Finance Act 1994 (c. 9)

(The document as of February, 2008)

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(4) Sub-paragraphs (5) and (6) of paragraph 20 above shall apply in relation to any determination of any amount in accordance with any provision made by a restructuring scheme for the purposes of this paragraph as they apply for the purposes of a determination such as is mentioned in those sub-paragraphs.

(5) Where there is a determination, or a modification of a determination, for any purposes of this paragraph, all necessary adjustments shall be made by making assessments or by repayment or discharge of tax, and shall be so made notwithstanding any limitation on the time within which assessments may be made.

Capital allowances: actual consideration to be the disposal value in certain other cases

22 (1) In this paragraph, "relevant disposal" means--

(a) a disposal by virtue of a section 85 transfer scheme, other than a restructuring scheme, to the extent that the scheme provides for the transfer of property, rights and liabilities of--

(i) the Board,

(ii) a wholly owned subsidiary of the Board,

(iii) a publicly owned railway company, or

(iv) a company which is wholly owned by the Franchising Director,

to a franchise company or to the Franchising Director;

(b) a disposal pursuant to a direction under section 89 of the [1993 c. 43.] Railways Act 1993;

(d) a disposal by or pursuant to an agreement or instrument made or executed, transaction effected or direction given under or by virtue of paragraph 2, 3 or 14(2) of Schedule 8 to that Act, in a case where the transfer scheme in question is a section 85 transfer scheme, other than a restructuring scheme; or

(e) a disposal pursuant to a requirement imposed under paragraph 7(2)(b) of that Schedule, in a case where the transfer to which that Schedule applies is a transfer by virtue of a section 85 transfer scheme.

(2) A relevant disposal of the relevant interest in--

(a) an industrial building or structure, or

(b) a qualifying hotel or a commercial building or structure,

shall be treated for the purposes of Part I of the Allowances Act, and the other provisions of that Act which are relevant to that Part, as a sale of that relevant interest; and sections 157 and 158 of that Act (sales between connected persons or without change of control) shall not have effect in relation to that sale.

(3) Where there is a relevant disposal of machinery or plant, the amount which, in consequence of that disposal, is to be brought into account as the disposal value of that machinery or plant for the purposes of section 24 of the Allowances Act (balancing adjustments) shall, subject to section 26(2) and (3) of that Act (disposal value of machinery or plant not to exceed capital expenditure incurred on its provision) be taken--

(a) if consideration is given in respect of the relevant disposal, to be an amount equal to the amount or value of that consideration, or

(b) if no such consideration is given, to be nil,

notwithstanding any other provision of the Capital Allowances Acts.

(4) Where, in consequence of a relevant disposal, a fixture is treated by section 57(2) of the Allowances Act as ceasing to belong to a person at any time, the amount which, in consequence of that disposal, is to be brought into account as the disposal value of the fixture for the purposes of section 24 of that Act shall, subject to section 26(2) and (3) of that Act, be taken--

(a) if consideration is given in respect of the relevant disposal, to be an amount equal to that portion of the amount or value of that consideration which falls (or, if the person to whom the relevant disposal is made were entitled to an allowance, would fall) to be treated for the purposes of Part II of that Act as expenditure incurred by that person on the provision of the fixture, or

(b) if no such consideration is given, to be nil,

notwithstanding any other provision of the Capital Allowances Acts.

Sale and lease-back: limitation on tax reliefs

23 (1) Section 779 of the Taxes Act 1988 (sale and lease back) shall not apply by virtue of subsection (1) or (2) of that section in any case where the liability of the transferor, or of the person associated with the transferor, is--

(a) a liability under an access agreement, within the meaning of Part I of the [1993 c. 43.] Railways Act 1993;

(b) a liability under an agreement or instrument made or executed--

(i) pursuant to an obligation imposed by a restructuring scheme by virtue of section 91(1)(c) of that Act; or

(ii) pursuant to paragraph 2 of Schedule 8 to that Act;

(d) a liability to pay exempt rent or to make other exempt payments.

