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Finance Act 2006 (c. 25)

(The document as of February, 2008)

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Finance Act 2006

2006 CHAPTER 25

CONTENTS

Content
  1. Part 1

    Excise duties

    1. Tobacco products duty

      1. 1. Rates of tobacco products duty

      2. 2. Tobacco products duty: evasion

    2. Alcoholic liquor duties

      1. 3. Rate of duty on beer

      2. 4. Rates of duty on wine and made-wine

      3. 5. Repeal of provisions of ALDA 1979 of no practical utility etc

    3. Hydrocarbon oil duties

      1. 6. Rates until 1st September 2006

      2. 7. Rates from 1st September 2006

      3. 8. Road vehicles

    4. Betting and gaming duties

      1. 9. General betting duty: gaming machines

      2. 10. Rates of gaming duty

    5. Amusement machine licence duty

      1. 11. Definition of "gaming machine"

      2. 12. Classes of machine and rates of duty

    6. Vehicle excise duty

      1. 13. Rates

      2. 14. Reduced pollution certificates

      3. 15. Late renewal supplement

  2. Part 2

    Value added tax

    1. Gaming machines

      1. 16. Gaming machines

    2. Land

      1. 17. Buildings and land

    3. Imported works of art etc

      1. 18. Value of imported works of art etc: auctioneer's commission

    4. Avoidance and fraud

      1. 19. Missing trader intra-community fraud

      2. 20. Power to inspect goods

      3. 21. Directions to keep records where belief VAT might not be paid

      4. 22. Treatment of credit vouchers

  3. Part 3

    Income tax, corporation tax and capital gains tax

    1. Chapter 1

      Income tax and corporation tax: charge and rate bands

      1. Income tax

        1. 23. Charge and rates for 2006-07

      2. Corporation tax

        1. 24. Charge and main rate for financial year 2007

        2. 25. Small companies' rate and fraction for financial year 2006

        3. 26. Abolition of corporation tax starting rate and non-corporate distribution rate

    2. Chapter 2

      Reliefs for business

      1. Group relief

        1. 27. Group relief where surrendering company not resident in UK

      2. Research and development

        1. 28. Relief for research and development: subjects of clinical trials

        2. 29. Claims for relief for research and development

      3. Capital allowances

        1. 30. Temporary increase in amount of first-year allowances for small enterprises

    3. Chapter 3

      Films and sound recordings

      1. Introductory

        1. 31. Meaning of "film" and related expressions

        2. 32. Meaning of "film production company"

        3. 33. Meaning of "film-making activities" etc

        4. 34. Meaning of "production expenditure" and related expressions

        5. 35. Meaning of "UK expenditure"

        6. 36. Meaning of "qualifying co-production" and "co-producer"

      2. Taxation of activities of film production company

        1. 37. Taxation of activities of film production company

      3. Film tax relief

        1. 38. Films qualifying for film tax relief

        2. 39. Conditions of relief: intended theatrical release

        3. 40. Conditions of relief: British film

        4. 41. Conditions of relief: UK expenditure

        5. 42. Film tax relief: further provisions

      4. Film losses

        1. 43. Films: restriction on use of losses while film in production

        2. 44. Films: use of losses in later periods

        3. 45. Films: terminal losses

      5. Films: withdrawal of existing reliefs

        1. 46. Films: withdrawal of existing reliefs (corporation tax)

        2. 47. Films: withdrawal of existing reliefs (income tax)

