Finance Act 1931
| Jurisdiction | UK Non-devolved |
| Citation | 1931 c. 28 |
| Year | 1931 |
Finance Act, 1931
(21 & 22 Geo. 5.) CHAPTER 28.
An Act to grant certain duties of Customs and Inland Revenue (including Excise), to alter other duties, and to amend the law relating to Customs and Inland Revenue (including Excise) and the National Debt, and to make further provision in connection with finance.
[31st July 1931]
Most Gracious Sovereign,
We , Your Majesty's most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty's public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Part I.
Customs and Excise.
1 Increase of customs duty on hydrocarbon oils.
(1) As from the twenty-eighth day of April, nineteen hundred and thirty-one, the rate of the customs duty payable under section two of the Finance Act, 1928 , on hydrocarbon oils shall be increased from fourpence per gallon to sixpence per gallon.
(2) The rate of the rebate to be allowed under subsection (3) of the said section on the delivery for home consumption of any goods other than light oils shall be increased from fourpence per gallon to sixpence per gallon.
2 Certain vehicles not to become chargeable with higher duty by being used for conveyance of employees.
2. So long as a mechanically propelled vehicle for which a licence has been taken out under paragraph 5 of the Second Schedule to the Finance Act, 1920, is to a substantial extent being used for the conveyance of goods or burden belonging to a particular person (whether the person keeping the vehicle or not), then, notwithstanding anything in section fourteen of the Finance Act, 1922, duty at a higher rate shall not become chargeable in respect of that vehicle by reason only that it is used for the conveyance without charge in the course of their employment of employees of the person aforesaid.
3 Amendments of s. 13 of 18 & 19 Geo. 5. c. 17.
3. Section thirteen of the Finance Act, 1928 (which relates to the licence duty on articulated motor vehicles), shall have effect as if for the words ‘be treated as if they together formed a single vehicle and that vehicle were a vehicle used for drawing a trailer,’ there were substituted the words ‘be treated as if—
4 Amendment with respect to duties for licences on motor bicycles.
4. As from the first day of January, nineteen hundred and thirty-two, the Second Schedule to the Finance Act, 1920, shall be amended by the substitution in paragraph 1 thereof of the words
‘Bicycles— |
s. d. |
(a ) If the cylinder capacity of the engine thereof does not exceed 150 cubic centimetres |
0 15 0 |
(b ) In other cases— |
|
Not exceeding 224 lbs. in weight unladen |
1 10 0 |
Exceeding 224 lbs. in weight unladen |
3 0 0’ |
for the words
‘Bicycles— |
s. d. |
Not exceeding 224 lbs. in weight unladen |
1 10 0 |
Exceeding 224 lbs. in weight unladen |
3 0 0’ |
Part II.
Income Tax.
5 Income tax for 1931-32.
(1) Income tax for the year 1931-32 shall be charged at the standard rate of four shillings and sixpence in the pound, and, in the case of an individual whose total income from all sources exceeds two thousand pounds, at such higher rates in respect of the excess over two thousand pounds as Parliament may hereafter determine.
(2) All such enactments as had effect with respect to the income tax charged for the year 1930-31 shall (subject to such of the provisions contained in the Finance Act, 1930 , with respect to income tax as did not take effect with respect to the income tax charged for the year 1930-31) have effect with respect to the income tax charged for the year 1931-32.
6 Higher rates of income tax for 1930-31.
6. Income tax for the year 1930-31 in respect of the excess of the total income of an individual over two thousand pounds shall be charged at rates in the pound which respectively exceed the standard rate by the amounts specified in the second column of the following Table:—
Table.
In respect of the first five hundred pounds of the excess. |
One shilling. |
In respect of the next five hundred pounds of the excess. |
One shilling and threepence. |
In respect of the next one thousand pounds of the excess. |
Two shillings. |
In respect of the next one thousand pounds of the excess. |
Three shillings. |
In respect of the next one thousand pounds of the excess. |
Three shillings and sixpence. |
In respect of the next two thousand pounds of the excess. |
Four shillings. |
In respect of the next two thousand pounds of the excess. |
Five shillings. |
In respect of the next five thousand pounds of the excess. |
Five shillings and sixpence. |
In respect of the next five thousand pounds of the excess. |
Six shillings. |
In respect of the next ten thousand pounds of the excess. |
Six shillings and sixpence. |
In respect of the next twenty thousand pounds of the excess. |
Seven shillings. |
In respect of the remainder of the excess. |
Seven shillings and sixpence. |
7 Construction of Rule 20 of General Rules.
(1) The provisions of Rule 20 of the General Rules, which authorise the deduction of the appropriate tax from any dividend paid by a body of persons, shall, in relation to a dividend paid by any body of persons, whether before or after the commencement of this Act, be construed as authorising the deduction of tax from the full amount paid out of profits and gains of the said body which have been charged to tax or which, under the provisions of the Income Tax Acts, would fall to be included in computing the liability of the said body to assessment to tax for any year if the said provisions required the computation to be made by reference to the profits and gains of that year and not by reference to those of any other year or period.
(2) Subject as hereinafter provided, a dividend paid by a body of persons, whether before or after the commencement of this Act, shall, to the extent to which it is paid out of such profits and gains as are mentioned in subsection (1) of this section, be deemed, for all the purposes of the Income Tax Acts, to represent income of such an amount as would, after such deduction of tax as is authorised by the provisions of the said Rule 20, be equal to the net amount received:
Provided that the provisions of this subsection shall not apply to a preference dividend to which section twelve of the Finance Act, 1930, applies, and shall have effect subject to the provisions of subsection (3) of that section.
8 Amendment as to payment of tax by instalments.
8. Subsection (2) of section one hundred and fifty-seven of the Income Tax Act, 1918(which provides that in the cases to which that subsection applies income tax shall be payable in two equal instalments), shall have effect as if for the words ‘two equal instalments, the first on or before the first day of January in that year, or on such other day as aforesaid, and the second on or before the following first day of July’ there were substituted the following words, ‘two instalments, the first, being an amount equal to three-quarters of the tax, on or before the first day of January in that year, or on such other day as aforesaid, and the second, being an amount equal to one quarter of the tax, on or before the following first day of July.’
9 Extension of s. 18 of 13 & 14 Geo. 5. c. 14 to profits from business of air transport.
9. Section eighteen of the Finance Act, 1923 (which gives relief from double taxation in the case of profits arising from the business of shipping), shall apply in relation to profits or gains arising from the business of air transport as it applies in relation to profits or gains arising from the business of shipping, and accordingly the said section shall have effect as if—
(2) after the word ‘ships,’ in subsection (4) thereof, there were inserted the words ‘and the expression 'business of air transport' means the business carried on by an owner of aircraft.’
Part III.
Land Value Tax.
Charge of Tax.
10 Charge of land value tax.
10. Subject to the provisions of this Part of this Act relating to exemptions, there shall, in respect of all land in Great Britain, be charged for the financial year ending the thirty-first day of March...
To continue reading
Request your trial