Search Legislation

Advanced Search

Finance Act 1972

Help about what version

What Version

Help about advanced features

Advanced Features

Changes over time for: Finance Act 1972 (Schedules only)

Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1972. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

F1F1SCHEDULES 1—6U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2F2SCHEDULE 7U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3F3Schedule 8U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4F4SCHEDULES 9—23U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Section 111.

SCHEDULE 24U.K. Taxation of Companies and Company Distributions: Consequential Amendments

Modifications etc. (not altering text)

C1The text of Schedule 24 is substantially in the form in which it was originally enacted: it was not reproduced in full in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Finance Act 1965U.K.

1, 2.U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

Textual Amendments

Provisional Collection of Taxes Act 1968 (c. 2)U.K.

3U.K.In section 5 of the Provisional Collection of Taxes Act 1968 in subsection (1)(c) after the words “section 243(6) of the Income and Corporation Taxes Act 1970” there shall be inserted the words “or advance corporation tax could be payable or assessed by virtue of section 103(2) of the Finance Act 1972”, and in subsection (2) of that section after the word “Act)” there shall be inserted the words “and the said section 103(2) of the Finance Act 1972”.

Taxes Management Act 1970U.K.

4U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

Textual Amendments

5U.K.In section 11 of the Management Act, after subsection (5) there shall be added—

“(6)A notice under this section may require the inclusion in the return of particulars of advance corporation tax paid by the company (and not repaid) and of any surplus advance corporation tax carried forward under section 85(4) of the Finance Act 1972.”

6U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

Textual Amendments

7U.K.In section 31(3)(b) of the Management Act the figure “297” (inserted by the Finance Act 1971) shall be omitted and at the end there shall be inserted “or under paragraph 5 of Schedule 16 to the Finance Act 1972”.

8, 9.U.K. . . . F8

Textual Amendments

F8Sch. 24 paras. 8, 9 repealed by Finance (No. 2) Act 1975 (c. 45) s. 75, Sch. 14 Part III

10U.K.For section 87 of the Management Act there shall be substituted—

“87 Interest on overdue advance corporation tax and income tax on company payments.

(1)Any tax assessable in accordance with Schedule 14 or 20 to the Finance Act 1972 shall carry interest at the prescribed rate from the date when the tax becomes due and payable until payment.

(2)Where—

(a)advance corporation tax paid in respect of distributions made in any return period is repaid under paragraph 4 of the said Schedule 14 in consequence of the receipt of franked investment income in a later return period; or

(b)income tax paid in respect of payments made in any return period is repaid or discharged under paragraph 5 of the said Schedule 20 in consequence of the receipt in a later return period of a payment on which income tax is borne by deduction.

the repayment or discharge shall not affect interest under this section on the tax so repaid or discharged for such time as is specified in subsection (3) below but, subject to that, this section shall apply as if any such tax which is repaid or discharged had never become payable.

(3)The time for which interest is not affected is—

(a)any time before the expiration of fourteen days from the end of the later return period, unless the return for that period is made earlier in those fourteen days; and

(b)if that return is made earlier in those fourteen days, any time ending before the date on which the return is made.

(4)Interest shall not be payable under this section on the tax charged by any assessment unless the total amount of the interest exceeds [F9£10]

(5)Subsection (4) above shall have effect as if all advance corporation tax due from a company in accordance with paragraph 3(1) of the said Schedule 14 for any return period, whether or not it is actually assessed, were included in a single assessment, and similarly in the case of all income tax due from a company in accordance with paragraph 4(1) of the said Schedule 20 for any return period.

(6)In this section “return period” means a period for which a return is required to be made under the said Schedule 14 or 20.

(7)It is hereby declared that this section applies to advance corporation tax and income tax which, in accordance with either of those Schedules, is paid without the making of any assessment (but is paid after it is due). and that where the tax is charged by an assessment (whether or not any part of it has been paid when the assessment is made) this section applies as respects interest running before as well as after the making of the assessment.

[F10(8)Tax assessable as mentioned in subsection (1) above shall carry interest from the date when it becomes due and payable even if that date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.”]

Textual Amendments

F9 “£10” substituted by Finance (No. 2) Act 1975 s. 46(3)

F10S. 87(8) added by virtue of Finance (No. 2) Act 1975 s. 46(3)

11U.K.In section 88(2) of the Management Act, for the words “Schedule 9 to the principal Act” there shall be substituted the words “Schedule 14 or 20 to the Finance Act 1972.”

12U.K.In section 98 of the Management Act the following shall be added in the first column—

“Paragraph 19 of Schedule 16 and paragraphs 2(b), 3 and 4 of Schedule 21 to the Finance Act 1972”;

and the following shall be added in the second column—

“Schedules 14 and 20, and paragraphs 1 and 2(a) of Schedule 21, to the Finance Act 1972”.