      6. Corporation tax treatment of sound recordings

        1. 48. Sound recordings: revenue nature of expenditure

        2. 49. Sound recordings: allocation of expenditure

        3. 50. Sound recordings: interpretation

      7. Supplementary provisions

        1. 51. Corporation tax: films and sound recordings as intangible fixed assets

        2. 52. Films: application of provisions to certain films already in production

        3. 53. Films and sound recordings: commencement and power to alter dates

    4. Chapter 4

      Charities

      1. 54. Transactions with substantial donors

      2. 55. Non-charitable expenditure

      3. 56. Trade profits

      4. 57. Gift aid relief for companies wholly owned by one or more charities

      5. 58. Extension of restrictions on gift aid payments by close companies

    5. Chapter 5

      Personal taxation

      1. Cars

        1. 59. Cars with a CO2 emissions figure

      2. Mobile telephones and computers

        1. 60. Mobile telephones

        2. 61. Computer equipment

      3. Eye care

        1. 62. Exemption for employees' eye tests and special glasses

      4. Vouchers and tokens

        1. 63. Power to exempt use of vouchers or tokens to obtain exempt benefits

      5. Holocaust victims

        1. 64. Payments to or in respect of victims of National-Socialist persecution

    6. Chapter 6

      The London Olympic Games and Paralympic Games

      1. 65. London Organising Committee

      2. 66. Section 65: supplementary

      3. 67. International Olympic Committee

      4. 68. Competitors and staff

    7. Chapter 7

      Chargeable gains

      1. Capital losses

        1. 69. Restriction on a company's allowable losses

        2. 70. Restrictions on companies buying losses or gains

        3. 71. Other avoidance involving losses accruing to companies

        4. 72. Repeal of s.106 of TCGA 1992

      2. Insurance policies and annuities

        1. 73. Policies of insurance and non-deferred annuities

      3. Capital gains tax

        1. 74. Exception to "bed and breakfasting" rules etc

    8. Chapter 8

      Avoidance: miscellaneous

      1. Film partnerships

        1. 75. Interest relief: film partnership

      2. Financial instruments

        1. 76. Avoidance involving financial arrangements

      3. Intangible fixed assets

        1. 77. Treating assets as "existing assets" etc

      4. International matters

        1. 78. Controlled foreign companies and treaty non-resident companies

        2. 79. Transfer of assets abroad

      5. Pre-owned assets

        1. 80. Restriction of exemption from charge to income tax

    9. Chapter 9

      Miscellaneous provisions

      1. Leasing of plant or machinery

        1. 81. Leases of plant or machinery

      2. Sale of lessors

        1. 82. Sale etc of lessor companies etc

        2. 83. Restrictions on use of losses etc: leasing partnerships

        3. 84. Disposal of plant or machinery subject to lease where income retained

        4. 85. Restrictions on effect of elections under section 266 of CAA 2001

      3. Insurance companies and policyholders

        1. 86. Insurance companies

        2. 87. Qualifying policies: altering method for calculating benefits

      4. Settlements

        1. 88. Settlements, etc: chargeable gains

        2. 89. Settlements, etc: income

        3. 90. Special trusts tax rates not to apply to social landlords' service charge income

