Royal Arms Finance Act 1995

1995 c. 4


© Crown Copyright 1995

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  Finance Act 1995

1995 Chapter c. 4



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.
4.  Alcoholic ingredients relief.
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
15.  Rates of duty.
16.  Assessment of interest on duty.
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
21.  Fuel and power for domestic or charity use.
22.  Imported works of art, antiques, etc.
23.  Agents acting in their own names.
24.  Margin schemes.
25.  Groups of companies.
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.
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
35.  Charge and rates of income tax for 1995-96.
36.  Personal allowance.
Corporation tax: charge and rate
37.  Charge and rate of corporation tax for 1995.
38.  Small companies.
Taxation of income from land
39.  Income chargeable under Schedule A.
40.  Non-residents and their representatives.
41.  Income from overseas property.
42.  Abolition of interest relief for commercially let property.
Benefits in kind
43.  Cars available for private use.
44.  Cars: accessories for the disabled.
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.
50.  Corporate bonds.
Insurance companies and friendly societies
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.
56.  Foreign life policies etc.
57.  Duties of insurers in relation to life policies etc.
58.  Personal pensions: income withdrawals.
59.  Pensions: meaning of insurance company etc.
60.  Application of section 59.
61.  Cessation of approval of certain retirement benefits schemes.
Saving and investment: general
62.  Follow-up TESSAs.
63.  TESSAs: European institutions.
64.  Personal equity plans: tax representatives.
65.  Contractual savings schemes.
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
70.  Approval of companies as trusts.
71.  Income tax relief.
72.  Capital gains.
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.
77.  Interest on gilt-edged securities payable without deduction of tax.
78.  Periodic accounting for tax on interest on gilt-edged securities.
79.  Sale and repurchase of securities: exclusion from accrued income scheme.
80.  Treatment of price differential on sale and repurchase of securities.
81.  Manufactured interest payments: exclusion from bond-washing provisions.
82.  Manufactured interest on gilt-edged securities.
83.  Power to make special provision for special cases.
84.  Stock lending: power to modify rules.
85.  Stock lending: interest on cash collateral.
86.  Deduction of tax from interest on deposits.
87.  Interest payments deemed to be distributions.
88.  Generalisation of ss.63 to 66 of Finance Act 1993.
89.  Application of ss.63 to 66 to debts held by associates of banks.
90.  Relief for post-cessation expenditure.
91.  Employee liabilities and indemnity insurance.
92.  Post-employment deductions.
93.  Incidental overnight expenses etc.
Capital allowances: ships
94.  Deferment of balancing charges in respect of ships.
95.  Reimposition of deferred charge.
96.  Ships in respect of which charge may be deferred.
97.  Procedural provisions relating to deferred charges.
98.  Deferred charges: commencement and transitional provisions.
Capital allowances: other provisions
99.  Highway concessions.
100.  Arrangements affecting the value of a relevant interest.
101.  Import warehouses etc.
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.
108.  Payments on account of income tax.
109.  Surcharges on unpaid tax.
110.  Interest on overdue tax.
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
117.  Treatment of partnerships.
118.  Loss relief: general.
119.  Relief for losses on unquoted shares.
120.  Relief for pre-trading expenditure.
121.  Basis of apportionment for Cases I, II and VI of Schedule D.
122.  Amendments of transitional provisions.
123.  Prevention of exploitation of transitional provisions.
Change of residence and non-residents
124.  Change of residence.
125.  Non-resident partners.
126.  UK representatives of non-residents.
127.  Persons not treated as UK representatives.
128.  Limit on income chargeable on non-residents: income tax.
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.
134.  Offshore funds.
135.  Change in ownership of investment company: deductions.
136.  Profit-related pay.
137.  Part-time workers: miscellaneous provisions.
138.  Charities, etc.: lotteries.
139.  Sub-contractors in the construction industry.
140.  Valuation of trading stock on discontinuance of trade.
141.  Incapacity benefit.
142.  Annuities purchased where certain claims or actions are settled.
143.  Lloyd's underwriters: new-style special reserve funds.
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
152.  Open-ended investment companies.
153.  Electronic lodgement of tax returns, etc.
154.  Short rotation coppice.
155.  Inheritance tax: agricultural property.
156.  Proceedings for tax in sheriff court.
157.  Certificates of tax deposit.
158.  Amendment of the Exchequer and Audit Departments Act 1866.
159.  Ports levy.
160.  Tax simplification.
161.  Interpretation.
162.  Repeals.
163.  Short title.
  Schedule 1   Table of rates of duty on wine and made-wine.
  Schedule 2   Denatured alcohol.
  Schedule 3   Amusement machine licence duty.
  Schedule 4   Vehicle excise and registration.
  Part I   Introduction.
  Part II   Exemptions.
  Part III   Rates.
  Part IV   Rates: supplementary.
  Part V   Licences.
  Part VI   Registration.
  Part VII   Offences.
  Part VIII   Proceedings.
  Part IX   Transitionals.
  Part X   Special reliefs.
  Schedule 5   Insurance premium tax.
  Schedule 6   Amendments in connection with charge under Schedule A.
  Schedule 7   Commercially let property: corporation tax.
  Schedule 8   Life assurance business.
  Part I   General amendments.
  Part II   Application of provisions to overseas life insurance companies.
  Part III   Supplementary provisions.
  Schedule 9   Transfer of life insurance business.
  Schedule 10   Friendly societies.
  Schedule 11   Personal pensions: income withdrawals.
  Schedule 12   Contractual savings schemes.
  Schedule 13   Enterprise investment scheme.
  Schedule 14   Venture capital trusts: meaning of "qualifying holdings".
  Schedule 15   Venture capital trusts: relief from income tax.
  Part I   Relief on investment.
  Part II   Relief on distributions.
  Schedule 16   Venture capital trusts: deferred charge on re-investment.
  Schedule 17   Settlements: liability of settlor.
  Part I   The new provisions.
  Part II   Minor and consequential amendments of the Taxes Act 1988.
  Part III   Consequential amendments of other enactments.
  Schedule 18   Deceased persons' estates.
  Schedule 19   Stock lending: interest on cash collateral.
  Schedule 20   Claims etc. not included in returns.
  Schedule 21   Self-assessment etc: transitional provisions.
  Schedule 22   Prevention of exploitation of Schedule 20 to Finance Act 1994.
  Part I   Cases I and II of Schedule D.
  Part II   Cases III, IV and V of Schedule D.
  Part III   Procedural and other provisions.
  Part IV   Interpretation.
  Schedule 23   Obligations etc. imposed on UK representatives.
  Schedule 24   Exchange gains and losses.
  Part I   Amendments of Finance Act 1993.
  Part II   Amendments of other provisions.
  Schedule 25   Controlled foreign companies.
  Schedule 26   Change in ownership of investment company: deductions.
  Schedule 27   Sub-contractors in the construction industry.
  Schedule 28   Electronic lodgement of tax returns, etc.
  Schedule 29   Repeals.
  Part I   Alcoholic liquor.
  Part II   Road fuel gas.
  Part III   Betting and gaming etc.
  Part IV   Air passenger duty.
  Part V   Vehicle excise and registration.
  Part VI   Value added tax.
  Part VII   Insurance premium tax.
  Part VIII   Income tax, corporation tax and capital gains tax.
  Part IX   Petroleum revenue tax.
  Part X   Stamp duty.
  Part XI   Inheritance tax: agricultural property.
  Part XII   Ports levy.

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© Crown copyright 1995
Prepared 20th September 2000