Finance Act 1947

5Repeal and reduction of certain artificial silk duties and allowances.

(1)The duties of excise chargeable under section five of the [15 & 16 Geo. 5. c. 36.] Finance Act, 1925, on artificial silk singles yarn or straw and on a licence to be taken out annually by a manufacturer of artificial silk yarn shall cease to be chargeable, and no such licence shall be required to be taken out under that section.

(2)Section four of, and Part I of the Second Schedule to, the Finance Act, 1925, shall have effect as if for the rates of duties of customs in respect of artificial silk yarn and tissues set out in the said Part I there were substituted the rates set out in Part I of the Second Schedule to this Act.

(3)The Silk Duties (No. 1) Order, 1934, shall have effect subject to the amendments of Part II of the First Schedule to that Order set out in Part II of the Second Schedule to this Act (being amendments reducing the rates of duties of customs on certain articles made wholly or partly of artificial silk).

(4)Nothing in the preceding provisions of this section shall affect any drawback allowable in respect of goods made wholly or in part of artificial silk where it is shown to the satisfaction of the Commissioners that the duty on the goods or their components became chargeable before the commencement of this section.

(5)For the purposes of section nine of the [23 & 24 Geo. 5. c. 19.] Finance Act, 1933, the reductions in the rates of duties of customs effected by subsections (2) and (3) of this section shall be treated as having been effected by an order made by the Treasury under that section, and accordingly any subsequent order so made varying or repealing any of those duties may make any consequential amendment or repeal of the provisions of the said subsections or of Part I or Part II of the Second Schedule to this Act.

(6)Section eleven of the [9 & 10 Geo. 6. c. 64.] Finance Act, 1946 (which provides for an allowance in respect of artificial silk on which a duty of customs or excise has been paid used in the manufacture of tyres) shall not apply as respects any artificial silk on which a duty of customs becomes chargeable after the commencement of this section.

(7)The enactments set out in Part III of the Second Schedule to this Act shall be repealed to the extent specified in the third column of that Part of that Schedule :

Provided that any regulations made under subsection (3) of section five of the Finance Act, 1925, which are in force at the commencement of this section shall, so far as they relate to any duty or drawback, continue in force, notwithstanding the repeal of the said subsection (3), until revoked by the Commissioners.

(8)This section shall be deemed to have had effect as from the first day of May, nineteen hundred and forty-seven.