13U.K.For section 109 of the Management Act there shall be substituted—

“109 Corporation tax on close company in connection with loans to participators etc.

(1)The provisions of section 286 of the principal Act (charge of tax in connection with loans by close companies to participators etc.) directing that tax be assessed and recoverable as if it were an amount of corporation tax shall be taken as applying, subject to the provisions of the Taxes Act, and to any necessary modifications, all enactments applying generally to corporation tax, including those relating to the assessing, collecting and receiving of corporation tax, those conferring or regulating a right of appeal and those concerning administration, penalties, interest on unpaid tax and priority of tax in cases of insolvency under the law of any part of the United Kingdom.

(2)Section 86 of this Act shall apply in relation to tax under the said section 286 as if [F11the date given by the Table in subsection (4) of the said section 86 were the last day of the three months following the end of the financial year in which the loan or advance was made.]

(3)For the purposes of section 88 of this Act as applied by subsection (1) above, the date when tax charged under the said section 286 ought to have been paid shall be taken to be the first day of the [F11financial year] following that in which the loan or advance was made.

(4)Section 91 of this Act shall not apply in consequence of any discharge or repayment of tax under section 286(5) of the principal Act.

(5)For the purposes of the said section 91, a relief from tax under the said section 286 shall not be treated as affecting tax charged by any assessment unless the assessment is to tax under that section.”

Textual Amendments

F11Words substituted by Finance (No. 2) Act 1975 s. 46(5)

14U.K.In Schedule 3 to the Management Act, in column 1 of rule 8 the words “288 or 289” shall be omitted and at the end there shall be inserted the words “or relating to a notice under paragraph 15 of Schedule 16 to the Finance Act 1972”.

15—33.U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

Textual Amendments

F12Sch. 24 paras. 15–33 repealed by Income and Corporation Taxes Act 1988 (c. 1) s. 844, Sch. 31. See 1987 edition for these provisions.

F13F13SCHEDULE 25U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F13Sch. 25 repealed by Finance Act 1975 (c. 7), s. 59(5), Sch. 13 Part II in relation to disposals after 26 March 1974. See now 1975 (c. 7), Sch. 6 para. 12.

F14F14SCHEDULE 26U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15F15SCHEDULE 27U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Section 134.

Schedule 28U.K. Enactments Repealed

Modifications etc. (not altering text)

C2The text below of parts of Schedule 28 reproduces the words in which it was originally enacted: it was not reproduced in full in Statutes in Force and except, as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Parts I and II. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16U.K.

Textual Amendments

Part IIIU.K. Spirits and Mechanical Lighters

ChapterShort TitleExtent of Repeal
12, 13 & 14 Geo. 6 c. 47.The Finance Act 1949.Section 8(1).
1969 c. 32.The Finance Act 1969.In section 1(2), paragraph (a) and in the words following the paragraphs, the word “ 1”.
Schedule 1.

These repeals take effect on 8th August 1972.

PART IVU.K. Occupational Pension Schemes

ChapterShort TitleExtent of Repeal
61 & 62 Vict. c. 44The Merchant Shipping (Mercantile Marine Fund) Act 1898.Section 1A(2).
10 Edw. 7 & 1 Geo. 5. c. 7.The Development and Road Improvement Fund Act 1910.Section 2(3).
10 & 11 Geo. 6. No. 2.The Church Commissioners Measure 1947.Section 17(3).
10 & 11 Eliz. 2. c. 46.The Transport Act 1962.In Schedule 10, in paragraph 8(1A), the words from “and also” to “1972”.
1967 c. 10.The Forestry Act 1967.In Schedule 1, in paragraph 9(2)(b), the words from “and also” to “1972”.
1969 c. 50.The Trustee Savings Bank Act 1969.In section 82(3), the words following paragraph (e).
1970 c.10The Income and Corporation Taxes Act 1970.In section 20(1), the words “210”.
Section 210.
1970 c.24The Finance Act 1970.Section 22(3).
In section 17(1), subsection (2) of the section set out therein.
In Schedule 6, in paragraph 4 subsection (3) of the section partly set out therein; in paragraph 13, subsection (2) of the section set out therein; paragraph 22; in paragraph 41 the words from “and also” to “1972”; in paragraph 60(b) the words from “and also” to “1972”.

These repeals take effect on 6th April 1973.