      5. Investment reliefs

        1. 91. Venture capital schemes

      6. Employment-related securities

        1. 92. Avoidance using options etc

        2. 93. Corporation tax relief for shares acquired under EMI option

      7. PAYE

        1. 94. PAYE: retrospective notional payments

      8. Alternative finance arrangements

        1. 95. Profit share agency

        2. 96. Diminishing shared ownership

        3. 97. Beneficial loans to employees

        4. 98. Regulations

      9. Nuclear decommissioning

        1. 99. Amendment of section 29 of the Energy Act 2004

        2. 100. Amendment of section 30 of the Energy Act 2004

      10. Accounting practice

        1. 101. Securitisation companies

        2. 102. Accountancy change: spreading of adjustment

  4. Part 4

    Real Estate Investment Trusts

    1. Introduction

      1. 103. Real Estate Investment Trusts

      2. 104. Property rental business

      3. 105. Other key concepts

      4. 106. Conditions for company

      5. 107. Conditions for tax-exempt business

      6. 108. Conditions for balance of business

    2. Entering Real Estate Investment Trust Regime

      1. 109. Notice

      2. 110. Duration

      3. 111. Effects of entry

      4. 112. Entry charge

    3. Assets etc

      1. 113. Ring-fencing of tax-exempt business

      2. 114. Maximum shareholding

      3. 115. Profit: financing-cost ratio

      4. 116. Minor or inadvertent breach

      5. 117. Cancellation of tax advantage

      6. 118. Funds awaiting re-investment

    4. Profits

      1. 119. Corporation tax

      2. 120. Calculation of profits

      3. 121. Distributions: liability to tax

      4. 122. Distributions: deduction of tax

      5. 123. Attribution of distributions

    5. Capital gains

      1. 124. Corporation tax

      2. 125. Movement of assets out of ring-fence

      3. 126. Movement of assets into ring-fence

      4. 127. Interpretation

    6. Leaving Real Estate Investment Trust Regime

      1. 128. Termination by notice: company

      2. 129. Termination by notice: Commissioners

      3. 130. Automatic termination for breach of requirement

      4. 131. Effects of cessation

      5. 132. Early exit by notice

      6. 133. Early exit

    7. Groups

      1. 134. Group Real Estate Investment Trusts

      2. 135. Transfer within group

      3. 136. Availability of group reliefs

    8. Miscellaneous

      1. 137. Insurance companies

      2. 138. Joint ventures

      3. 139. Manufactured dividends

      4. 140. Penalties for failure to give notice, etc

      5. 141. Effect of deemed disposal and re-acquisition

      6. 142. Interpretation

      7. 143. Housing investment trusts: repeal

  • Part 5

    Oil

    1. New basis for determining market value

      1. 146. New basis for determining the market value of oil

      2. 147. Section 146: commencement and transitional provisions

    2. Attribution of blended crude oil

      1. 148. Crude oil: power to make regulations

    3. Nomination scheme

      1. 149. Nomination scheme

      2. 150. Amendment of Schedule 10 to FA 1987

      3. 151. Nomination excesses and corporation tax

    4. Ring fence trades

      1. 152. Increase in rate of supplementary charge

      2. 153. Election to defer capital allowances

      3. 154. Ring fence expenditure supplement

  • Part 6

    Inheritance tax

    1. Future rates and bands

      1. 155. Rates and rate bands for 2008-09 and 2009-10

    2. Trusts

      1. 156. Rules for trusts etc

      2. 157. Purchase of interests in foreign trusts

  • Part 7

    Pensions

    1. 158. Taxable property held by investment-regulated pension schemes

    2. 159. Recycling of lump sums

    3. 160. Inheritance tax

    4. 161. Miscellaneous

  • Part 8

    Stamp taxes

    1. Stamp duty and stamp duty land tax: thresholds

      1. 162. Raising of thresholds

    2. Stamp duty land tax

      1. 163. Partnerships

      2. 164. Leases

      3. 165. Reallocation of trust property as between beneficiaries

      4. 166. Unit trust schemes

      5. 167. Demutualisation of insurance companies

      6. 168. Alternative finance

    3. Stamp duty

      1. 169. Reliefs for certain company acquisitions

  • Part 9

    Miscellaneous provisions

    1. Landfill tax

      1. 170. Rate of landfill tax

    2. Climate change levy

      1. 171. Climate change levy: rates

      2. 172. Abolition of half-rate supplies etc

    3. International tax arrangements

      1. 173. International tax enforcement arrangements

      2. 174. Arrangements under section 173: information powers

      3. 175. Arrangements under section 173: recovery of debts

      4. 176. Double taxation agreements: procedure

    4. Disclosure of information

      1. 177. Disclosure of information

  • Part 10

    Supplementary provisions

    1. 178. Repeals

    2. 179. Interpretation

    3. 180. Short title

    1. Schedule 1

      Group relief where surrendering company not resident in UK

      1. Part 1

        Amendments of Chapter 4 of Part 10 of ICTA

      2. Part 2

        Amendments of other enactments

      3. Part 3

        Commencement

    2. Schedule 2

      Relief for research and development: subjects of clinical trials

    3. Schedule 3

      Claims for relief for research and development

    4. Schedule 4

      Taxation of activities of film production company

    5. Schedule 5

      Film tax relief: further provisions

      1. Part 1