(2) A lease is "exempt" for the purposes of sub-paragraph (1)(c) above if--

(a) the transfer mentioned in subsection (1) of section 779 of the Taxes Act 1988 is--

(i) a transfer by virtue of a restructuring scheme;

(ii) a transfer pursuant to an obligation imposed by a restructuring scheme by virtue of section 91(1)(c) of the [1993 c. 43.] Railways Act 1993; or

(iii) a transfer pursuant to paragraph 2 of Schedule 8 to that Act; and

(b) the lease is granted after that transfer and otherwise than pursuant to--

(i) an obligation imposed by a restructuring scheme by virtue of section 91(1)(c) of the [1993 c. 43.] Railways Act 1993; or

(ii) paragraph 2 of Schedule 8 to that Act.

(3) Rent or other payments are "exempt" for the purposes of paragraph (d) of sub-paragraph (1) above if--

(a) the rent or other payments would, apart from that paragraph, be rent or other payments to which section 779 of the Taxes Act 1988 applies by virtue of subsection (1) or (2) of that section;

(b) the transfer mentioned in subsection (1) or, as the case may be, subsection (2)(a) of that section is--

(i) a transfer by virtue of a restructuring scheme;

(ii) a transfer pursuant to an obligation imposed by a restructuring scheme by virtue of section 91(1)(c) of the [1993 c. 43.] Railways Act 1993; or

(iii) a transfer pursuant to paragraph 2 of Schedule 8 to that Act; and

(c) the transaction or series of transactions mentioned in subsection (1)(b) or, as the case may be, subsection (2)(b) of the said section 779 is effected after that transfer.

(4) In this paragraph "transferor", "lease" and "rent" have the same meaning as they have in section 779 of the Taxes Act 1988 and "associated" shall be construed in accordance with subsection (11) of that section.

Sales of land with right to reconveyance

24 No charge to tax shall arise by virtue of section 36 of the Taxes Act 1988 (charge on sale of land with right to reconveyance) where the sale in question is constituted by a disposition to a franchise company--

(a) by virtue of a transfer scheme;

(b) pursuant to an obligation imposed by a transfer scheme by virtue of section 91(1)(c) of the [1993 c. 43.] Railways Act 1993; or

Modifications of restructuring scheme

25 (1) Subject to sub-paragraph (2) below, where the effect of a restructuring scheme is modified in pursuance of an agreement or direction under paragraph 2 or 3 of Schedule 8 to the [1993 c. 43.] Railways Act 1993, the Corporation Tax Acts and this Schedule shall have effect as if--

(a) the scheme originally made had been the scheme as modified; and

(b) anything done by or in relation to the preceding holder had, so far as relating to the property, rights or liabilities affected by the modification, been done by or in relation to the subsequent holder.

(2) A disposal of an asset--

(a) which is effected in pursuance of an agreement or direction under paragraph 2 of Schedule 8 to the [1993 c. 43.] Railways Act 1993, and

(b) which is either the grant of a lease of land or the creation of other liabilities and rights over land,

shall be taken for the purposes of corporation tax on chargeable gains, in relation to the person to whom the disposal is made as well as the person making the disposal, to be effected for a consideration such that no gain or loss accrues to the person making the disposal.

(3) Section 171(1) of the Gains Act (transfers within a group) shall not apply where the disposal in question falls within sub-paragraph (2) above.

(4) Any reference in sub-paragraph (1) or (2) above to an agreement or direction under paragraph 2 or 3 of Schedule 8 to the [1993 c. 43.] Railways Act 1993 includes a reference to such an agreement or direction as varied in accordance with a direction given by the Secretary of State under paragraph 14(2) of that Schedule.

(5) For the purposes of sub-paragraph (1)(b) above--

"the preceding holder" means the person who without the modification in question--
(a)
became, by virtue of the restructuring scheme in question, entitled or subject to the property, rights or liabilities affected by the modification, or
(b)
remained, notwithstanding the restructuring scheme in question, entitled or subject to the property, rights or liabilities affected by the modification,

as the case may be;
"the subsequent holder" means the person who, in consequence of the modification in question, becomes, or resumes being, entitled or subject to the property, rights or liabilities affected by the modification.

