Finance Act 1972

PART VIIU.K. Miscellaneous

122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.

123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2U.K.

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126 Abolition of stamp duty on bank notes and of bankers’ licences.U.K.

(1)The following are hereby abolished—

(a)the stamp duty chargeable by virtue of the heading “BANK NOTE” in Schedule 1 to the M1Stamp Act 1891;

(b)the licences required to be taken out under section 24 of the M2 Stamp Act 1815 (licences for bankers etc. issuing certain promissory notes).

(2)This section takes effect on 25th June 1972; and if on or after that date and before the passing of this Act a person pays any duty in respect of a licence of the kind mentioned in subsection (1)(b) above which would not have been payable if this Act had then been in force the Commissioners of Inland Revenue shall, on application made to them within two years after the date of payment, repay the duty.

127 Disclosure of information between revenue departments.U.K.

(1)No obligation as to secrecy or other restriction upon the disclosure of information imposed by statute or otherwise shall prevent either—

(a)the Commissioners of Inland Revenue or an authorised officer of those Commissioners; or

(b)the Commissioners of Customs and Excise or an authorised officer of those Commissioners;

from disclosing information to the other Commissioners or an authorised officer of the other Commissioners for the purpose of assisting them in the performance of their duties.

(2)Information obtained in pursuance of this section shall not be disclosed except—

(a)to the Commissioners or a authorised officer of the Commissioners on whose behalf it was obtained; or

(b)for the purpose of any proceedings connected with a matter in relation to which those Commissioners perform duties.

128Vehicle excise duty— disabled personsU.K.

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

(2)In section 7 of the M3 Finance Act 1971 the words from “fitted with controls” to “or a vehicle” and paragraphs (a) and (b) shall be omitted.

(3)In section 4(1)(g) of the Vehicles (Excise) Act 1971 (vehicles not exceeding eight hundredweight for invalids) for the word “eight” there shall be substituted the word “ten”.

129 Summary award of penalties.U.K.

(1)In section 53(1) of the Taxes Management Act 1970 (summary award of penalties) there shall be substituted, for the words from “section 98(3)” to “awarded” the words “section 98 of this Act shall have effect, in relation to a penalty so awarded, as if subsection (3) were omitted and the reference in subsection (1)(ii) to the Commissioners before whom proceedings for the penalty have been commenced were a reference to the Commissioners by whom the penalty has been awarded”.

(2)This section does not apply in relation to a penalty awarded before the commencement of this Act.

130Compensation for loss of office etc. by clerks to General Commissioners.U.K.

(1)The Commissioners of Inland Revenue may, with the concurrence of the Minister for the Civil Service, by regulations provide for the payment out of money provided by Parliament of compensation to or in respect of any clerk to the General Commissioners for any division who suffers or has suffered loss of office or loss or diminution of emoluments which is attributable to any order affecting that division made (whether before or after the passing of this Act) under section 2(6) of the Taxes Management Act 1970 (alteration and abolition of divisions).

(2)Regulations under this section may—

(a)include provision as to the manner in which and the person to whom any claim for compensation under the regulations is to be made, and for the determination of all questions arising under the regulations;

(b)make different provision for different classes of persons and for different circumstances, and make, or authorise the Commissioners of Inland Revenue to make, exceptions and conditions;

(c)be framed so as to have effect from a date earlier than the making of the regulations,

but so that regulations having effect from a date earlier than their making shall not place any individual in a worse position than he would have been in if the regulations had been so framed as to have effect only from the date of their making.

(3)Regulations under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.

131Post-war credits. U.K.

(1)On the repayment of any post-war credit, or payment to a building society of any amount outstanding under section 3 of the M4Income Tax (Repayment of Post-War Credits) Act 1959, the sum payable, inclusive of the interest, may be taken by the Commissioners of Inland Revenue as amounting to 138 per cent. of the credit as notified under section 7 of the M5Finance Act 1941 or of the amount so outstanding, as the case may be.

(2)An application for such repayment made before the applicant is qualified may, if he later becomes qualified, be treated as made on the date when he does so.

(3)No such repayment shall be made unless application therefor is made before such time (not earlier than the beginning of the year 1974) as the Treasury may by order direct.

Any order under this subsection shall be made by statutory instrument, which shall be laid before Parliament after being made, and may be varied by a subsequent order so as to extend the time for applications for repayment.

[F6(3A)An order under subsection (3) above may make different provision for different cases or classes of case and may provide that no amount shall be ascertained, recorded or notified under section 7 of the M6Finance Act 1941 after any such time as may be specified in the order.]

(4)In this section “post-war credit” has the same meaning as in the M7 Income Tax (Repayment of Post-War Credits) Act 1959.

(5)This section shall be deemed to have had effect from the beginning of April 1972.

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134Citation, interpretation, construction, extent and repeals.U.K.

(1)This Act may be cited as the Finance Act 1972.

(2)In this Act “the Taxes Act” means the Income and Corporation Taxes Act [F91988].

(3)In this Act—

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(b)Parts IV and V, so far as they relate to income tax, shall be construed as one with the Income Tax Acts and, so far as they relate to corporation tax, shall be construed as one with the Corporation Tax Acts;

(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

(4)Except so far as the context otherwise requires, any reference in this Act to any enactment shall be construed as a reference to that enactment as amended, and as including a reference to that enactment as applied, by or under any other enactment, including this Act.

(5)Except as otherwise expressly provided, such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws do not extend to Northern Ireland.

(6)If the Parliament of Northern Ireland passes provisions amending or replacing any enactment of that Parliament referred to in this Act the reference shall be construed as a reference to the enactment as so amended or, as the case may be, as a reference to those provisions.

(7)The enactments mentioned in Schedule 28 to this Act are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.