        Entitlement to film tax relief

      2. Part 2

        Certification of British films for purposes of film tax relief

      3. Part 3

        Consequential amendments

      4. Part 4

        Provisional entitlement to relief

    6. Schedule 6

      Avoidance involving financial arrangements

    7. Schedule 7

      Transfer of assets abroad

    8. Schedule 8

      Long funding leases of plant or machinery

      1. Part 1

        Capital allowances

      2. Part 2

        Corporation tax

      3. Part 3

        Income tax

      4. Part 4

        Commencement and transitional provisions

    9. Schedule 9

      Leases of plant or machinery: miscellaneous amendments

    10. Schedule 10

      Sale etc of lessor companies etc

      1. Part 1

        Introduction

      2. Part 2

        Leasing business carried on by a company alone

      3. Part 3

        Leasing business carried on by a company in partnership

      4. Part 4

        Miscellaneous

    11. Schedule 11

      Insurance companies

    12. Schedule 12

      Settlements: amendment of TCGA 1992 etc

      1. Part 1

        Settlors, trustees and settlements

      2. Part 2

        Sub-fund settlements

      3. Part 3

        Consequential and minor amendments

    13. Schedule 13

      Settlements: amendments to ICTA and ITTOIA 2005 etc

      1. Part 1

        Principal amendments

      2. Part 2

        Minor and consequential amendments

    14. Schedule 14

      Investment reliefs: venture capital schemes

      1. Part 1

        Limits on gross assets of issuers of shares or securities

      2. Part 2

        Rate of relief for investments in venture capital trusts

      3. Part 3

        Enterprise investment scheme: maximum subscriptions and carry-back of relief

      4. Part 4

        Lengthening of periods applicable to venture capital trusts

      5. Part 5

        Venture capital trusts: meaning of "investments"

    15. Schedule 15

      Accountancy change: spreading of adjustment

      1. Part 1

        Income tax

      2. Part 2

        Corporation tax

    16. Schedule 16

      Real Estate Investment Trusts: excluded business and income

      1. Part 1

        Classes of business

      2. Part 2

        Classes of income or profit

      3. Part 3

        Power to amend

    17. Schedule 17

      Group Real Estate Investment Trusts: modifications

    18. Schedule 18

      Oil taxation: market value of oil

      1. Part 1

        Amendments of the Oil Taxation Act 1975

      2. Part 2

        Amendments of other enactments

    19. Schedule 19

      Schedule to be inserted as Schedule 19C to ICTA

    20. Schedule 20

      Inheritance tax: rules for trusts etc

      1. Part 1

        "Trusts for bereaved minors", "age 18-to-25 trusts" and "accumulation and maintenance" trusts

      2. Part 2

        Interests in possession: when settled property is part of beneficiary's estate

      3. Part 3

        Related amendments in IHTA 1984

      4. Part 4

        Related amendments in TCGA 1992

      5. Part 5

        Property subject to a reservation

      6. Part 6

        Conditional exemption: relief from charges

    21. Schedule 21

      Taxable property held by investment-regulated pension schemes

    22. Schedule 22

      Pension schemes: inheritance tax

    23. Schedule 23

      Pension schemes etc: miscellaneous

    24. Schedule 24

      Stamp duty land tax: amendments of Schedule 15 to FA 2003

    25. Schedule 25

      Stamp duty land tax: amendments of Schedule 17A to FA 2003

    26. Schedule 26

      Repeals

      1. Part 1

        Excise duties

      2. Part 2

        Value added tax

      3. Part 3

        Income tax, corporation tax and capital gains tax

      4. Part 4

        Real Estate Investment Trusts

      5. Part 5

        Oil

      6. Part 6

        Inheritance tax

      7. Part 7

        Stamp taxes

      8. Part 8

        Miscellaneous provisions

  • 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.

    [19th July 2006]

    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 to 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:--



    Part 1 Excise duties

    Tobacco products duty

    1 Rates of tobacco products duty

    (1) For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute--

    Table
    1. CigarettesAn amount equal to 22 per cent of the retail price plus £105.10 per thousand cigarettes.
    2. CigarsВЈ153.07 per kilogram.
    3. Hand-rolling tobaccoВЈ110.02 per kilogram.
    4. Other smoking tobacco and chewing tobaccoВЈ67.30 per kilogram.

    (2) This section shall be deemed to have come into force at 6 o'clock in the evening of 22nd March 2006.

    2 Tobacco products duty: evasion

    (1) After section 7 of the Tobacco Products Duty Act 1979 (c. 7) (regulations for management of duty) insert--

    " 7A Duty not to facilitate smuggling

    (1) A manufacturer of cigarettes or hand-rolling tobacco shall so far as is reasonably practicable avoid--

    (a) supplying cigarettes or hand-rolling tobacco to persons who are likely to smuggle them into the United Kingdom,

    (b) supplying cigarettes or hand-rolling tobacco where the nature or circumstances of the supply makes it likely that they will be resupplied to persons who are likely to smuggle them into the United Kingdom, or

    (c) otherwise facilitating the smuggling into the United Kingdom of cigarettes or hand-rolling tobacco.