Income tax exemption for certain interest

26 Where liability for a loan made to the Board is vested in a successor company by virtue of a section 85 transfer scheme, the vesting shall not affect any direction given, or having effect as if given, by the Treasury under section 581 of the Taxes Act 1988 (income tax exemption for interest on foreign currency securities) in respect of the loan.

Employee benefits: transport vouchers

27 (1) This paragraph applies to any person (an "eligible person")--

(a) who on 11th January 1994 was in the employment of--

(i) the Board,

(ii) a wholly owned subsidiary of the Board, or

(iii) any other subsidiary of the Board which, at that date, was a passenger transport undertaking; and

(b) who at that date was provided, or was eligible to be provided, by reason of that employment, with a transport voucher falling within subsection (6) of section 141 of the Taxes Act 1988 (exclusion of subsection (1) of that section in relation to certain transport vouchers);

but this sub-paragraph is subject to sub-paragraph (2) below.

(2) This paragraph shall not apply, or shall cease to apply, to a person if, on or after 11th January 1994, any of the following conditions became or becomes satisfied in his case, that is to say--

(a) he ceases, otherwise than--

(i) by virtue of anything done under or by virtue of, or pursuant to, the [1993 c. 43.] Railways Act 1993, or

(ii) by virtue of any other enactment or statutory instrument, in consequence of anything so done,

to be in the employment of a person falling within sub-paragraph (i) or, as the case may be, sub-paragraph (ii) or (iii) of sub-paragraph (1)(a) above;

(b) he is not in the employment of any person engaged in the railway industry; or

(3) Subsection (6) of section 141 of the Taxes Act 1988 shall, if and so long as the conditions in sub-paragraph (4) below are satisfied, have effect in relation to a transport voucher provided for an eligible person, notwithstanding--

(a) that the employer of the eligible person does not fall to be regarded as a passenger transport undertaking;

(b) that the arrangements under which the transport voucher is provided were not in operation on 25th March 1982; or

(c) that the passenger transport services which may be obtained by means of the transport voucher are provided, in whole or in part, otherwise than as mentioned in paragraphs (a) to (d) of that subsection;

but this sub-paragraph is subject to sub-paragraph (2) above.

(4) The conditions mentioned in sub-paragraph (3) above are--

(a) that the eligible person is in the employment of an employer engaged in the railway industry;

(b) that the transport voucher is provided by reason of the eligible person's being in the employment of such an employer;

(c) that the transport voucher is intended to enable the eligible person or a relation of his to obtain passenger transport services; and

(d) that the current transport voucher benefits in the case of the eligible person are not significantly better than the former transport voucher benefits for comparable employees.

(5) The Secretary of State may, with the consent of the Treasury, by order prescribe for any purposes of this paragraph circumstances--

(a) in which a person who ceases, or ceased, as mentioned in sub-paragraph (2)(a) above to be in the employment there mentioned shall be treated--

(i) as if he had not ceased to be in that employment, or

(ii) as if he had not so ceased to be in that employment;

(b) in which a person shall be treated for a period during which he is not or was not in the employment of any person engaged in the railway industry as if he were or had been in the employment of such a person;

(d) in which a transport voucher shall be treated as if it were, or had been, provided for a person by reason of his being in the employment of an employer engaged in the railway industry.

(6) The employers who are to be regarded for the purposes of this paragraph as "engaged in the railway industry" are those who carry on activities of a class or description specified for the purposes of this sub-paragraph in an order made by the Secretary of State with the consent of the Treasury; and the Secretary of State may so specify any class or description of activity which, in his opinion, falls within, or is related to or connected with, the railway industry.

(7) Any power to make an order under this paragraph shall be exercisable by statutory instrument; and a statutory instrument containing such an order shall be subject to annulment pursuant to a resolution of the House of Commons.

(8) In determining for the purposes of sub-paragraph (4)(d) above whether the current transport voucher benefits in the case of an eligible person are not significantly better than the former transport voucher benefits for comparable employees, regard shall be had, in particular, to--

(a) the passenger transport services which may be, or (as the case may be) might have been, obtained by means of transport vouchers under the arrangements in question,

(b) whether, and (if so) the extent to which, free or concessionary travel is or (as the case may be) was available under those arrangements,

(c) the rate of any discount to the standard fare which is or (as the case may be) was available in the case of concessionary travel under those arrangements, and

(d) any limitations on the availability or use of transport vouchers under the arrangements in question.

