Finance Act 1995

Cited authorities (520)

Cited in

Amendments (1801)

Jurisdiction	UK Non-devolved
Citation	1995 c. 4
Year	1995

Contenidos

Finance Act 1995
Part I: Duties of Excise

Alcoholic liquor duties

1: Low-strength wine, made-wine and cider
2: Wine and made-wine: rates
3: Spirits, beer and cider: rates
^F2 4: Alcoholic ingredients relief
^F3 5: Denatured alcohol

Hydrocarbon oil duties

6: Rates of duty
7: Rates of duty: further provisions
8: Hydrocarbon oil: “road vehicle”
9: Road fuel gas: old stock

Tobacco products duty

10: Rates of duty
11: Rates of duty: further provisions

Pool betting duty

12: Pool betting duty

Gaming machine licence duty

13: Rates of duty
14: Extension of duty to amusement machines

Air passenger duty

^F4 15: Rates of duty
16: Assessment of interest on duty
^F5 17: Preferential debts

Vehicle excise duty

18: Increased rates on 30th November 1994
19: Vehicle excise and registration: other provisions

Recovery of overpaid duty

20: Recovery of overpaid excise duty

Part II: Value Added Tax and Insurance Premium Tax

Value added tax

^F6 21: … … … … … … … … … …
22: Imported works of art, antiques, etc
23: Agents acting in their own names
24: Margin schemes
25: Groups of companies
^F8 26: Co-owners etc of buildings and land
27: Set-off of credits
28: Transactions treated as supplies for purposes of zero-rating etc
29: Goods removed from warehousing regime
30: Fuel supplied for private use
31: Appeals: payment of amounts shown in returns
^F9 32: Penalties for failure to notify etc
33: Correction of consolidation errors

Insurance premium tax

34: Insurance premium tax

Part III: Income Tax, Corporation Tax and Capital Gains Tax

Income tax: charge, rates and reliefs

^F11 35: Charge and rates of income tax for 1995-96
^F12 36: Personal allowance

Corporation tax: charge and rate

37: Charge and rate of corporation tax for 1995
^F13 38: Small companies

Taxation of income from land

^F14 39: Income chargeable under Schedule A
40: Non-residents and their representatives
^F16 41: Income from overseas property
42: Abolition of interest relief for commercially let property

Benefits in kind

^F21 43: Cars available for private use
^F21 44: Cars: accessories for the disabled
^F21 45: Beneficial loan arrangements: replacement loans

Chargeable gains

46: Relief on re-investment: property companies etc
47: Relief on re-investment: amount of relief, etc
48: Roll-over relief and groups of companies
49: De-grouping charges
^F22 50: Corporate bonds

Insurance companies and friendly societies

^F23 51: Companies carrying on life assurance business
52: Meaning of “insurance company”
53: Transfer of life insurance business
54: Friendly societies

Insurance policies

55: Qualifying life insurance policies
^F31 56: Foreign life policies etc
^F32 57: Duties of insurers in relation to life policies etc

Pensions

^F33 58: Personal pensions: income withdrawals
^F33 59: Pensions: meaning of insurance company etc
^F33 60: Application of section 59
^F33 61: Cessation of approval of certain retirement benefits schemes

Saving and investment: general

^F34 62: Follow-up TESSAs
^F35 63: TESSAs: European institutions
^F36 64: Personal equity plans: tax representatives
^F37 65: Contractual savings schemes
^F38 66: Enterprise investment scheme: ICTA amendments
67: Enterprise investment scheme: TCGA amendments
68: Business expansion scheme: ICTA amendments
69: Business expansion scheme: TCGA amendments

Venture capital trusts

^F39 70: Approval of companies as trusts
^F40 71: Income tax relief
72: Capital gains
^F43 73: Regulations

Settlements and estates

74: Settlements: liability of settlor
75: Deceased persons’ estates: taxation of beneficiaries
76: Untaxed income of a deceased person’s estate

Securities

^F47 77: Interest on gilt-edged securities payable without deduction of tax
^F48 78: Periodic accounting for tax on interest on gilt-edged securities
^F49 79: Sale and repurchase of securities: exclusion from accrued income scheme
80: Treatment of price differential on sale and repurchase of securities
^F53

81: Manufactured interest payments: exclusion from bond-washing provisions

^F54 82: … … … … … … … … … …

83: Power to make special provision for special cases

^F56 84: … … … … … … … … … …

^F57 85: … … … … … … … … … …

Interest

^F58 86: Deduction of tax from interest on deposits
^F59 87: Interest payments deemed to be distributions

