UKPGA-1999-16 Finance Act 1999 UK

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 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 section 13A(1A) of that Act (rebate on unleaded petrol)—

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 ”.

This section shall be deemed to have come into force at 6 o’clock in the evening of 9th March 1999.

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—

This section shall be deemed to have come into force at 6 o’clock in the evening of 9th March 1999.

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—

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—

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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.

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—

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.

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)—

For subsections (5) and (6) of that section there shall be substituted the following subsections—

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—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—

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—

Regulations may—

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.

In section 36 of the Value Added Tax Act 1994 (bad debts), for subsection (3) there shall be substituted—

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; ”.

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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.

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—

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—

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—

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.

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This section has effect for the year 1999-00 and subsequent years of assessment.

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.

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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.

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 of interest falls within this subsection if it is—

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—

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—.

After subsection (1) of that section insert—

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—

For subsection (1A) substitute—

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—

In subsection (3), before paragraph (a) insert—.

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)—

In paragraph 2(2) (reduction for business travel: 2,500 to 18,000 miles)—

For paragraph 4(a) (two or more cars) substitute—

In paragraph 5 (reduction for age of car), for “one third” substitute“ one quarter ”.

This section has effect for the year 1999-00 and subsequent years of assessment.

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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—

That section and section 33 of that Act (provisions supplementary to section 32) shall cease to have effect.

In this section—

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Subject to subsections (9) to (12) below, subsection (7) above has effect in relation to—

For the purposes of section 92 of that Act, subsection (7) above—

For the purposes of paragraphs 17 and 18 of Schedule 9 to that Act, subsection (7) above—

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—

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—

That time is—

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—

In paragraph 20 of that Schedule, after sub-paragraph (2) there shall be inserted the following sub-paragraph—

In paragraph 19(7) of that Schedule, for paragraph (b) there shall be substituted the following paragraph—.

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—

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—

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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—

For the purposes of the Tax Acts where any common investment fund was in existence on 5th 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.

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—

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—

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.

This section applies for the purposes of corporation tax in relation to the disposal by a company (“the relevant company”) of any asset where—

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 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—

Where—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—

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—

This section—

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—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—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—

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—

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; ”.

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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)—

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.

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In section 32(6) of the Finance Act 1998 (meaning of “unrelieved surplus advance corporation tax”), for “paragraph 11” substitute “ paragraph 12 ”.

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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)—

After that paragraph insert—

In paragraph 76 (assessments to recover excessive group relief), after sub-paragraph (2) add—

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.

This section has effect in relation to accounting periods ending on or after 1st July 1999.

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.

This section applies where—

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—

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—

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—

Subject to subsections (5) to (7) below—

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—A B 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—

Where—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—

This section applies where—

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—

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—

A person is a successor of the lessee for the purposes of this section if and only if—

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—

For the purposes of that section—

In section 96 above references—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—

The Oil Taxation Acts shall have effect, in relation to the later period and any subsequent chargeable period, as if—

Subsection (4) below applies where—

The Oil Taxation Acts shall have effect, in relation to the later period and any subsequent chargeable period, as if—

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—

In a case falling within subsection (3)(c)(ii) above—

In relation to tax-exempt tariffing receipts, any reference in this section—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—

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—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—

In paragraph 3 of Schedule 19 to the Finance Act 1982 (months in which instalments may be withheld)—

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)—

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 paragraph 5 of that Schedule (returns by the responsible person)—

After paragraph 12 of that Schedule there shall be inserted the following paragraph—

In paragraph 2 of Schedule 5 to that Act, after sub-paragraph (6) there shall be inserted the following sub-paragraphs—

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—

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 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—.

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—

For subsection (3) of section 216 of the Inheritance Tax Act 1984 (delivery of accounts) there shall be substituted the following subsections—

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 (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—

In section 247 of that Act (provision of incorrect information)—

Subsection (1) above does not have effect in relation to a failure by any person—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—.

In section 178(2) of the Finance Act 1989 (enactments for purposes of which Treasury may prescribe rates of interest), before paragraph (a) insert—.

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—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—.

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—

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.

In section 95 of the Finance Act 1986 (exceptions from charge on entry into depositary receipt system), for subsection (2) (bearer instruments) substitute—.

In section 97 of the Finance Act 1986 (exceptions from charge on entry into clearance system), for subsection (3) (bearer instruments) substitute—.

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—.

After that subsection insert—.

For subsection (6) of that section substitute—.

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—.

After that subsection insert—.

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—.

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—.