(9) Apart from paragraph 18, so much of Schedule 13 to the [1978 c. 44.] Employment Protection (Consolidation) Act 1978 as has effect for the purpose of ascertaining whether any period of employment is continuous shall apply for the purposes of this paragraph as it applies for the purposes of that Act, except that, in the case of an employee--

(a) who is employed for less than sixteen hours, but for at least one hour, in any week, or

(b) whose relations with the employer are governed during the whole or part of a week by a contract of employment which normally involves employment for less than sixteen hours, but for at least one hour, weekly,

that Schedule shall so apply in relation to that employee and that week with the modifications in sub-paragraph (10) below.

(10) Those modifications are that the said Schedule 13 shall have effect--

(a) as if paragraph 3 provided for any week--

(i) during the whole or part of which the employee's relations with the employer are governed otherwise than by a contract of employment which requires him to be employed for a minimum number of hours weekly, and

(ii) in which the employee is employed for one hour or more,

to count in computing a period of employment;

(b) as if paragraph 4 provided for any week during the whole or part of which the employee's relations with the employer are governed by a contract of employment which normally involves employment for at least one hour, but for less than sixteen hours, weekly to count in computing a period of employment; and

(11) Expressions used in sub-paragraph (9) or (10) above and in Schedule 13 to the [1978 c. 44.] Employment Protection (Consolidation) Act 1978 have the same meaning in that sub-paragraph as they have in that Schedule.

(12) In this paragraph--

"the current transport voucher benefits", in the case of an eligible person, means the totality of the benefits which, by reason of his employment by an employer engaged in the railway industry, are available in the year in question--
(a)
to the eligible person, and
(b)
to relations of his,

by way of transport voucher under the arrangements under which the transport voucher in question is provided;
"the former transport voucher benefits for comparable employees", in the case of an eligible person, means the totality of the benefits which would, by reason of the employment by the Board of a person of similar status to the eligible person ("the comparable person"), have been available in the year 1993-94--
(a)
to the comparable person, and
(b)
to relations of his,

by way of transport voucher under arrangements in operation on 25th March 1982.

(13) Subject to paragraph 1(1) and sub-paragraphs (11) and (12) above, expressions used in this paragraph and in section 141 of the Taxes Act 1988 have the same meaning in this paragraph as they have in that section.

(14) This paragraph has effect--

(a) in relation to transport vouchers received by an employee on or after 11th January 1994; and

(b) in relation to expense incurred on or after that date in, or in connection with, the provision of--

(i) any transport voucher, or

(ii) the money, goods or services for which it is capable of being exchanged,

irrespective of when the transport voucher falls to be regarded as received by the employee in question.

Section 253.

SCHEDULE 25 Northern Ireland Airports Limited

Interpretation

1 (1) In this Schedule--

"the final accounting period" means the last complete accounting period of NIAL ending before the transfer date;
"the Holding Company" means the Northern Ireland Transport Holding Company established under section 47 of the [1967 c. 37 (N.I.).] Transport Act (Northern Ireland) 1967;
"NIAL" means the subsidiary of the Holding Company incorporated under the name of Northern Ireland Airports Limited;
"the Order" means the [S.I. 1994/426 (N.I.).] Airports (Northern Ireland) Order 1994 and any reference to an Article is to an Article of the Order;
"the successor company" means the company nominated under Article 51(1) as the successor company for the purposes of the Order;
"the transfer date" means the day appointed under Article 54(2);
"the transferred trade" means the trade carried on by NIAL and transferred under Article 54(2) to the successor company.

(2) This Schedule, so far as it relates to corporation tax on chargeable gains, shall be construed as one with the [1992 c. 12.] Taxation of Chargeable Gains Act 1992.

