Act (Northern Ireland) 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “fifty pounds” substitute “ £300 ”. In section 68(4) and (5) and section 71(4) and (5) of the Finance Act 1986 (depositary receipts and clearance services: failure to comply with requirements as to notification), for “fine” substitute “ penalty ”. This Part of this Schedule applies to penalties under the enactments relating to stamp duty, other than penalties under section 15B of the Stamp Act 1891 (penalty on late stamping). Nothing in this Part of this Schedule affects criminal proceedings for an offence. For the purposes of this Part “tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal. An officer of the Commissioners authorised by the Commissioners for the purposes of this paragraph may make a determination— imposing the penalty, and setting it at such amount as in the officer’s opinion is correct or appropriate. Notice of the determination must be served on the person liable to the penalty. The notice must also state— the date on which the notice is issued, and the time within which an appeal against the determination may be made. After notice of the determination has been served, the determination cannot be altered except— in accordance with sub-paragraph (4), by agreement in writing, or on appeal. If it is discovered by an officer of the Commissioners authorised by the Commissioners for the purposes of this paragraph that the amount of a penalty determined under this paragraph is or has become insufficient, the officer may make a determination in a further amount so that the penalty is set at the amount which in the officer’s opinion is correct or appropriate. If a person liable to a penalty has died— any determination which could have been made in relation to that person may be made in relation to his personal representatives, and any penalty imposed on them is a debt due from and payable out of the person’s estate. A penalty determined under this paragraph is due and payable at the end of the period of 30 days beginning with the date of the issue of the notice of determination. An appeal may be made against a determination under paragraph 10. Notice of appeal must be given in writing to the officer of the Commissioners by whom the determination was made within 30 days of the date of the notice of the determination. The notice of appeal must specify the grounds of appeal. Sections 49A to 49I of the Taxes Management Act 1970 shall apply to appeals under this paragraph, subject to the modifications in sub-paragraphs (4B) to (4E). In the application of section 49C(4) for “contained in an agreement in writing under section 54(1) for the settlement of the matter” there is to be substituted “a written agreement under paragraph 10(3)(b) of Schedule 17 to the Finance Act 1999”. Section 49C(5) and (6) are not to apply. In the application of section 49F(2) for “an agreement in writing under section 54(1) for the settlement of the matter in question” there is to be substituted “a written agreement under paragraph 10(3)(b) of Schedule 17 to the Finance Act 1999”, Sections 49F(3) and (4) are not to apply. References to “the tribunal” are to be taken to be references to the “First-tier Tribunal. On an appeal under this paragraph the First-tier Tribunal may— if it appears ... that no penalty has been incurred, set the determination aside; if the amount determined appears ... to be appropriate, confirm the determination; if the amount determined appears ... to be excessive, reduce it to such other amount (including nil) as the First-tier Tribunal considers appropriate; if the amount determined appears ... to be insufficient, increase it to such amount not exceeding the permitted maximum as the First-tier Tribunal considers appropriate. This paragraph applies in a case where— notice of appeal may be given to HMRC, but no notice is given before the relevant time limit. Notice may be given after the relevant time limit if— HMRC agree, or where HMRC do not agree, the tribunal gives permission. If the following conditions are met, HMRC shall agree to notice being given after the relevant time limit. Condition A is that the appellant has made a request in writing to HMRC to agree to the notice being given. Condition B is that HMRC are satisfied that there was reasonable excuse for not giving the notice before the relevant time limit. Condition C is that HMRC are satisfied that the request under sub-paragraph (4) was made without unreasonable delay after the reasonable excuse ceased. If a request of the kind referred to in sub-paragraph (4) is made, HMRC must notify the appellant whether or not HMRC agree to the appellant giving notice of appeal after the relevant time limit. In this paragraph “relevant time limit”, in relation to notice of appeal, means the time before which the notice is to be given (but for this paragraph). In addition to any right of appeal on a point of law under section 11(2) of the Tribunals, Courts and Enforcement Act 2007, the person liable to the penalty may appeal to the Upper Tribunal against the amount of the penalty which had been determined under paragraph 11(6) above, but not against any decision which falls under section 11(5)(d) or (e) of that Act and was made in connection with the determination of the amount of the penalty. Section 11(3) and (4) of the Tribunals, Courts and Enforcement Act 2007 applies to the right of appeal under sub-paragraph (2) as it applies to the right of appeal under section 11(2) of that Act. On an appeal under sub-paragraph (2) the Upper Tribunal has the same powers as are conferred on the First-tier Tribunal by paragraph 11(6) above. Where in the opinion of the Commissioners the liability of a person for a penalty arises by reason of his fraud or the fraud of another person, proceedings for the penalty may be brought— in the High Court, or in Scotland, in the Court of Session sitting as the Court of Exchequer. Proceedings under this paragraph in England and Wales shall be brought— by and in the name of the Commissioners as an authorised department for the purposes of the Crown Proceedings Act 1947, or in the name of the Attorney General. Any such proceedings shall be deemed to be civil proceedings by the Crown within the meaning of Part II of the Crown Proceedings Act 1947. Proceedings under this paragraph in Scotland shall be brought in the name of the Advocate General for Scotland. Proceedings under this paragraph in Northern Ireland shall be brought— by and in the name of the Commissioners as an authorised department for the purposes of the Crown Proceedings Act 1947 as for the time being in force in Northern Ireland, or in the name of the Attorney General for Northern Ireland. Any such proceedings shall be deemed to be civil proceedings within the meaning of Part II of the Crown Proceedings Act 1947 as for the time being in force in Northern Ireland. If in proceedings under this paragraph the court does not find that fraud is proved but considers that the person concerned is nevertheless liable to a penalty, the court may determine a penalty notwithstanding that, but for the opinion of the Commissioners as to fraud, the penalty would not have been a matter for the court. Paragraph 10 above (determination of penalty by officer of Commissioners) does not apply where proceedings are brought under this