    (2) In particular, a manufacturer--

    (a) in supplying cigarettes or hand-rolling tobacco to persons carrying on business in or in relation to a country other than the United Kingdom, shall consider whether the size or nature of the supply suggests that the products may be required for smuggling into the United Kingdom,

    (b) shall maintain a written policy about steps to be taken for the purpose of complying with the duty under subsection (1), and

    (c) shall provide a copy of the policy to the Commissioners on request.

    (3) In this section a reference to smuggling products into the United Kingdom is a reference to importing them into the United Kingdom without payment of duty which is--

    (a) chargeable under section 2, and

    (b) payable by virtue of section 1(1) of the Finance (No. 2) Act 1992 (c. 48) (power to fix excise duty point).

    (4) The Commissioners may notify a manufacturer in writing that they think the risk of smuggling into the United Kingdom is particularly great in relation to--

    (a) products marketed under a specified brand name;

    (b) products supplied to persons carrying on business in or in relation to a specified country or place.

    (5) The Commissioners may by notice in writing require a manufacturer of cigarettes or hand-rolling tobacco to provide, within a specified period of time, specified information about--

    (a) supply of products marketed under a brand name specified under subsection (4)(a);

    (b) supply to persons carrying on business in or in relation to a country or place specified under subsection (4)(b);

    (c) demand for cigarettes or hand-rolling tobacco in a country or place specified under subsection (4)(b).

    (6) The Commissioners may issue guidance about the content of policies under subsection (2)(b).

    (7) The Commissioners may make regulations--

    (a) under which they are required to notify manufacturers of cigarettes or hand-rolling tobacco where products of a kind specified in the regulations are seized under section 139 of the Customs and Excise Management Act 1979 (c. 2) in circumstances specified in the regulations,

    (b) specifying the procedure for notification,

    (c) including provision about access to seized products for the purpose of determining who manufactured them, and

    (d) requiring manufacturers to provide the Commissioners with information or documents, of a kind specified in the regulations or determined by the Commissioners, in relation to notified seizures.

    7B Penalty for facilitating smuggling: initial notice

    (1) Where the Commissioners think that a manufacturer has without reasonable excuse failed to comply with the duty under section 7A(1) they may give him written notice that they are considering requiring him to pay a penalty.

    (2) In determining whether to give notice to a manufacturer under subsection (1) the Commissioners shall have regard to--

    (a) the content of the manufacturer's policy under section 7A(2)(b),

    (b) compliance with that policy,

    (c) action taken pursuant to any notice under section 7A(4),

    (d) compliance by the manufacturer with any notice under section 7A(5),

    (e) the number, size and nature of seizures of which the manufacturer has been given notice by virtue of section 7A(7)(a),

    (f) compliance by the manufacturer with any requirement by virtue of section 7A(7)(d),

    (g) evidence about the level of demand for the manufacturer's products for consumption outside the United Kingdom, and

    (h) any other matter that they think relevant.

    (3) A notice must specify the matters to which the Commissioners have had regard in determining to give it.

    (4) After the end of the period of six months beginning with the date on which a notice is given to a manufacturer, the Commissioners shall give him notice in writing either--

    (a) that they require payment of a penalty, or

    (b) that they do not require payment of a penalty.

    (5) The Commissioners shall comply with subsection (4) during the period of 45 days beginning with the end of the period specified in that subsection; and for that purpose they shall consider--

    (a) any representations made by the manufacturer during that period in such form and manner as the Commissioners may direct, and

    (b) action taken by the manufacturer during that period.

    7C Penalty for facilitating evasion: penalty notice

    (1) A notice under section 7B(4)(a) (a "penalty notice") must--

    (a) specify the amount of the penalty which the manufacturer is required to pay, and

    (b) state the grounds on which the Commissioners think that the manufacturer has failed to comply with the duty under section 7A(1).

