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Royal ArmsFinance Act 1990

1990 c.29
 

© Crown Copyright 1990

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The text of this Internet version of the Act is published by the Queen's Printer of Acts of Parliament and has been prepared to reflect the text as it received Royal Assent. A print version is also available and is published by The Stationery Office Limited as the Finance Act 1990, ISBN 0105429902.

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 Finance Act 1990
 

1990 Chapter c.29

 


ARRANGEMENT OF SECTIONS

Part I
Customs and Excise and Value Added Tax
Chapter I
Customs and Excise
Rates of duty
1. Spirits, beer, wine, made-wine and cider.
2. Tobacco products.
3. Hydrocarbon oil.
4. Pool betting duty.
5. Vehicles excise duty.
 
Other provisions
6. Vehicles excise duty: exemptions.
7. Entry of goods on importation.
8. Spirits methylated abroad.
9. Lodgings for officers in charge of distillery.
 
Chapter II
Value Added Tax
10. Registration.
11. Bad debts.
12. Domestic accommodation.
13. Goods shipped as stores.
14. Supplies to groups.
15. Power to assess.
16. Interest on tax etc. recovered or recoverable by assessment.
 
Part II
Income Tax, Corporation Tax and Capital Gains Tax
Chapter I
General
Income tax rates and allowances
17. Rates and main allowances.
18. Relief for blind persons.
 
Corporation tax rates
19. Charge and rate of corporation tax for 1990.
20. Small companies.
 
Benefits in kind
21. Care for children.
22. Car benefits.
 
Mileage allowances
23. Limit on chargeable mileage profit.
 
Charities
24. Payroll deduction scheme.
25. Donations to charity by individuals.
26. Company donations to charity.
27. Maximum qualifying company donations.
 
Savings
28. Tax-exempt special savings accounts.
29. Extension of SAYE.
30. Building societies and deposit-takers.
 
Employee share ownership trusts
31. Conditions for roll-over relief.
32. Conditions for relief: supplementary.
33. The relief.
34. Dwelling-houses: special provision.
35. Shares: special provision.
36. Chargeable event when replacement assets owned.
37. Chargeable event when replacement property owned.
38. Chargeable event when bonds owned.
39. Information.
40. Other enactments.
 
Insurance companies and friendly societies
41. Apportionment of income etc.
42. Overseas life assurance business.
43. Deduction for policy holders' tax.
44. Reinsurance commissions.
45. Policy holders' share of profits etc.
46. Annual deemed disposal of holdings of unit trusts etc.
47. Spreading of gains and losses under section 46.
48. Transfers of long term business.
49. Friendly societies: increased tax exemption.
50. Friendly societies: application of enactments.
 
Unit and investment trusts etc.
51. Authorised unit trusts.
52. Unit trusts: repeals.
53. Unit trust managers: exemption from bond-washing provisions.
54. Indexation: collective investment schemes.
55. Investment trusts.
 
Securities
56. Convertible securities.
57. Deep gain securities.
58. Qualifying indexed securities.
59. Deep discount securities.
 
Oil industry
60. Allowance for abandonment expenditure related to offshore machinery or plant.
61. Carrying back of losses referable to allowance for abandonment expenditure.
62. CT treatment of PRT repayment.
63. Disposals of certain shares deriving value from exploration or exploitation assets or rights.
64. Limitation of losses on disposal of oil industry assets.
 
International
65. Dual resident companies: capital gains.
66. Dual resident companies: transfers of assets abroad.
67. Dual resident companies: controlled foreign companies.
68. Movements of capital between residents of member States.
69. European Economic Interest Groupings.
70. Transfer of United Kingdom branch or agency.
 
Miscellaneous
71. Relief for interest.
72. Capital gains: annual exempt amount for 1990-91.
73. Business expansion scheme: abolition of "locality rule".
74. Debts of overseas governments etc.
75. Local enterprise agencies.
76. Training and enterprise councils and local enterprise companies.
77. Expenses of entertainers.
78. Waste disposal.
79. Priority share allocations for employees etc.
80. Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.
81. Futures and options: exemptions.
82. Settlements: child's income.
83. Loans to traders.
84. Qualifying corporate bonds: relief.
85. Qualifying corporate bonds: reorganisations etc.
86. Groups of companies.
87. Capital allowances: vehicles provided by employees.
88. Capital allowances: miscellaneous amendments.
89. Correction of errors in Taxes Act 1988.
 