PART VU.K. Interest Relief

ChapterShort TitleExtent of Repeal
1970 c.10The Income and Corporation Taxes Act 1970.Sections 57 to 64A.
In section 122(1), paragraph (c) and the word “and” preceding it.
Section 190.
Section 248(6).
In section 296(2) the words “not being interest”.
Section 300.
Section 440.
In section 455, in paragraph (a), the words “excluding all payments of interest” and, in paragraph (b), the words “subject to section 456 below”.
Section 456.
Section 469(6).
In section 496, subsections (3) to (7).
In Part III of Schedule 12, paragraph 2(1)(c) and the word “and” preceding it.
In Schedule 14, in paragraph 5 the words “section 57(10) and” and paragraph 10.
1970 c.24The Finance Act 1970.Section 17.
In Schedule 4, paragraph 9, except sub-paragraph (6).
1971 c.68The Finance Act 1971.In Schedule 6, paragraphs 23, 44, 60 and 66.
In Schedule 8, paragraph 16(4) and, in paragraph 16(5), the words “190(1)”.

These repeals have effect in relation to interest paid and payable on or after 6th April 1972.

PART VIU.K. Taxation of Companies and Company Distributions

ChapterShort TitleExtent of Repeal
1965 c.25The Finance Act 1965.In section 84, subsections (2)(a), (3)(b) and (4).
1966 c.18The Finance Act 1966.Sections 31 and 32.
Schedule 9.
1968 c.44The Finance Act 1968.In section 32(6) the words “or a rate fluctuating in accordance with the basic rate of income tax”.
1970 c.9The Taxes Management Act 1970.In section 31(3)(b) the figure “297”.
In section 98, in the Table, the words “section 301” and “Company tax regulations”.
In Schedule 3, in paragraph 8 the words “288 or 289”.
1970 c.10The Income and Corporation Taxes Act 1970.In section 27(4) the words from “or under section 31” to “non-residents)”.
Section 232(2) and (3).
In section 234, in subsection (1)(b) the words “not being redeemable share capital” and in subsection (3) the words “or fluctuates only with the basic rate of income tax”.
Section 236.
In section 240, subsections (1) to (3), in subsection (5) the words “(not being franked investment income)” except as respects franked investment income arising before 6th April 1973, subsection (6) and in subsection (7) the words “distributions or” and the words from “and nothing” onwards.
Section 240A.
Section 284(1)(a) and (b).
In section 286 subsection (6) and in subsection (7) the words “the grossed up equivalent of”.
Sections 288 to 301.
In section 302(1), the words “other than section 290 above”.
Section 303(5)(b).
In section 305(2) the words “income tax and”.
In section 310, subsection (3) and in subsection (4) the words from the beginning to “company, and”.
Section 311.
In section 314, in subsection (1) the words “income tax and”, subsection (3)(b) and (c) and, in subsection (4), the words from “If an accounting period” to “accounting periods, and”, and the words “or part of an accounting period”.
In section 322(3) the proviso.
In section 345(2), paragraph (b) and, in paragraph (c), the words “of income tax deductions”.
Section 356.
Section 499.
Section 517(2).
521(3)(a).
In section 522 the words “or share” wherever they occur and the words “In this section “share” includes stock”.
In section 526(5), in the definition of “ordinary share capital” the words “or a rate fluctuating in accordance with the basic rate of income tax” and in the definition of “preference dividend” the word “gross” (three times) and the words from “but it does not include” onwards.
Schedule 9.
In Schedule 14, paragraph 19(1), in paragraph 23(3), the words from the beginning to “256 of this Act, and”, and paragraph 23(4) except for years of assessment before the year 1973-74.
1970 c.24.The Finance Act 1970.In Schedule 4, paragraphs 1 to 5.
In Schedule 8, in Part VI, the entries relating to section 240(6) of, and Schedule 9 to, the Income and Corporation Taxes Act 1970.
1971 c.68.The Finance Act 1971.Section 25(1), (2), (3), and (4)(a).
In Schedule 6, paragraphs 27 to 29, 31(a), 33 to 38, 77, 84(a), 85(b) and 92.

NOTES:

1. Subject to the following paragraphs, these repeals take effect on 6th April 1973 and do not affect the operation of any enactment in relation to any previous time.

2. The repeal of section 84(4) of the Finance Act 1965 has effect in relation to the year 1972-73 and subsequent years of assessment.

3. The repeals in the Finance Act 1968, in sections 234(3) and 526(5) of the Income and Corporation Taxes Act 1970 and of paragraphs 28, 77 and 92 of Schedule 6 to the Finance Act 1971 do not apply in relation to dividends payable before 6th April 1973.

4. The repeal of sections 289 to 301 of the said Act of 1970, the repeal in section 302(1) of that Act and the repeal of section 25(1), (2), (3) and (4)(a) of, and paragraphs 34 to 37 and 84(a) and 85(b) of Schedule 6 to, the Finance Act 1971 have effect in relation to accounting periods ending after 5th April 1973; and the repeal of the said section 289 has effect subject to paragraph 19 of Schedule 23 to this Act.

5. The repeal of section 356 of the said Act of 1970 takes effect on 1st April 1972, and the repeal of that section and of section 311 of that Act have effect subject to section 93(7) of this Act.