    (2) The amount specified under subsection (1)(a) must not exceed £5 million; and in determining the amount to specify the Commissioners shall have regard to--

    (a) the nature or extent of the manufacturer's failure to comply with the duty under section 7A(1),

    (b) action taken by the manufacturer to secure compliance with that duty,

    (c) the content of the manufacturer's policy under section 7A(2)(b),

    (d) compliance with that policy,

    (e) action taken pursuant to any notice under section 7A(4),

    (f) compliance by the manufacturer with any notice under section 7A(5),

    (g) the number, size and nature of seizures of which the manufacturer has been given notice by virtue of section 7A(7)(a),

    (h) the loss of revenue by way of duty under section 2, or VAT, in respect of the products seized, and

    (i) any other matter that they think relevant.

    (3) A manufacturer who is given a penalty notice may require the Commissioners to review the decision to issue the notice; and--

    (a) a requirement must be imposed by notice in writing given to the Commissioners before the end of the period of 45 days beginning with the date of the penalty notice,

    (b) the Commissioners shall comply with a requirement given in accordance with paragraph (a),

    (c) the Commissioners shall confirm, vary or withdraw the penalty notice, and

    (d) the Commissioners shall be taken to have confirmed the penalty notice unless, within the period of 45 days beginning with the date of the requirement to conduct the review, they have varied or withdrawn it by notice in writing to the manufacturer.

    (4) If following a requirement under subsection (3) the Commissioners confirm or vary the notice (or are taken to have confirmed it) the manufacturer may appeal to a VAT and duties tribunal.

    (5) The tribunal may--

    (a) cancel the penalty notice,

    (b) reduce the penalty, or

    (c) confirm the penalty notice.

    7D Sections 7A to 7C: supplemental

    (1) Payment of a penalty imposed under section 7B(4)(a) shall not be allowed as a deduction in computing income, profits or losses for purposes of income tax or corporation tax.

    (2) A penalty may be enforced as a debt due to the Commissioners.

    (3) In sections 7A to 7C and this section a reference to a manufacturer of cigarettes or hand-rolling tobacco includes a reference to a person who, in the opinion of the Commissioners--

    (a) arranges to have cigarettes or hand-rolling tobacco manufactured, and

    (b) is wholly or partly responsible for the initial supply of the products after manufacture.

    (4) Where a manufacturer is a parent undertaking or a subsidiary undertaking (within the meaning of section 258 of the Companies Act 1985 (c. 6)) the Commissioners may--

    (a) treat the parent and its subsidiaries as a single undertaking for the purpose of sections 7A to 7C and this section, and

    (b) in particular, enforce a penalty imposed on the single undertaking as a debt owed by--

    (i) the single undertaking,

    (ii) the parent, or

    (iii) any of the subsidiaries.

    (5) A notice or guidance under section 7A(4) to (6)--

    (a) may be issued to manufacturers generally or to one or more manufacturers or classes of manufacturer,

    (b) may be expressed to apply to or in respect of manufacturers generally or only to or in respect of one or more specified manufacturers or classes of manufacturer,

    (c) may make provision generally or only in relation to specified cases or circumstances,

    (d) may make different provision in relation to different cases or circumstances, and

    (e) may be varied, replaced or revoked.

    (6) The Treasury may by order--

    (a) amend the list in section 7B(2) or 7C(2) so as to--

    (i) add an entry,

    (ii) remove an entry, or

    (iii) amend an entry;

    (b) amend sections 7A to 7C and this section so as to alter the class of tobacco products in relation to which they apply.

    (7) An order under subsection (6)--

    (a) may include transitional, consequential or incidental provision,

    (b) shall be made by statutory instrument,

    (c) shall be laid before the House of Commons, and

    (d) shall cease to have effect unless approved by resolution of the House of Commons within the period of 28 days beginning with the date on which it is laid (disregarding any period of dissolution or prorogation or of adjournment for more than four days). "

    (2) At the end of section 9 of the Tobacco Products Duty Act 1979 (c. 7) (regulations) (which becomes subsection (1)) add--

    " (2) Regulations under this Act--

    (a) may enable the Commissioners to dispense with compliance with a provision of the regulations (whether absolutely or conditionally),

    (b) may make provision generally or only in relation to specified cases or circumstances,

    (c) may make different provision in relation to different cases or circumstances, and

    (d) may include transitional, consequential or incidental provision. "

    (3) This section shall come into force in accordance with provision made by the Treasury by order.

    (4) An order under subsection (3)--

    (a) may include transitional, consequential or incidental provision, and

    (b) shall be made by statutory instrument.



    Alcoholic liquor duties

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