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—

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—

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)—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—

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—

In this 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—

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—

In this section—“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—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—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—

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–

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 Commissioners” means the Commissioners of Customs and Excise;“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—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—

Where—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.

In this section—“the Commissioners” means the Commissioners of Customs and Excise; and“customs duty” includes any agricultural levy of the European Union .

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—.

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—.

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—

Subsections (1) and (2) above have effect in relation to decisions made on or after the day on which this Act is passed.

Regulations may be made, in accordance with this section, for facilitating the use of electronic communications for—

The power to make regulations under this section is conferred—

For the purposes of this section provision for facilitating the use of electronic communications includes any of the following—

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—

Regulations under this section may—

Power to make provision by regulations under this section shall include power—

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)—

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.

In this section—“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—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—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—.

After paragraph 5 there shall be inserted—

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

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

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—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—

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—

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 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.

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 ”.

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—

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—

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.

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—

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 ”.

In this paragraph—“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—

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—

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—

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—

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 ”.

Section 370 of the Taxes Act 1988 (meaning of “relevant loan interest”) is amended as follows.

In subsection (1)—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 488 of the Taxes Act 1988 (tax liability of co-operative housing associations) is amended as follows.

In subsection (1)—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 222 of the Taxation of Chargeable Gains Act 1992 (relief on disposal of private residence) is amended as follows.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

After subsection (8) insert—

In subsection (9)—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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.

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.

In paragraph 4(1) (amount of gain accruing on chargeable event), for paragraph (b) substitute—

For paragraph 4(5)(a) (amount of gain where shares represented by other assets) substitute—.

After paragraph 4(5) insert—

In paragraph 19(1) (interpretation) omit the definition of “relevant shares”.

After paragraph 19(1) insert—

Section 14 of the Stamp Act 1891 (terms upon which instruments not duly stamped may be received in evidence) is amended as follows.

In subsection (1)—

In subsection (2) for “the duty and penalty” (three times) substitute “ the duty and any interest or penalty ”.

In subsection (3)—

In subsection (4) for “first executed” substitute “ executed ”.

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—

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—applied.

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—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—

Where the purchaser has paid ad 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 the ad 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—

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—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.

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—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.

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—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—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The duplicate or counterpart of an instrument chargeable with duty is not duly stamped unless—

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)—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.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule...—

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.

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)—

Section 81 of the Finance Act 1985 (renounceable letters of allotment, etc.) is amended as follows.

For subsection (2) substitute—.

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) ”.

Section 67 of the Finance Act 1986 (depositary receipts) is amended as follows.

For subsections (2) and (3) substitute—.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 70 of the Finance Act 1986 (clearance services) is amended as follows.

For subsections (2) and (3) substitute—.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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—.

In subsection (1A)(b) for “50p” substitute “ £5 ”.

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)—

In subsection (4)(b) for “the heading ’Conveyance or Transfer on Sale’” substitute “ Part I of that Schedule ”.

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 ”.

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 “bearer instrument by usage” means an instrument —

A bearer instrument by usage is treated—

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 under this Schedule on ... an instrument which relates to stock expressed—...

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.

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.

This paragraph applies where duty is chargeable under paragraph 2 of this Schedule.

Where the instrument is presented to the Commissioners for stamping—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—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 following provisions apply to interest under paragraph 22(2) or 23(4).

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 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).

The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5. 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.

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.

Sub-paragraph (1)—

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—.

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—.

In subsection (3E) for paragraph (b) substitute—.

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 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 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.

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.

For subsection (2) substitute—.

In subsection (3) for “This subsection applies” substitute “ Subsection (2) above applies ”.

For subsection (4) substitute—.

In subsection (5) for “This subsection applies” substitute “ Subsection (4) above applies ”.

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 ”.

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—

Notice of the determination must be served on the person liable to the penalty. The notice must also state—

After notice of the determination has been served, the determination cannot be altered except—

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—

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—

This paragraph applies in a case where—

Notice may be given after the relevant time limit if—

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—

Proceedings under this paragraph in England and Wales shall be brought—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—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.

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.

Where—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—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—

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—.

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.

Section 90 of the Finance Act 1986 (exceptions from general charge to stamp duty reserve tax) is amended as follows.

In subsection (1) (transfer of unit to managers of unit trust scheme) for “to the managers” substitute “ to or from the managers ”.

After that subsection insert—.

After the subsection inserted by sub-paragraph (3) insert—.

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 ”.

After that subsection insert—.

For subsection (9) (meaning of “unit” and “unit trust scheme”) substitute—.

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)—

In subsection (6) at the appropriate place insert—.

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.

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—

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—