paragraph. The Commissioners may in their discretion mitigate any penalty, or stay or compound any proceedings for the recovery of a penalty. They may also, after judgment, further mitigate or entirely remit the penalty. A penalty may be determined under paragraph 10, or proceedings for a penalty brought under paragraph 13, at any time within six years after the date on which the penalty was incurred. The Treasury may make regulations applying in relation to penalties to which Part II of this Schedule applies such provisions of the Taxes Management Act 1970 as they think fit. The regulations may apply the provisions of that Act with such modifications as the Treasury think fit. Regulations under this paragraph shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons. Without prejudice to the generality of the power conferred by paragraph 16, regulations under that paragraph may apply— any of the provisions of Part VI of the Taxes Management Act 1970 (collection and recovery), and such of the provisions of Part XI of that Act (miscellaneous and supplemental provisions) as appear to the Treasury to be appropriate. Sections 21, 22 and 35 of the Inland Revenue Regulation Act 1890 (proceedings for fines, etc.) do not apply in relation to penalties to which Part II of this Schedule applies. The provisions of this Part of this Schedule have effect for the purposes of the enactments relating to stamp duty. any payment to the Commissioners is made by cheque, and the cheque is paid on its first presentation to the banker on whom it is drawn, the payment is treated as made on the day on which the cheque was first received by the Commissioners. Sub-paragraph (1) applies where the cheque was first received by the Commissioners on or after 1st October 1999. Statements made or documents produced by or on behalf of a person are not inadmissible in any such proceedings as are mentioned in sub-paragraph (2) by reason only that it has been drawn to that person’s attention— that where serious stamp duty fraud has been committed the Board may accept a money settlement and that the Board will accept such a settlement, and will not pursue a criminal prosecution, if he makes a full confession of all stamp duty irregularities, or that the extent to which he is helpful and volunteers information is a factor that will be taken into account in determining the amount of any penalty, and that he was or may have been induced thereby to make the statements or produce the documents. The proceedings mentioned in sub-paragraph (1) are— any criminal proceedings against the person in question for any form of fraudulent conduct in connection with or in relation to stamp duty, and any proceedings against that person for the recovery of any stamp duty or interest on unpaid stamp duty due from him, and any proceedings for a penalty, or on appeal against the determination of a penalty, in connection with or in relation to stamp duty. In relation to Scotland, the expression “term”, where referring to the duration of a lease, means “period”. Section 13 of the Stamp Duties Management Act 1891 (certain offences in relation to dies and stamps provided by the Commissioners to be felonies) is amended as follows. For the sidenote substitute “Offences in relation to dies and stamps.”. Make the existing provision subsection (1) and at the beginning, for “Every person who” substitute “ A person commits an offence who ”. Omit the words from “shall be guilty of felony” to the end. After subsection (1) insert— A person guilty of an offence under this section is liable— on summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both; on conviction on indictment, to imprisonment for a term not exceeding ten years or a fine, or both. This paragraph has effect in relation to things done or omitted on or after 1st October 1999. The following provisions of the Stamp Duties Management Act 1891 shall cease to have effect— in section 2 (recovery of money received for duty), subsections (2) and (3); section 3 (power to grant licences to deal in stamps); section 4 (penalty for unauthorised dealing in stamps etc.); section 5 (provisions as to determination of a licence); section 6 (penalty for hawking stamps); section 8 (discount on sale of stamps); section 9(2) and (3) (cases in which allowance may be made for spoiled adhesive stamps); in section 11 (how allowance to be made), the words from “deducting therefrom” to the end; section 12 (repurchase of stamps by Commissioners); section 17 (proceedings for detection of stamps stolen or fraudulently obtained); section 18 (licensed person in possession of forged stamps to be presumed guilty); section 19 (mode of proceeding when stamps are seized); section 20 (defacement of adhesive stamps); section 25 (mode of granting licences). This paragraph comes into force on 1st October 1999. No stamp duty is chargeable on a transfer or other instrument relating to a unit under a unit trust scheme. Sub-paragraph (1) does not affect any charge to stamp duty— This paragraph has effect in relation to instruments executed on or after 6th February 2000. In section 88(1) of the Finance Act 1986 (instruments exempt from stamp duty disregarded for the purpose of repayment etc. of stamp duty reserve tax), after paragraph (b) insert— , or Part I of Schedule 19 to the Finance Act 1999 (transfers etc. of units in unit trusts), In subsection (1) (transfer of unit to managers of unit trust scheme) for “to the managers” substitute “ to or from the managers ”. Section 87 above shall not apply as regards an agreement to transfer a unit under a unit trust scheme if an instrument executed at the same time as the agreement and giving effect to the agreement would be exempt from stamp duty (if stamp duty were otherwise chargeable) by virtue of— section 42 of the Finance Act 1930 or section 11 of the Finance Act (Northern Ireland) 1954 (transfers between associated companies), or regulations under section 87(2) of the Finance Act 1985 (power to exempt instruments from stamp duty of fixed amount). After the subsection inserted by sub-paragraph (3) insert— Section 87 above shall not apply as regards an agreement to transfer trust property to the unit holder on the surrender to the managers of a unit under a unit trust scheme. The reference here to the surrender of a unit has the same meaning as in Part II of Schedule 19 to the Finance Act 1999. The amendments in sub-paragraphs (2) and (3) apply where the relevant day for the purposes of section 87 of the Finance Act 1986 falls on or after 6th February 2000. The amendment in sub-paragraph (4) applies where the surrender (within the meaning of Part II of Schedule 19 to the Finance Act 1999) occurs on or after 6th February 2000. Section 99 of the Finance Act 1986 (general interpretation provisions) is amended as follows. In subsection (5) (securities excepted from being chargeable securities), in paragraph (a), after “securities” insert “ falling within paragraph (a), (b) or (c) of subsection (3) above ”. “Chargeable securities” does not include a unit under a unit trust scheme if— all the trustees under the scheme are resident outside the United Kingdom and the unit is not registered in a register kept in the United Kingdom by or on behalf of the trustees under the scheme; or under the terms of the scheme the trust property can only