Debts

^F60 88: Generalisation of ss63 to 66 of Finance Act 1993
^F61 89: Application of ss63 to 66 to debts held by associates of banks

Reliefs

^F62 90: Relief for post-cessation expenditure
^F63 91: Employee liabilities and indemnity insurance
^F63 92: Post-employment deductions
^F63 93: Incidental overnight expenses etc

Capital allowances: ships

^F64 94: … … … … … … … … … …
^F65 95: … … … … … … … … … …
^F66 96: … … … … … … … … … …
^F67 97: … … … … … … … … … …
^F68 98: … … … … … … … … … …

Capital allowances: other provisions

^F69 99: … … … … … … … … … …
^F70 100: … … … … … … … … … …
^F71 101: … … … … … … … … … …
102: Commencement of certain provisions

Management: self-assessment etc

103: Liability of trustees
104: Returns and self-assessments
105: Records for purposes of returns
106: Return of employees’ emoluments etc
107: Procedure for making claims etc
^F75^F76 108: Payments on account of income tax
109: Surcharges on unpaid tax
110: Interest on overdue tax
^F78 111: Assessments in respect of income taken into account under PAYE
112: Recovery of certain amounts deducted or paid under MIRAS
113: Allowable losses: capital gains tax
114: Liability of trustees and personal representatives: capital gains tax
115: Minor amendments and repeals
116: Transitional provisions

Changes for facilitating self-assessment

^F79 117: Treatment of partnerships
^F80 118: Loss relief: general
^F81 119: Relief for losses on unquoted shares
^F82 120: Relief for pre-trading expenditure
^F83 121: Basis of apportionment for Cases I, II and VI of Schedule D
^F84 122: Amendments of transitional provisions
123: Prevention of exploitation of transitional provisions

Change of residence and non-residents

^F86 124: Change of residence
^F87 125: Non-resident partners
^F88 126: UK representatives of non-residents
^F89 127: Persons not treated as UK representatives
^F90 128: Limit on income chargeable on non-residents: income tax
^F91 129: Limit on income chargeable on non-residents: corporation tax

Exchange gains and losses and currency contracts

130: Exchange gains and losses: general
131: Exchange gains and losses: transitional provision
132: Currency contracts: transitional provisions

Provisions with a foreign element

133: Controlled foreign companies
^F94 134: Offshore funds

Miscellaneous

^F95 135: Change in ownership of investment company: deductions
^F96 136: Profit-related pay
137: Part-time workers: miscellaneous provisions
^F101 138: Charities, etc: lotteries
^F102 139: Sub-contractors in the construction industry
^F103 140: Valuation of trading stock on discontinuance of trade
^F104 141: Incapacity benefit
^F105 142: Annuities purchased where certain claims or actions are settled
143: Lloyd’s underwriters: new-style special reserve funds
^F106

144: Local government residuary body

145: Payment of rent &c, under deduction of tax

Part IV: Petroleum Revenue Tax

146: Restriction of unrelievable field losses
147: Removal of time limits for claims for unrelievable field losses
148: Transfer of interests in fields: restriction of transferred losses

Part V: Stamp Duty

149: Transfer: associated bodies
150: Northern Ireland transfer: associated bodies
151: Lease or tack: associated bodies

Part VI: Miscellaneous and General

Miscellaneous

152: Open-ended investment companies
^F131 153: … … … … … … … … … …
154: Short rotation coppice
155: Inheritance tax: agricultural property
156: Proceedings for tax in sheriff court
157: Certificates of tax deposit
^F137 158: Amendment of the Exchequer and Audit Departments Act 1866
159: Ports levy
^F138 160: … … … … … … … … … …

General

161: Interpretation
162: Repeals
163: Short title

SCHEDULES

SCHEDULE 1: (Section 2) Table of rates of duty on wine and made-wine
SCHEDULE 2: (Section 5) Denatured alcohol

The Alcoholic Liquor Duties Act 1979
The Finance Act 1994

SCHEDULE 3: (Section 14) Amusement Machine Licence Duty

Introductory
Amusement machine licences
Amusement machine licence duty
Rate of duty
Restrictions on provision of machines
Meaning of “amusement machine”
Supplementary provisions
Consequential amendment of the Customs and Excise Management Act 1979

SCHEDULE 4: (Section 19) Vehicle Excise and Registration

Part I: Introduction
Part II: Exemptions

Abolition of certain exemptions
Exemption for police vehicles
Exemption for vehicles used between different parts of land
Commencement

Part III:...

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Finance Act 1995

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