Transfers from NIAL to successor company: general

2 (1) The following shall apply for the purposes of the Corporation Tax Acts--

(a) the transferred trade shall be treated as having been, at the time when it began to be carried on by NIAL and at all times since that time, a separate trade carried on by the successor company;

(b) the trade carried on by the successor company on and after the transfer date shall be treated as the same trade as that which, by virtue of paragraph (a) above, it is treated as having carried on before that date;

(c) all property, rights and liabilities of NIAL which are transferred under Article 54(2) to the successor company shall be treated as having been, at the time when they became vested in NIAL and at all times since that time, property, rights and liabilities of the successor company; and

(d) anything done by NIAL in relation to any property, rights and liabilities which are transferred under Article 54(2) to the successor company shall be deemed to have been done by the successor company.

(2) This paragraph shall have effect in relation to accounting periods beginning after the final accounting period.

Roll-over relief

3 (1) This paragraph applies where NIAL has, before the transfer date, disposed of (or of its interest in) any assets used, throughout the period of ownership, wholly or partly for the purposes of the transferred trade.

(2) Sections 152 to 156 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (roll-over relief on replacement of business assets) shall have effect in relation to that disposal as if NIAL and the successor company were the same person.

Transfers from Holding Company to successor company

4 (1) This paragraph applies where under Article 54(2) an asset of the Holding Company is transferred to the successor company.

(2) The disposal of the asset by the Holding Company shall be taken for the purposes of corporation tax on chargeable gains to be effected for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the Holding company.

(3) In section 35(3)(d) of the Taxation of Chargeable Gains Act 1992 after sub-paragraph (ix) there shall be inserted--

" (x) paragraph 4(2) of Schedule 25 to the Finance Act 1994. "

Leasehold interests in industrial buildings or structures

5 (1) This paragraph applies where--

(a) NIAL is entitled, under a lease granted by the Holding Company, to a leasehold interest in a building or structure,

(b) by virtue of Article 52(2)(b) that interest is deemed to have been surrendered by NIAL,

(c) under Article 52(3) the Holding Company and NIAL enter into a lease under which NIAL is entitled to a leasehold interest ("the new interest") in the property, and

(d) under Article 54(2) that interest is transferred to the successor company.

(2) For the purposes of the 1990 Act--

(a) the surrender shall be deemed to be for such an amount (by way of sale, insurance, salvage or compensation moneys) as would secure that no balancing allowance or balancing charge would be made to or on NIAL by reason of the surrender ("the surrender value");

(b) the successor company shall be treated for the purposes of the 1990 Act--

(i) as if the new interest were the relevant interest in relation to the capital expenditure incurred on the construction of the property; and

(ii) as if the amount of the residue of that expenditure immediately after the transfer of the new interest were equal to the surrender value.

(3) In this paragraph--

"the 1990 Act" means the [1990 c. 1.] Capital Allowances Act 1990;
"balancing allowance" and "balancing charge" have the same meanings as in section 4 of the 1990 Act;
"the property" means the building or structure referred to in sub-paragraph (1); and
"relevant interest" has the same meaning as in section 20 of the 1990 Act.

Securities of successor company

6 (1) Any share issued by the successor company under Article 57 shall be treated for the purposes of the Corporation Tax Acts as if it had been issued wholly in consideration of a subscription paid to the company of an amount equal to the nominal value of the share.

(2) Any debenture issued by the successor company under Article 57 shall be treated for the purposes of the Corporation Tax Acts as if it had been issued--

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

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

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

Section 258.

SCHEDULE 26 Repeals

Part I Vehicles excise duty

(1) Rates

Chapter	Short title	Extent of repeal
1971 c. 10.	The Vehicles (Excise) Act 1971.	In Schedule 1, in Part I, paragraph 4(a).
		In Schedule 2, in Part I, paragraphs 3 and 5.
		In Schedule 4, paragraph 6(6)(a), (c) and (d).
1985 c. 54.	The Finance Act 1985.	Section 4(4).
1991 c. 31.	The Finance Act 1991.	In Schedule 3, in Part I, paragraph 21.
1993 c. 34.	The Finance Act 1993.	Section 17(3)(a) and (7)(b).
		Section 20(3).

These repeals have effect in relation to licences taken out after 30th November 1993.