6. The repeal of the proviso to section 322(3) of the said Act of 1970 takes effect of 1st April 1974 and does not affect disposals before that date.

7. the repeal of section 499 of the said Act of 1970 takes effect on 1st April 1973.

Part VIIU.K.Estate Duty

ChapterShort TitleExtent of Repeal
21 & 22 Geo. 5. c. 28.The Finance Act 1931.In section 40, subsections (1)(a) and (2).
1 Edw. 8 and 1 Geo. 6. c. 54.The Finance Act 1937.Section 31.
12, 13 & 14 Geo. 6. c. 47.The Finance Act 1949.Section 31.
14 & 15 Geo. 6. c. 43.The Finance Act 1951.Section 33(1).

The repeal of these enactments has effect in relation to deaths occuring after 21st March 1972 and does not extend to them as applied by section 33(2) of the Finance Act 1951.

Parts VIII and IX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17U.K.

Textual Amendments

PART XU.K. Unit Trusts, Investment Trusts and Funds in Court

ChapterShort TitleExtent of Repeal
1965 c. 25.The Finance Act 1965.Section 37(1).
In section 38(2), the words from “and section 37” onwards.
Section 94(2).
1970 c.10.The Income and Corporation Taxes Act 1970.Section 357.

These repeals do not effect disposals before 6th April 1972.

Part XIU.K. Stamp Duty Repeals

ChapterShort TitleExtent of Repeal
55 Geo. 3. c. 184.The Stamp Act 1815.Sections 24, 27, and 28.
In the Schedule, Part I so far as unrepealed.
7 & 8 Vict. c. 32.The Bank Charter Act 1844.Section 7.
16 & 17 Vict. c. 63.The Bankers’ Composition (Scotland) Act 1853.Section 7.
17 & 18 Vict. c. 83.The Stamp Act 1854Section 12.
54 & 55 Vict. c. 39.The Stamp Act 1891.Sections 29, 30 and 31.
In Schedule 1 the heading “BAK NOTE”.
18 & 19 Geo. 5. c. 13.The Currency and Bank Notes Act 1928.Section 6(4).
1963 c. 25.The Finance Act 1963.In section 56(1) the words “and in paragraph (2)(a)” onwards.
1967 c. 54.The Finance Act 1967.Section 27(1).
1970 c. 24.The Finance Act 1970.In Schedule 7 paragraphs 5 and 18.

These repeals take effect on 25th June 1972 except that the repeals in the Finance Act 1963 and the Finance Act 1967 take effect on 1st August 1972 and do not affect instruments executed before that date.

PART XIIU.K. Miscellaneous Repeals

ChapterShort TitleExtent of Repeal
1964 c. 49.The Finance Act 1964.Section 1(4).
1965 c. 25.The Finance Act 1965.In Schedule 6, in paragraph 14, sub-paragraphs (2) to (4).
In schedule 7, paragraph (a) of the proviso to paragraph 17(3).
In schedule 8, paragraph 5(3).
1970 c.10.The Income and Corporation Taxes Act 1970.In section 83(1), in paragraph (a) the words “(except subsection (6))”, in paragraph (b) the words “the said subsection (6) or”, and in the words following the paragraphs and in the proviso the words from “where no claim” to “section 80(6)”.
In section 84(1), paragraph (a).
In section 85(2), the words “(except subsection (6))”.
In section 134(1), in paragraph (a), the words “(except subsection (6))” and, in paragraph (b), the words “the said section 80(6) or”.
Section 142(3).
1971 c.68.The Finance Act 1971.In section 7, the words from “fitted with controls” to “or a vehicle;” and paragraphs (a) and (b).
In section 42, in subsection (1), the words from “Except” to “below”; and subsections (2) to (6).
In Schedule 8, in paragraph 3(1) the words “which has been in use for the purposes of a trade carried on by the seller”, in paragraph 3(3) the words “which has been in use for the purposes of his trade”, and, in paragraph 4, sub-paragraph (1)(b) and sub-paragraph 2(b) together with the word “and” preceding it.
In Schedule 11, paragraph 5.
1972 c. 25.The Betting and Gaming Duties Act 1972.In Schedule 2, in paragraph 18(1), the words “but before 1st April 1973”.

NOTES:

1. the repeal of section 1(4) of the Finance Act 1964 takes effect on 8th August 1972.

2. The repeals in sections 134 and 142 of the Taxes Act do not affect the operation of those sections in relation to claims that were or could have been made under section 80(6) of that Act as originally enacted.

3. The repeal in section 42 of the Finance Act 1971 has effect in relation to expenditure incurred after 21 March 1972 and the repeals in Schedule 8 to that Act have effect in accordance with section 68(9) of this Act.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources