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Finance Act 1973
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- 1973 c. 51
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Point in time view as at 13/08/2009.
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There are currently no known outstanding effects for the Finance Act 1973, PART III.
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PART IIIU.K. INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
10—31.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.
Textual Amendments
F232 Information as to arrangements for transferring relief, etc.U.K.
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Textual Amendments
F2S. 32 omitted (13.8.2009) by virtue of Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 10
33—36.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3U.K.
Textual Amendments
37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4U.K.
Textual Amendments
F4S. 37 repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8
38 Territorial extension of charge to income tax, capital gains tax and corporation tax.U.K.
F5(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)[F6Schedule 15 to this Act shall have effect and in that Schedule—]
(a)“exploration or exploitation activities” means activities carried on in connection with the exploration or exploitation of so much of the seabed and subsoil and their natural resources as is situated in the United Kingdom or a designated area; and
(b)“exploration or exploitation rights” means rights to assets to be produced by exploration or exploitation activities or to interests in or to the benefit of such assets; and
(c)references to the disposal of exploration or exploitation rights include references to the disposal of shares deriving their value or the greater part of their value directly or indirectly from such rights, other than shares [F7listed] on a recognised stock exchange (within the meaning of the Corporation Tax Acts); and
(d)“” includes stock and any security as defined in section [F8254(1) of the Tax Act 1988]; and
(e)“designated area” means an area designated by Order in Council under section 1(7) of the M1Continental Shelf Act 1964.
F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(3A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(3B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(3C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9
(7)This section shall have effect for the purposes of income tax and capital gains tax for the year 1973-74 and subsequent years of assessment and for the purposes of corporation tax for the financial year 1973 and subsequent years.
F5(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5S. 38(1)(3)-(5)(8) repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 12
F6Words in s. 38(2) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 3(1)
F7Word in s. 38(2)(c) substituted (29.4.1996 with effect as mentioned in Sch. 38 para. 1(2) of the substituting Act) by 1996 c. 8, s. 199, Sch. 38 para. 1(1)
F8Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32
Modifications etc. (not altering text)
C1Definition applied in connection with certain transactions of petroleum companies by Oil Taxation Act 1975 (c. 22), Sch. 9 para. 3 and company migration by Finance Act 1988 (c. 39, SIF 63:1, 2) s. 105.
C2Definition applied in connection with company migration by Finance Act 1988 (c. 39, SIF 63:1, 2), s. 105.
Marginal Citations
39, 40.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10U.K.
Textual Amendments
F1141 General Commissioners’ divisions.U.K.
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Textual Amendments
F11S. 41 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 65
42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12U.K.
Textual Amendments
F12S. 42 repealed by Finance Act 1976 (c. 40), s. 49(2)(b), Sch. 15 Pt. III
43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13U.K.
Textual Amendments
44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14U.K.
Textual Amendments
F14S. 44 repealed by Finance Act 1987 (c. 16), s. 72(7), Sch. 16 Pt. VII.
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