Chapter II
Management
Returns and information
90. Income tax returns.
91. Corporation tax returns.
92. Information powers relating to interest.
93. Restrictions on Board's power to call for information.
94. Donations to charity: inspection powers.
 
Corporation tax determinations
95. Determinations.
96. Consequential group relief adjustments.
 
Claims by companies
97. Payment of tax credits.
98. Repayment of income tax deducted at source.
99. Loss relief.
100. Group relief: general.
101. Group relief: relieved losses.
102. Capital allowances: general.
103. Capital allowances: assimilation to claims by individuals.
 
Miscellaneous
104. Officers.
105. Recovery of excessive repayments of tax.
106. Corporation tax: collection.
 
Part III
Stamp Duty and Stamp Duty Reserve Tax
Repeals
107. Bearers: abolition of stamp duty.
108. Transfer of securities: abolition of stamp duty.
109. Stamp duty: other repeals.
110. Stamp duty reserve tax: abolition.
111. General.
 
Paired shares
112. Stamp duty.
113. Stamp duty reserve tax.
 
International organisations
114. International organisations.
 
Part IV
Miscellaneous and General
Ports levy
115. Levy on privatisation of certain ports.
116. Amount of levy.
117. Levy on employee securities.
118. Payment of levy.
119. Information for purposes of levy.
120. Supplementary provisions relating to levy.
 
Petroleum revenue tax
121. Limit on PRT repayment interest where loss carried back.
122. Variation, on account of fraudulent or negligent conduct, of decision on expenditure claim etc.
 
Miscellaneous
123. Gas levy.
124. Inheritance tax: restriction on power to require information.
125. Information for tax authorities in other member States.
126. Pools payments for football ground improvements.
127. Definition of "local authority" for certain tax purposes.
128. Repayment of fees and charges.
129. Settlement of stock disputes by deputy registrars.
130. Limit for local loans.
 
General
131. Interpretation etc.
132. Repeals.
133. Short title.
 
 Schedules:
 Schedule 1— Table of rates of duty on wine and made-wine.
 Schedule 2— Vehicles excise duty: rates.
 Part I— Table substituted in Part II of Schedule 3 to the 1971 Act and the 1972 Act.
 Part II— Amendments of Part I of Schedule 4 to the 1971 Act.
 Part III— Amendments of Part I of Schedule 4 to the 1972 Act.
 Part IV— Tables substituted in Part II of Schedule 4 to the 1971 Act and the 1972 Act.
 Schedule 3— Entry of goods on importation.
 Schedule 4— Limit on chargeable mileage profit.
 Schedule 5— Building societies and deposit-takers.
 Schedule 6— Life assurance: apportionment of income etc.
 Schedule 7— Overseas life assurance business.
 Schedule 8— Insurance companies: holdings of unit trusts etc.
 Schedule 9— Insurance companies: transfers of long term business.
 Schedule 10— Convertible securities.
 Part I— Introduction.
 Part II— Charge to tax.
 Part III— The issuing company.
 Part IV— Amendments.
 Part V— Application of Schedule.
 Schedule 11— European Economic Interest Groupings.
 Schedule 12— Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.
 Schedule 13— Capital allowances: miscellaneous amendments.
 Schedule 14— Amendments correcting errors in the Taxes Act 1988.
 Part I— Amendments of the Taxes Act 1988.
 Part II— Amendments of other enactments.
 Schedule 15— Claims for group relief.
 Schedule 16— Capital allowances: claims by companies.
 Schedule 17— Capital allowances: assimilation of claims by companies to claims by individuals.
 Schedule 18— Definition of "local authority".
 Schedule 19— Repeals.
 Part I— Customs and excise.
 Part II— Vehicles excise duty.
 Part III—