(2) Transitional modifications

Chapter	Short title	Extent of repeal
1971 c. 10.	The Vehicles (Excise) Act 1971.	In section 2A(1), the words "(other than licences for one calendar year)".
		In Schedule 7, in Part I, paragraphs 1(c), 3(b), 18, 19, 21, and 22 and, so far as it relates to section 26(2), paragraph 23.
1988 c. 54.	The Road Traffic (Consequential Provisions) Act 1988.	In Schedule 2, in Part III, paragraph 23.

These repeals come into force on 1st June 1994.

(3) Other provisions

Chapter

Short title

Extent of repeal

1971 c. 10.

The Vehicles (Excise) Act 1971.

Section 1(4).

In section 3(3), the words "the restoration of any forfeiture and".

Section 4(3)(a).

In section 16(4), the words following paragraph (b).

In section 18, subsections (8) and (9) and, in subsection (10), paragraph (b) and the word "and" immediately preceding it.

Section 21.

In section 22, in subsection (1), the words "or sign to be exhibited", "or 21" and "or exhibited" and, in subsection (2), the words "or sign exhibited" and "or sign".

In section 23, as set out in paragraph 20 of Part I of Schedule 7, in subsection (1)(f), the words "or the signs" and "or signs".

In section 25, in subsection (1), in paragraph (a), the words "temporary licences or" and, in paragraph (b), the words from the beginning to "allocated to the dealer in pursuance of this Act or" and, in subsection (2), the words "requirement or" (in both places).

In section 26, in subsection (1), the words "or sign to be exhibited" and "or 21" and, in subsection (2)(a), the words "temporary licences or".

In section 28(1), "11(2),".

In section 29(4), "11(2),".

In section 35(2), the words "and forfeitures" (in both places).

Section 36.

In section 37--

in subsection (3), as set out in paragraph 22 of Part I of Schedule 7, "2(5), 11(3), 14,",
in subsection (3A), as so set out, "14," and "14 or", and
in subsection (4), "11(3), 14, 15(1), 17(1),".

In Schedule 4, paragraph 5 and, in paragraph 15(1), in the definition of "goods vehicle", the words "(including a tricycle as defined in Schedule 1 to this Act and weighing more than 425 kilograms unladen)".

1976 c. 40.

The Finance Act 1976.

In section 11, in subsection (2)(c), the words "or, if it falls" onwards and subsection (5).

In section 12(2)(a), the words "either" and ", or elsewhere".

1983 c. 28.

The Finance Act 1983.

In Schedule 3, in Part II, paragraph 9.

1986 c. 41.

The Finance Act 1986.

In Schedule 2, in Part I, in paragraph 4, in sub-paragraph (5), in paragraph (a), the words ", including those words where they appear in the subsection as set out in paragraph 12 of Part I of Schedule 7," and paragraph (c) and sub-paragraph (7)(b).

1987 c. 16.

The Finance Act 1987.

In Schedule 1, in Part III, paragraphs 16(2) and 18(2) and (3).

1988 c. 53.

The Road Traffic Offenders Act 1988.

In Schedule 5, the entry relating to the Vehicles (Excise) Act 1971.

1988 c. 54.

The Road Traffic (Consequential Provisions) Act 1988.

In Schedule 3, paragraph 15.

1990 c. 29.

The F

Part II Gaming machine licence duty

Chapter	Short title	Extent of repeal
1981 c. 63.	The Betting and Gaming Duties Act 1981.	Section 21A.
		Section 22(5).
		In section 24, subsection (2), in subsections (3) and (4) the word "such", in subsection (3) the words from "but" to the end, in subsection (4) the words "or there are special licences in force with respect to those machines" and in subsection (6)(a) the words from "or" at the end of sub-paragraph (i) to "greater".
		In section 26, in subsection (4) the words "section 22(5) or".
		In Schedule 4, paragraphs 9, 10 and 11A.
1982 c. 39.	The Finance Act 1982.	In Schedule 6, paragraphs 9, 11 and 15.
1984 c. 43.	The Finance Act 1984.	In Schedule 3, paragraphs 3 to 5, 6(b) to (d) and (f), 7(3) to (7) and (9) to (11).
1985 c. 54.	The Finance Act 1985.	In Schedule 5, paragraphs 2, 3(1) and 9(1).
1987 c. 16.	The Finance Act 1987.	Section 4.
		Section 5(1), (4) and (5).
1993 c. 34.	The Finance Act 1993.	Section 15.
		In section 16, subsections (4)(b) and (5).