be invested in exempt investments. For the purposes of subsection (5A)(b)— an investment other than an interest under a collective investment scheme is an exempt investment if, and only if— it is not an investment on the transfer of whichad valorem stamp duty would be chargeable, and it is not a chargeable security; an interest under a collective investment scheme is an exempt investment if, and only if, the scheme is an authorised unit trust scheme or an open-ended investment company and under the terms of the scheme the property subject to the scheme— cannot be invested in such a way that income can arise to the trustees or the company that will be chargeable to tax in their hands otherwise than under Case III of Schedule D, and can only be invested in exempt investments; a derivative is an exempt investment if, and only if, it relates wholly to one or more exempt investments; and funds held for the purposes of the day to day management of the unit trust scheme are not regarded as investments. In this subsection “authorised unit trust scheme”, “collective investment scheme” and “open-ended investment company” have the same meaning as in the Financial Services Act 1986. For subsection (9) (meaning of “unit” and “unit trust scheme”) substitute— “Unit trust scheme” and related expressions have the meanings given by Part IV of Schedule 19 to the Finance Act 1999. Section 152 of the Finance Act 1995 (power to apply tax legislation to open-ended investment companies) is amended as follows. In subsection (2)(b) for “Part IV of the Finance Act 1986 (stamp duty reserve tax)” substitute “ stamp duty reserve tax ”. In subsection (3)(c)— for “Part IV of the Finance Act 1986” substitute “ the enactments relating to stamp duty or stamp duty reserve tax ”, and for “the enactments relating to stamp duty” substitute “ those enactments ”. In subsection (6) at the appropriate place insert— “the enactments relating to stamp duty reserve tax” means Part IV of the Finance Act 1986 and any enactment which amends or is required to be construed as one with that Part; The following definitions apply for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax. “Unit trust scheme” has the meaning given by section 237(1) of the Financial Services and Markets Act 2000, subject to paragraphs 15 to 18. In relation to a unit trust scheme— “trust instrument” means the trust deed or other instrument (whether under seal or not) creating or recording the trusts on which the property in question is held; “trust property” means the property subject to the trusts of the trust instrument; “unit” means a right or interest (whether described as a unit, as a sub-unit or otherwise) of a beneficiary under the trust instrument; “unit holder” means a person entitled to a share of the trust property; and “certificate to bearer”, in relation to a unit, means a document by the delivery of which the unit can be transferred. References in the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax to a unit trust scheme do not include— a common investment scheme under section 22 of the Charities Act 1960, section 25 of the Charities Act (Northern Ireland) 1964 , section 24 of the Charities Act 1993 or section 96 of the Charities Act 2011, a common deposit scheme under section 22A of the Charities Act 1960 , section 25 of the Charities Act 1993 or section 100 of the Charities Act 2011, or a unit trust scheme the units in which are under the terms of the trust instrument required to be held only by charitable companies or trustees of charitable trusts. References in the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax to a unit trust scheme do not include common investment arrangements made by trustees of exempt approved schemes (within the meaning of section 592(1) of the Taxes Act 1988) solely for the purposes of the schemes. The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax. Regulations under this paragraph— may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons. This paragraph replaces section 57(1A) and (1B) of the Finance Act 1946 and section 28(1A) and (1B) of the Finance (No.2) Act (Northern Ireland) 1946. Any regulations having effect under those provisions for the purposes of Part VII of the Finance Act 1946 or Part III of the Finance (No.2) Act (Northern Ireland) 1946 which are in force immediately before the commencement of this Schedule shall have effect as if made under this paragraph. For the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax each of the parts of an umbrella scheme is regarded as a unit trust scheme and the scheme as a whole is not so regarded. An “umbrella scheme” means a unit trust scheme— and a “part of an umbrella scheme” means such of the arrangements as relate to a separate pool.

In relation to a part of an umbrella scheme— any reference to the trust property has effect as a reference to such of the trust property as under the arrangements forms part of the separate pool to which the part of the umbrella scheme relates, and any reference to a unit holder has effect as a reference to a person for the time being having rights in that separate pool. In the enactments relating to stamp duty— any reference to stock includes a unit under a unit trust scheme, and any reference to a stock certificate to bearer includes a certificate to bearer in relation to a unit under a unit trust scheme. Hydrocarbon oil duties This repeal has effect in accordance with section 4 of this Act. Drawback of duty on shipment of goods as stores etc. Subsection (4) of section 11 of this Act shall apply in relation to this repeal as it applies in relation to subsection (3) of that section. Groups of companies These repeals have effect subject to paragraph 6 of Schedule 2 to this Act. Meaning of “business” Subsection (2) of section 20 of this Act shall apply in relation to this repeal as it applies in relation to that section. Capital gains tax rates These repeals have effect for the year 1999-00 and subsequent years of assessment. In section 4— (a) subsections (1A), (1B), (3A) and (3B); and (b) in subsection (4), the words “(disregarding subsection (3B)(a) above)”. Corporation tax rates This repeal has effect for the financial year 2000 and subsequent financial years. Married couple’s allowance 1.The repeal in section 257A(5) of the Taxes Act 1988 has effect for the year 1999-00 and subsequent years of assessment. 2.The other repeals have effect for the year 2000-01 and subsequent years of assessment. In section 257A— (a) subsection (1); (b) in subsection (2), the words from “(instead of” to the end; (c) in subsection (3), the words “(1) or”; and (d) in subsection (5), the words from “(but not” to the end. In section 257BA(2), the words from “(to nil” to the end. Sections 257D to 257F. Section 278(2A). In section 33— (a) subsection (6); (b) in subsection (10), the words “257B(2), 257D(8) and”; and (c) subsections (11) to (13). Section 77(2)(a). In Schedule 8, paragraphs 4 and 5. In Schedule 20, paragraphs 14(2), 15 and 16. In Schedule 21, paragraph 5. Income tax relief in respect of children These repeals have effect for the year 2000-01 and subsequent years of assessment. In section 256(3), the words after paragraph (c). Sections 259 to 261A. Section 30. Section 134(3). In Schedule 3, paragraphs 5 and 6. Section 77(3) and (4). In Schedule 8, paragraphs 6 to 8. Widow’s bereavement allowance 1.The repeal of section 262 of the Taxes Act 1988 and the repeal in Schedule 3 to the Finance Act 1988 have effect in relation to deaths occurring on or after 6th April 2000. 