These repeals have effect in accordance with Schedule 3 to this Act.

Part III Excise duties: enforcement and appeals

Chapter	Short title	Extent of repeal
1979 c. 2.	The Customs and Excise Management Act 1979.	Section 111(2).
		In section 113(4), the words from "and the trader" onwards.
		Section 116A.
		Section 127.
1979 c. 4.	The Alcoholic Liquor Duties Act 1979.	Section 13(4).
		Section 15(8).
		Section 19(3).
1979 c. 7.	The Tobacco Products Duty Act 1979.	Section 8(3).
1981 c. 35.	The Finance Act 1981.	In Schedule 8-- (a) in paragraph 2(d), paragraph (ii) and the word "and" immediately preceding it; (b) paragraph 7; (c) in paragraph 12, in sub-paragraph (b), the words from "and after" onwards and sub-paragraph (c); (d) in paragraph 14, the words from "and after" in sub-paragraph (c) to the end of sub-paragraph (d); and (e) in paragraph 15, sub-paragraph (c) and the word "and" immediately preceding it.
1981 c. 63.	The Betting and Gaming Duties Act 1981.	In section 24(5), the words after paragraph (f).
		In Schedule 1-- (a) paragraph 11; (b) in paragraph 14(3), the word "reasonably"; and (c) in paragraph 15(1), the words from "(not being" to "9 above)".
		In Schedule 2, paragraph 5 and, in paragraph 7(6), the words "(1) or".
		In Schedule 3, paragraphs 14 and 16(4).
		In Schedule 4, paragraph 16(2).
1985 c. 54.	The Finance Act 1985.	In Schedule 5, paragraph 9(2).
1989 c. 26.	The Finance Act 1989.	Section 15.
1992 c. 48.	The Finance (No. 2) Act 1992.	In Schedule 2, paragraph 2(6).

Section 19 of this Act applies to these repeals as it applies to Chapter II of Part I of this Act.

Part IV Value added tax

Chapter	Short title	Extent of repeal
1985 c. 54.	The Finance Act 1985.	In section 20(2)(a) the words "one month after".

This repeal has effect in accordance with section 46 of this Act.

Part V Income tax, corporation tax and capital gains tax

(1) Reliefs

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 257BB(6).
		In section 257D(5)(d), the words "section 257A and".
		In section 265(3)(b), the words from "section 257A" to "or under".
		In section 347B(2), the words "Notwithstanding section 347A(1)(a) but".
1988 c. 39.	The Finance Act 1988.	In Schedule 3, paragraph 33.
1992 c. 48.	The Finance (No. 2) Act 1992.	In Schedule 5, paragraph 8(2).

The repeals in section 347B of the Income and Corporation Taxes Act 1988 and in the Finance Act 1988 have effect in relation to payments becoming due on or after 6th April 1994 and the other repeals have effect in accordance with section 77(7) of this Act.

(2) Interest relief

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 257D(8)(a).
		Section 265(3)(a).
		Section 353(4) and (5).
1991 c. 31.	The Finance Act 1991.	Section 27(1) to (5) and (7).
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 6(1), the words "353(4), 369(3A)", the words "certain interest etc. and" and paragraph (a).
1992 c. 48.	The Finance (No. 2) Act 1992.	In section 19, in subsection (3), the words "353(5), 369(3B)" and subsection (5).
1993 c. 34.	The Finance Act 1993.	Section 57(7).
		In Schedule 6, in paragraph 1, the words "353(5), 369(3B)".

These repeals have effect in accordance with section 81(6) of this Act.

(3) Medical insurance

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 257D(8), paragraph (d).
		In section 265(3), paragraph (d).
1989 c. 26.	The Finance Act 1989.	In section 55, in subsection (2) paragraph (e) and the word "and" immediately preceding it, and subsections (3) to (6).

1 The repeals in the Income and Corporation Taxes Act 1988 have effect in accordance with paragraph 3 of Schedule 10 to this Act.

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