2.The other repeals have effect for the year 2001-02 and subsequent years of assessment. Section 256(3)(b). Section 262. Section 77(5). In Schedule 8, paragraph 9. Maintenance payments These repeals have effect in relation to any payment falling due on or after 6th April 2000. In section 38— (a) in subsection (2), the words after “the person liable to make it”; and (b) subsections (3) to (6) and (8). Section 39. In section 40— (a) in subsection (1), the definition of “child of the family”; and (b) subsection (2). In section 79— (a) in subsection (1), the words “and section 38 of the Finance Act 1988”; and (b) subsections (2), (5), (7) and (8). Section 149. In Schedule 21, paragraph 25. Interest on loans to buy land etc. 1.The repeals in section 375 of the Taxes Act 1988 have effect in accordance with paragraph 18(1) of Schedule 4 to this Act. 2.The repeals in section 488 of that Act have effect in accordance with paragraph 18(2) of that Schedule. 3.The repeal in the Taxation of Chargeable Gains Act 1992 has effect in accordance with paragraph 18(4) of that Schedule. 4.The other repeals have effect in relation to any payment of interest falling within subsection (3) or (4) of section 38 of this Act. In section 160(1C)(a), the words “or section 357(1)(b)”. In section 353(1A) and (1B), the words “354 or”. Sections 354 to 358. In section 367— (a) subsection (1); and (b) in subsection (2), the words “354(1) and”. In section 370— (a) in subsection (1), the words “or (3)”; (b) in subsection (2), the words “354(1) or” and “356A, 357 or”, and paragraph (c) of that subsection and the word “and” immediately preceding it; and (c) subsections (3), (4), (6) and (7). Section 372. In section 373— (a) in subsection (1), the words “section 356A, section 357(1) or”; (b) subsections (3) and (4); (c) in subsection (5), the words from “and” to “also fulfilled”; and (d) in subsection (7), the words from “and” to the end. In section 374, subsection (1)(c) and, in subsection (2), the words “(c) or”. Section 375(9) and (10). Section 375A. In section 376— (a) in subsection (3), the words from “and” to the end; and (b) subsection (6). Section 377. Section 378(1), (2) and (4). In section 379— (a) in the definition of “qualifying lender”, the words “to (6)”; and (b) in the definition of “regulations”, the words “except in sections 378(1) and (2)”. Section 477A(8). In section 488— (a) in subsection (1), paragraph (c); (b) in subsection (2), paragraph (b) and the word “and” immediately preceding it; (c) in subsection (4), the words “a member or of”; and (d) subsection (12). In section 828(4), “377(8)”. Sections 42 to 44. In Schedule 3, paragraph 14. Section 56. Section 57(1), (2), (4) and (6). Section 81(3) and (8). In Schedule 9, paragraphs 7(1) and 10(2). In Schedule 17, paragraph 3. In section 42, subsection (1) and, in subsection (2), paragraphs (b) to (e). In Schedule 6, paragraph 18. In Schedule 20, paragraph 28(5). In Schedule 21, paragraphs 8 and 9. Conditional acquisition of shares This repeal applies in relation to shares acquired on or after the day on which this Act is passed. Mobile telephones In section 154(2)(b), “159A”. Section 159A. Section 200AA(3). Section 74(2). In Schedule 4, paragraph 5. PRP and agricultural pay These repeals have effect in accordance with section 46 of this Act. Section 175(1)(c) and (4). In section 178(1), paragraph (d) and the word “or” immediately preceding it. Sub-contractors in the construction industry This repeal has effect in accordance with section 53 of this Act. Gifts in kind to charities This repeal has effect in relation to gifts made on or after the day on which this Act is passed. Gifts of money to relieve refugee poverty These repeals have effect in relation to gifts made on or after 6th April 1999. In section 48— (a) in subsection (2), the word “and” at the end of paragraph (a); and (b) in subsection (8), the definition of “the first designation date”. Secondment of employees to educational establishments This repeal has effect in accordance with section 58 of this Act. Vocational training relief Section 59(3)(b) of this Act shall apply in relation to these repeals as it applies in relation to subsection (2) of that section. In section 129— (a) subsection (1)(b); (b) in subsection (2), the words “section 32(5)(b) of the 1991 Act”; and (c) subsections (4) and (6). Section 144. In Schedule 18, paragraph 14. Relevant discounted securities This repeal has effect in accordance with section 65(8) to (12) of this Act. Court common investment funds The repeal of section 328 of the Taxes Act 1988 and the repeal in 720(5) of that Act have effect in accordance with section 68 of this Act. Section 328. Section 468AA(3). In section 720(5), the second sentence. EIS deferred gains This repeal has effect in accordance with section 73 of this Act. Advance corporation tax: consequences of abolition These repeals have effect in accordance with section 91 of this Act. In Schedule 16— (a) in paragraph 4(1), the words “Subject to sub-paragraph (3) below,”; and (b) paragraph 4(3). Group relief: reduction in surrenderable amount. This repeal has effect in accordance with section 92 of this Act. Company tax returns, etc. These repeals have effect in accordance with section 93 of this Act. PRT returns This repeal has effect in relation to any chargeable period ending on or after 30th June 1999. Business assets: Roll-over relief This repeal has effect in accordance with section 103(2) of this Act. Stamp duty: interest and penalties on late stamping 1.These repeals have effect in relation to instruments executed on or after 1st October 1999, subject to paragraph 2. 2.The repeals do not have effect in relation to transfers or other instruments relating to units under a unit trust scheme. This does not affect their operation in relation to— (a) conveyances or transfers on sale of property other than units under a unit trust scheme in relation to which such units form the whole or part of the consideration; and (b) bearer instruments constituting, or used for transferring, units under a unit trust scheme. Section 69(5). Section 72(3). Stamp duty: charging provisions and rates of duty 1.These repeals have effect in relation to instruments executed, or bearer instruments issued, on or after 1st October 1999, subject to paragraph 2. Section 1. Section 54. Section 59. Section 62. Sections 72 and 73. Section 75. Schedule 1. Section 35. Schedule 8. Schedule 2. Sections 55 to 63. Section 65(1). Sections 4 to 12. Section 14(1). Section 32. Schedule 7. Section 6. Section 49. Section 57(3)(d). Schedule 11. Section 109. Section 111(1). Sections 64 and 65. Section 78(1) to (6), (8) and (10) to (14). (b) subsections (9) to (11); and (c) in subsection (12), the words “(10) and (14)”. Section 80. Section 50(4) and (5). Section 51. Section 188(2). In Schedule 40, paragraph 2. Stamp duty: penalties other than on late stamping These repeals have effect in relation to things done or omitted on or after 1st October 1999. In section 13, the words from “shall be guilty of felony” to the end. Section 26. Section 68(6). Section 71(6). Stamp duty: obsolete enactments These repeals come into force on 1st October 1999. Sections 2(2) and (3). Sections 3 to 6. Section 8. Section 9(2) and (3). In section 11, the words from “deducting therefrom” to the end. Section 12. Sections 17 to 20. Section 25. Stamp duty: unit trusts 1.These repeals have effect in relation to instruments executed on or after 6th February 2000. 2.The repeals of section 57(1A) and (1B) of the Finance Act 1946 and section 28(1A) and (1B) of the Finance (No.2) Act (Northern Ireland) 1946 have effect subject to paragraph 17(4) of Schedule 19 (saving for existing regulations). Section 144(3). In Schedule 13, paragraph 21. In section 109— (a) subsection (2)(c) and (d); (b) subsection (6)(a) and (b); and (c) subsection (9). Section 113(4). Repeals having effect on abolition date These repeals have effect— (a) so far as they relate to stamp duty on bearer instruments, in accordance with section 107 of the Finance Act 1990; (b) so far as they relate to stamp duty on instruments other than bearer instruments, in accordance with section 108 of that Act; (c) so far as they relate to stamp duty reserve tax, in accordance with section 110 of that Act. Section 113. Sections 116 to 121. In section 123(1) and (2), paragraph (b) and the word “and” immediately preceding it. In Schedule 13— (a) paragraph 3; (b) in paragraph 4, the words “in the case of any other conveyance or transfer on sale”; (c) paragraph 7(1)(b)(ii) to (iv); (d) paragraph 24(a)... and (d). In Schedule 14, paragraphs 5, 8, 12, 13, 16 to 21 and 23. Schedule 15. In Schedule 16, paragraphs 2 to 11. In Schedule 17, paragraphs 6 to 8. In Schedule 19— (a) Parts I to III; (b) in Part IV, the words “and the enactments relating to stamp duty reserve tax” in paragraphs 14(1), 15, 16, 17(1) and 18(1). 1. Subsection (4) of section 133 of this Act shall apply in relation to these repeals as it applies in relation to subsection (3) of that section. 2. Without prejudice to section 17(2) of the Interpretation Act 1978, any provision made by regulations under an enactment to which any of these repeals relates shall have effect, on and after the coming into force of the repeal and to the extent that it could have been made under section 132 or 133 of this Act, as if it were a provision made under that section of this Act. Section 115A. Schedule 3A. In section 203(10), the words from “and, in particular” onwards. Section 566(5). Section 153. Schedule 28. 1979 c.4. 1979 c.5 1979 c.5. 1979 c.7 1981 c.63 1997 c.16 1944 c.22 1979 c.2. 1979 c.3. S.11 partly in force; s.11(1)(2)(4) in force at Royal Assent, see s.11(4) 1992 c.48. 1994 c.23. S. 15(4) ceased to have effect (1.12.1999) by S.I. 1999/3029, reg. 5 S.I 1995/2518. S. 20(2) power fully exercised (12.10.1999): 1.12.1999 appointed by S.I. 1999/2769, art. 2 S. 21 repealed (1.4.2001) by 2000 c. 20, ss. 21(4), 29(2), Sch. 2; S.I. 2000/3349, art. 3 (subject to transitional provisions in arts. 4, 5) 1988 c.39. S. 47 repealed (28.7.2000 with effect as mentioned in Sch. 40 Pt. II(3) Note of the amending Act) by 2000 c. 17, s. 156, Sch. 40 Pt. II(3) 1998 c.36. 1991 c.31 S. 59(3)(b) power fully exercised: 1.9.2000 appointed by S.I. 2000/2004, art. 2 1997 c.58. 1992 c.12. 1996 c.8. 1993 c.34. 1995 c.4. S. 77 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4 S. 78 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4 S. 81(13) inserted (24.7.2002 coming into force in accordance with s. 67(4)(b)) by 2002 c. 23, s. 67(3)(4)(b) 1970 c.9. 1990 c.29. 1975 c.22. 1983 c.56. 1980 c.48. 1982 c.39. 1994 c.9. 1987 c.16. 1986 c.41. 1984 c.51. 1891 c.39. 1989 c.26. S. 110 applied (28.7.2000) by 2000 c. 17, s. 117, Sch. 33 para. 5(2) (with Sch. 33 para. 9(2)) 1891 c.38. S. 111 repealed (with effect as mentioned in Sch. 20 Pt. V(2), Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2), Notes 1,2 1963 c.25. 1963 c.22(N.I.). 1891 c.39(N.I.). 1989 c.40. S. 122 modified (6.2.2000) by S.I. 1997/1156, reg. 4(1)-(5) (as inserted (6.2.2000) by S.I. 1999/3261, reg. 5) 1946 c.64. 1946 c.17(N.I.). S. 126 excluded (1.4.2000) by S.I. 1995/2518, reg. 118(g) (as inserted (1.4.2000) by S.I. 2000/634, reg. 3(2)) S. 126(8)(a) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2 S. 127 excluded (1.4.2000) by S.I. 1995/2518, reg. 118(g) (as inserted (1.4.2000) by S.I. 2000/634, reg. 3(2)) Words in s. 127(1)(b) substituted (retrospectively) by 2000 c. 17, s. 29 S. 127(3) substituted (1.4.2000) by SI. 2000/633, art. 2 1882 c. 61; section 92 was amended by sections 3(1) and (3) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80). S. 127(11) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2 S. 129 modified (1.4.2000) by S.I. 1995/2518, reg. 121(3) (as substituted (1.4.2000) by S.I. 2000/634, reg. 6) S. 129(6) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2 S. 132 modified (24.11.2002) by 2002 c. 22, s. 53, Sch. 7 para 53; S.I. 2002/2866, art. 2(1), Sch. 1 Pt. 1 1978 c.30. S. 133 modified (24.11.2002) by 2002 c. 22, s. 53, Sch. 7 para. 53; S.I. 2002/2866, art. 2(1), Sch. 1 Pt. 1 S. 133 partly in force: s. 133(1)(2)(4)(5) in force at Royal Assent, s. 133(3) not in force, see s. 133(4) 1968 c.13. 1971 c.29. 1971 c.80. 1942 c.21. 1994 c.22. 1985 c.6. 1998 c.46. Sch. 10 applied (with modifications) (10.5.2000) by S.I. 2000/1085, regs. 3-8 Sch. 10 applied (S.) (28.1.2002) by S.I. 1995/365, Pt. W para. W14(2) (as inserted (28.1.2002) by S.S.I. 2001/465, reg. 3, Sch. 1) Sch. 11 para. 4 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4 Sch. 11 para. 5 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4 Sch. 11 para. 6 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4 Sch. 11 para. 7 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4 Sch. 11 para. 8 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4 Sch. 13 para. 4: figure in fourth entry substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 114(2)(3) of the amending Act) by 2000 c. 17, s. 114(1)(b)(2)-(4) Sch. 13 para. 4: figure in third entry entry substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 114(2)(3) of the amending Act) by 2000 c. 17, s. 114(1)(a)(2)-(4) Sch. 13 para. 6 modified (retrospective to 28.3.2000 and with effect as mentioned in s. 129(5) and Sch. 34 para. 4(3) of the amending Act) by 2000 c. 17, s. 129(3)(5), Sch. 34 para. 4(1)(3) (with s. 129(4)) Sch. 13 para. 6 modified (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 3(1); S.I. 2001/3748, art. 2 Sch. 13 para. 6 modified (retrospective to 24.7.2002 with application as mentioned in Sch. 37 para. 3(3) of the amending act) by 2002 c. 23, s. 116(2)(4)(5), Sch. 37, para. 3 Sch. 13 para. 6(1) restricted (27.7.1999 with effect as mentioned in s. 112(6) of 1999 c. 16) by 1991 c. 31, s. 113(1) (as inserted (27.7.1999 with effect as mentioned in s. 112(6) of the amending Act) by 1999 c. 16, ss. 112(4), 122, Sch. 14 para. 27) Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a) Sch. 13 Pt. I excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10) Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 118(10)(11) of the amending Act) by 2000 c. 17, s. 118 (with s. 118(9)) Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 119(11)(12) of the amending Act) by 2000 c. 17, s. 119 (with s. 120) Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 122(8)(9) of the amending Act) by 2000 c. 17, s. 122 Sch. 13 Pt. I amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2 Sch. 13 Pt. I excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2 Sch. 13 para. 11 table: figure in para. 1 substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 115(2) of the amending Act) by 2000 c. 17, s. 115(1)(a)(2)(3) Sch. 13 para. 12(3) table: words in para. 1 substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 116(2) of the amending Act) by 2000 c. 17, s. 116 Sch. 13 para. 12(3) table: figure in para. 1(a)(b) substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 115(2) of the amending Act) by 2000 c. 17, s. 115(1)(b)(2)(3) Sch. 13 Pt. II para. 14 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(b) Sch. 13 Pt. II para. 15 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(b) Sch. 13 Pt. II excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10) Sch. 13 Pt. II modified (retrospective to 28.3.2000 and with effect as mentioned in s. 121(10)(11) of the amending Act) by 2000 c. 17, s. 121(2)(10)-(12) Sch. 13 Pt. II amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2 Sch. 13 Pt. II excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2 1971 c.68. 1971 c.27(N.I.). 1971 c.27(N.I). Sch. 15 modified (27.7.1999 with effect as mentioned in s. 113(4) of 1999 c. 16) by 1988 c. 39, s. 143(4)(a) (as inserted (27.7.1999 with effect as mentioned in s. 113(4) of the amending Act) by 1999 c. 16, s. 113(3), Sch. 16 para. 11) Sch. 17 para. 4 repealed (with effect as mentioned in Sch. 20 Pt. V(5), Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Notes Sch. 17 para. 5 repealed (with effect as mentioned in Sch. 20 Pt. V(5), Notes 1, 2) by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20 Pt. V(5) 1947 c.44. 1890 c.21. Sch. 19 para. 14 modified (6.2.2000) by S.I. 1997/1156, reg. 4A(3) (as inserted (6.2.2000) by S.I. 1999/3261,reg. 5) Words in Sch. 19 Pt. IV para. 14(2) substituted (1.12.2001 with effect as mentioned in art. 104(2) of the amending S.I.) by S.I. 2001/3629, art. 104(1) 1960 c.58. 1964 c.33(N.I.). Sch. 19 para. 17 modified (6.2.2000) by S.I. 1997/1156, reg. 4A(4) (as inserted (6.2.2000) by S.I. 1999/3261,reg. 5) Sch. 20 Pt. V in force at Royal Assent except for repeals in (4) which come into force on 1.10.1999 S. 30 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1 Sch. 3 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1 Ss. 42-45 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7) Ss. 48-51 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7) Sch. 5 paras. 1-3 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7) Sch. 13 restricted (10.7.2003) by Finance Act 2003 (c. 14), s. 125(1) (with s. 125(8)) Sch. 18 para. 3 heading substituted (with effect in accordance with s. 206(5) of the amending Act) by Finance Act 2003 (c. 14), s. 206(4) Words in Sch. 13 para. 1(2) substituted (with effect in accordance with s.125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 6 Sch. 18 para. 3(1)(a)(b) substituted (with effect in accordance with s. 206(5) of the amending Act) by Finance Act 2003 (c. 14), s. 206(3) Words in s. 132(10) substituted (25.7.2003 for specified purposes, 29.12.2003 in so far as not already in force) by Communications Act 2003 (c. 21), s. 411(2), Sch. 17 para. 156 (with Sch. 18); S.I. 2003/1900, arts. 1(2), 2(1), Sch. 1 (with art. 3) (as amended by S.I. 2003/3142, art. 1(3)); S.I. 2003/3142, art. 3(2) (with art. 11) Sch. 13 para. 1(3)-(6) inserted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 5; S.I. 2003/3077, art. 2 S. 126(2)-(4) excluded (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(1) S. 126(6)-(8) excluded (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(1) S. 126(1) applied (with modifications) (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(2) S. 126(5) modified (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(3) Words in s. 98 inserted (with effect in accordance with s. 285(8) of the amending Act) by Finance Act 2004 (c. 12), Sch. 37 para. 12(2) (with Sch. 37 Pt. 2) S. 98(6A) inserted (with effect in accordance with s. 285(8) of the amending Act) by Finance Act 2004 (c. 12), Sch. 37 para. 12(3) (with Sch. 37 Pt. 2) S. 53 repealed (with effect in accordance with s. 77 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(7) S. 65(7) repealed (with effect in accordance with s. 52(3), Sch. 10 para. 9(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6) Sch. 13 para. 18(1)(c) repealed (S.) (28.11.2004) by Abolition of Feudal Tenure etc. (Scotland) Act 2000 (asp 5), ss. 71, 77(2), sch. 12 para. 61, sch. 13 Pt. 1 (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2 Pt. 1 excluded by 1990 c. 19, s. 61(3) (as substituted (11.2.2005) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2005 (S.I. 2005/82), regs. 1, 2(2)) Pt. 2 excluded by 1990 c. 19, s. 61(3) (as substituted (11.2.2005) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2005 (S.I. 2005/82), regs. 1, 2(2)) Words in s. 65(8) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(3) (with Sch. 2) Words in s. 65(9)(10) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(4) (with Sch. 2) Words in s. 65(11)(12) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(5) (with Sch. 2) S. 65(1)-(6) repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(2), Sch. 3 (with Sch. 2) S. 60 repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) S. 64 repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) S. 70 repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) S. 8(4) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 1 Words in s. 135(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 76; S.I. 2005/1126, art. 2(2)(h) Words in Sch. 15 para. 11 substituted (with effect in accordance with s. 58(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 58(3) Sch. 10 paras. 1-10 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36) Sch. 10 paras. 12-18 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36) Words in Sch. 5 para. 6(2) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36) S. 52 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36) Sch. 5 para. 4 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36) Sch. 5 para. 5 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36) S. 28 repealed (with effect in accordance with Sch. 26 Pt. 3(1) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(1) Word in Sch. 13 para. 4 substituted (with effect in accordance with s. 162(5) of the amending Act) by Finance Act 2006 (c. 25), s. 162(3) S. 91(5) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 91(1)-(3) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 22 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 23 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 24 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 25(2) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 35 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 36(1)-(6) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 69 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 71 repealed (6.4.2007 with effect in accordance with s. 1034(1)(3) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1)(3), Sch. 3 Pt. 2 (with Sch. 2) Sch. 4 para. 1(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 7 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(b)(ii) Sch. 13 para. 16 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(a) (with Sch. 32 para. 22(1)(b)) Sch. 13 para. 17 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(b) (with Sch. 32 para. 22(1)(b)) S. 26 omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 21(d) S. 72 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(b)(i) S. 80 omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(h) Sch. 4 para. 16 omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(h) Sch. 4 para. 18(3) omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(h) Words in Sch. 13 para. 1(5) substituted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 10(2) (with Sch. 32 para. 22(1)(b)) Sch. 13 para. 18(2) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(c) (with Sch. 32 para. 22(1)(b)) Sch. 13 para. 19(1) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(d) (with Sch. 32 para. 22(1)(b)) Sch. 13 para. 21(3) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(e) (with Sch. 32 para. 22(1)(b)) Sch. 14 para. 9 omitted (with effect in accordance with s. 100(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 100(2) Sch. 14 para. 10(b) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20 (with Sch. 32 para. 22(1)(e)) Sch. 14 para. 11(b) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20 (with Sch. 32 para. 22(1)(e)) Sch. 14 para. 12(3) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20 Sch. 14 para. 13(3) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20 Sch. 15 para. 6 omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 11(2) Sch. 15 para. 20(b) substituted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 11(4) Sch. 15 para. 26(b) and word omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 11(5) Sch. 13 para. 22 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(f) (with Sch. 32 para. 22(1)(b)) Sch. 13 para. 23 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(g) (with Sch. 32 para. 22(1)(b)) Sch. 15 para. 12A and cross-heading inserted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 11(3) Words in s. 81(13) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(5) (with Sch. 2 Pts. 1, 2) Words in s. 81(8) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(3) (with Sch. 2 Pts. 1, 2) Words in s. 81(9) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(4)(a) (with Sch. 2 Pts. 1, 2) Words in s. 81(9) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(4)(b) (with Sch. 2 Pts. 1, 2) Words in s. 81(9) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(4)(c) (with Sch. 2 Pts. 1, 2) S. 81(4)(a) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(2)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Words in s. 81(4)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(2)(b) (with Sch. 2 Pts. 1, 2) Sch. 17 Pt. II heading substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 279 Sch. 17 para. 11A inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 282 Sch. 6 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 459, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 17 para. 11(4A)-(4F) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(5) Words in Sch. 17 para. 11(1) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(2) Sch. 17 para. 11(3) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(3) Sch. 17 para. 11(4) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(4) Sch. 17 para. 11(5) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(6) Words in Sch. 17 para. 11(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(7)(a) Words in Sch. 17 para. 11(6) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(7)(b) Words in Sch. 17 para. 11(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(7)(c) S. 13(5)(c) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 89 (with Sch. 36 para. 38); S.I. 2009/404, art. 2 Word in s. 13(6) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 10(a); S.I. 2009/402, art. 2 Words in s. 13(6) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 10(b); S.I. 2009/402, art. 2 Words in s. 13(6) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 10(c); S.I. 2009/402, art. 2 Sch. 17 para. 12(2)(2A) substituted for Sch. 17 para. 12(2) (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(3) Sch. 17 para. 12(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(2) Words in Sch. 17 para. 12(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(4)(a) Words in Sch. 17 para. 12(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(4)(b) S. 15(3) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 92(g) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 12) S. 54 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 456, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 55(1) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 58 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 61 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 63 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 457, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 108(2)(a) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 21(g); S.I. 2009/571, art. 2 Sch. 11 para. 2 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 11 para. 9 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 277 Sch. 17 para. 9(3) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 280 S. 25(3) omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(j) S. 31 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(j) S. 32 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(j) S. 88 omitted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 16 para. 5(e) (with Sch. 16 paras. 78) Word in Sch. 13 para. 1(5) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(c) Words in Sch. 13 para. 1(4) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(b) Words in s. 119(3) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(a) S. 86(1)-(10) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 117, Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22) Words in s. 97(2)(a) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 301 (with Sch. 2) Words in s. 97(6) substituted (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 248 (with Sch. 9 paras. 1-9, 22) Sch. 4 para. 15(2)(a) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 4 para. 15(5) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 68(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 85 repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 116, Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22) S. 87 repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 118, Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22) S. 98(7)(ba) substituted for s. 98(7)(b)(c) (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 188 (with Sch. 9 paras. 1-9, 22) S. 98(7)(aa) inserted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 302 (with Sch. 2) S. 100 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 106 omitted (1.4.2010) by virtue of The Finance Act 2009, Section 96 and Schedule 48 (Appointed Day, Savings and Consequential Amendments) Order 2009 (S.I. 2009/3054), art. 1, Sch. para. 16(d) Sch. 4 para. 1(2) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22) Sch. 4 para. 3(3) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22) Sch. 11 para. 3 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 89(2) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 132 modified (6.4.2010) by Work and Families Act 2006 (c. 18), s. 19(2), Sch. 1 para. 49; S.I. 2010/495, art. 4(d) S. 133 modified (6.4.2010) by Work and Families Act 2006 (c. 18), s. 19(2), Sch. 1 para. 49; S.I. 2010/495, art. 4(d) S. 125 omitted (with effect in accordance with s. 4(2) of the amending Act) by virtue of Finance (No. 2) Act 2010 (c. 31), s. 4(4) Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with arts. 3(2)(3), 4(2), 6(4)(5)) Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with arts. 3(2)(3), 4(2), 6(4)(5)) Sch. 9 repealed (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 5(b) Word in Sch. 20 Pt. 5(6) omitted (19.7.2011) by virtue of Finance Act 2011 (c. 11), Sch. 26 para. 7(2)(b) S. 56 repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 2(2)(a) S. 57 repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 2(2)(a) Word in s. 123(3) omitted (19.7.2011) by virtue of Finance Act 2011 (c. 11), Sch. 26 para. 7(2)(a) Sch. 13 para. 24(b) repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 7(1) Words in Sch. 19 para. 15(c) substituted (1.4.2012) by Finance Act 2010 (c. 13), Sch. 6 paras. 15(3), 34(2); S.I. 2012/736, art. 11 Words in s. 81(8) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 93 Sch. 14 para. 6 omitted (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 3(2)(c) (with Sch. 39 paras. 11-13) Sch. 14 para. 15 omitted (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 5(2)(b) (with Sch. 39 paras. 11-13) Sch. 4 para. 5(3) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 5(4) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 5(2)(b) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 15(2)(b) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 15(3)(4) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 15(6) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 S. 46 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 2 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 3(2) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 6 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 7(2) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 8 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 9(2) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 10 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 11 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 12 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 13(a) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 14(a)(b) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 17(2) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 4 para. 18(1) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1 Sch. 13 para. 25A inserted (28.6.2013) by The Stamp Duty and Stamp Duty Reserve Tax (Collective Investment Schemes) (Exemptions) Regulations 2013 (S.I. 2013/1401), regs. 1, 5 Sch. 13 excluded (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 5 Sch. 19 Pt. 2 omitted (with effect in accordance with s. 114(4) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 114(1) Words in s. 123(3) substituted (with effect in accordance with s. 114(4) of the amending Act) by Finance Act 2014 (c. 26), s. 114(3)(a) S. 132 modified (1.7.2014 for specified purposes, 15.3.2015 otherwise, that being the date on which 1992 c. 7, Pt. 12ZC comes into force by virtue of S.R. 2015/86, art.

3(1)(d)) by Children and Families Act 2014 (c. 6), s. 139(6), Sch. 7 para. 48; S.I. 2014/1640, arts. 3(2)(m), 8(b) S. 133 modified (1.7.2014 for specified purposes, 15.3.2015 otherwise, that being the date on which 1992 c. 7, Pt. 12ZC comes into force by virtue of S.R. 2015/86, art. 3(1)(d)) by Children and Families Act 2014 (c. 6), s. 139(6), Sch. 7 para. 48; S.I. 2014/1640, arts. 3(2)(m), 8(b) Word in Sch. 13 para. 19(2)(b) omitted (22.4.2019) by virtue of The Stamp Duty (Method of Denoting Duty) Regulations 2019 (S.I. 2019/719), regs. 1, 4(a)(i) Word in Sch. 15 para. 12A(3) omitted (22.4.2019) by virtue of The Stamp Duty (Method of Denoting Duty) Regulations 2019 (S.I. 2019/719), regs. 1, 4(a)(ii) Word in Sch. 13 para. 1(3) substituted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(2) Sch. 13 para. 1(3A) inserted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(3) Words in Sch. 13 para. 6(1) substituted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(4) Words in Sch. 19 para. 15(a) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 81(a) (with s. 20(2), Sch. 8) Words in Sch. 19 para. 15(b) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 81(b) (with s. 20(2), Sch. 8) S. 132 modified (18.1.2020) by Parental Bereavement (Leave and Pay) Act 2018 (c. 24), s. 2(2), Sch. para. 33(1) (with Sch. para. 33(2)); S.I. 2020/45, reg. 2 S. 133 modified (18.1.2020) by Parental Bereavement (Leave and Pay) Act 2018 (c. 24), s. 2(2), Sch. para. 33(1) (with Sch. para. 33(2)); S.I. 2020/45, reg. 2 Sch. 15 para. 11(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 9(2) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1) S. 126 excluded (1.8.2021) by S.I. 1995/2518, regs. 133AB(h), 133L (as inserted by The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715), regs. 1, 43, 47) S. 127 excluded (1.8.2021) by S.I. 1995/2518, regs. 133AB(h), 133L (as inserted by The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715), regs. 1, 43, 47) S. 129 modified (1.8.2021) by S.I. 1995/2518, regs. 133AE(1), 133L (as inserted by The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715), regs. 1, 43, 47) Sch. 15 para. 1 and cross-heading omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(2) Sch. 15 para. 21 cross-heading omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(7) Words in Sch. 15 para. 2 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(3) (with Sch. 11 para. 28) Words in Sch. 15 para. 4 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(4) Sch. 15 para. 7 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(5) Words in Sch. 15 para. 17(1) omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(6)(a) Words in Sch. 15 para. 17(1) omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(6)(b) Sch. 15 para. 21 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(8) Sch. 15 para. 22 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(9) Ss. 132, 133 modified (17.1.2025) by Neonatal Care (Leave and Pay) Act 2023 (c. 20), s. 3(3), Sch. para. 34; S.I. 2025/41, reg. 2 Sch. 13 para. 25A(1A) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(e) (with reg. 63) Word in Sch. 13 para. 25A(1) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(a) (with reg. 63) Word in Sch. 13 para. 25A(1)(a) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(i) (with reg. 63) Words in Sch. 13 para. 25A(1)(a) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(ii) (with reg. 63) Sch. 13 para. 25A(1)(b) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(c) (with reg. 63) Word in Sch. 13 para. 25A(1)(c) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(i) (with reg. 63) Words in Sch. 13 para. 25A(1)(c) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(ii) (with reg. 63) Sch. 13 para. 25A(2) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(f) (with reg. 63) Words in s. 132(5)(a) substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 260(1)(a) Words in s. 132(5)(a) substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 260(1)(b)