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Finance Act 1983

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. PART I Customs and Excise

    1. 1.Duties on spirits, beer, wine, made-wine and cider

    2. 2.Tobacco products

    3. 3.Hydrocarbon oil

    4. 4.Vehicles excise duty

    5. 5.Bingo duty and gaming machine licence duty

    6. 6.Deferred payment of excise duty on goods

    7. 7.Imports to and exports from Northern Ireland

    8. 8.Export from Northern Ireland of goods chargeable with agricultural levies

    9. 9.Miscellaneous customs and excise repeals

  3. PART II Income Tax, Corporation Tax and Capital Gains Tax

    1. CHAPTER I General

      1. 10.Charge of income tax for 1983-84

      2. 11.Charge of corporation tax for financial year 1982

      3. 12.Rate of advance corporation tax for financial year 1983

      4. 13.Corporation tax: small companies

      5. 14.Personal reliefs

      6. 15.Widow's bereavement allowance

      7. 16.Relief for interest

      8. 17.Loan interest paid under deduction of tax

      9. 18.Assigned life policies and annuity contracts

      10. 19.Retirement annuity relief: early retirement

      11. 20.Scholarships

      12. 21.Living accommodation provided for employee

      13. 22.Benefits derived by directors: Schedule E payments

      14. 23.Covenanted payments to charity: increase of exemption from excess tax liability

      15. 24.Relief for interest: money borrowed for investment in employee-controlled company

      16. 25.Profit sharing schemes

      17. 26.Relief for investment in corporate trades

      18. 27.Public lending right

      19. 28.Employees seconded to charities

      20. 29.Building societies: interest to be payable gross on certificates of deposit

    2. CHAPTER II Capital Allowances

      1. 30.Industrial building or structure

      2. 31.Buildings converted into very small workshops

      3. 32.Capital allowances for expenditure on production or acquisition of certain films etc.

      4. 33.Extended transitional period for teletext receivers etc.

    3. CHAPTER III Capital Gains

      1. 34.Election for pooling: indexation

  4. PART III Oil Taxation

    1. 35.Phasing out of APRT

    2. 36.Increased oil allowance for certain new fields

    3. 37.Reliefs for exploration and appraisal expenditure etc.

    4. 38.Terms of payment to be implied in determining market value

    5. 39.Exclusion of oil appropriated for production purposes in other fields

    6. 40.Variation of decisions on claims for allowable expenditure

    7. 41.Transfers of interests in fields

  5. PART IV Miscellaneous and Supplementary

    1. National insurance surcharge

      1. 42.Reduction of national insurance surcharge

    2. Miscellaneous

      1. 43.National savings: supplements

      2. 44.Rates of interest for government lending

      3. 45.Suspension of certain payments into National Loans Fund in respect of new towns

      4. 46.Historic Buildings and Monuments Commission for England

      5. 47.Pre-consolidation amendments

      6. 48.Short title, interpretation, construction and repeals

  6. SCHEDULES

    1. SCHEDULE 1

      Wine: Rates of Duty

    2. SCHEDULE 2

      Made-Wine: Rates of Duty

    3. SCHEDULE 3

      Vehicles Excise Duty

      1. PART I Provisions Substituted in Part II of Schedules 1 to 5 to the Vehicles (Excise) Act 1971 and the Vehicles (Excise) Act (Northern Ireland) 1972

        1. 1.The following are the provisions substituted in the Act of...

        2. 2.The following are the provisions substituted in the Act of...

        3. 3.The following are the provisions substituted in the Act of...

        4. 4.The following are the provisions substituted in the Act of...

        5. 5.The following are the provisions substituted in the Act of...

        6. 6.The following are the provisions substituted in the Act of...

        7. 7.The following are the provisions substituted in the Act of...

      2. PART II Amendment of Part I of Schedule 4 to The Vehicles (Excise) Act 1971 and The Vehicles (Excise) Act (Northern Ireland) 1972

        1. Amendments made in both Acts

          1. 8.(1) Part I of Schedule 4 to the Act of...

        2. Amendments made only in the Act of 1971

          1. 9.In paragraph 5(1) of Part I of Schedule 4 to...

          2. 10.In paragraph 9 of Part I of Schedule 4 to...

          3. 11.In the said paragraph 9 there shall be inserted, after...

        3. Amendments made only in the Act of 1972

          1. 12.For paragraph 5(1) of Part I of Schedule 4 to...

    4. SCHEDULE 4

      Events Restoring the Income Tax Charge in Connection with Assigned Life Policies and Annuity Contracts

      1. 1.(1) In this Schedule " assigned policy " means a...

      2. 2.(1) The relevant provision shall cease to apply to an...

      3. 3.(1) Paragraph 2(1)(c) above does not apply unless—

      4. 4.Where the relevant provision ceases to apply to an assigned...

    5. SCHEDULE 5

      Relief for Investment in Corporate Trades

      1. PART I Investment After 5th April 1983 in Unquoted Trading Companies

        1. 1.(1) In this Part of this Schedule " Chapter II"...

        2. The relief

          1. 2.(1) This Part of this Schedule has effect for affording...

        3. Limits on relief

          1. 3.(1) Subject to paragraph 19 below, the relief shall not...

        4. Individuals qualifying for relief

          1. 4.(1) An individual qualifies for the relief if he subscribes...

        5. Qualifying companies

          1. 5.(1) A company is a qualifying company if it is...

        6. Qualifying trades

          1. 6.(1) A trade is a qualifying trade if it complies...

        7. Disposal of shares

          1. 7.(1) Where an individual disposes of any eligible shares before...

        8. Value received from company

          1. 8.(1) Where an individual who subscribes for eligible shares in...

        9. Replacement capital

          1. 9.(1) An individual is not entitled to relief in respect...

        10. Value received by persons other than claimants

          1. 10.(1) The relief to which an individual is entitled in...

        11. Prevention of misuse

          1. 11.An individual is not entitled to relief in respect of...

        12. Husband and wife

          1. 12.(1) In the case of any amount subscribed by a...

        13. Claims

          1. 13.(1) A claim for the relief in respect of eligible...

        14. Assessments for withdrawing relief

          1. 14.(1) Where any relief has been given which is subsequently...

        15. Information

          1. 15.(1) Where an event occurs by reason of which any...

        16. Capital gains tax

          1. 16.(1) The sums allowable as deductions from the consideration in...

        17. Application to subsidiaries

          1. 17.(1) A qualifying company may, in the relevant period, have...

          2. 18.(1) The shares issued by the qualifying company may, instead...

        18. Nominees and approved investment funds

          1. 19.(1) Shares subscribed for, issued to, held by or disposed...

        19. Interpretation

          1. 20.(1) Subject to sub-paragraph (2) below, section 67 of Chapter...

      2. PART II Amendments of Chapter n of Part IV of the Finance Act 1981

        1. 21.In section 52(9) of the Finance Act 1981 (relief available...

        2. 22.Section 53(7) of the Act of 1981 (withdrawal of relief...

        3. 23.Where, at any time after 5th April 1983, a company...

    6. SCHEDULE 6

      Capital Gains : Election for Pooling

      1. Interpretation

        1. 1.(1) In this Schedule— (a) "the principal Act" means the...

      2. Election for pooling

        1. 2.(1) An election under this Schedule shall be made by...

      3. Effect of election

        1. 3.(1) The provisions of this paragraph have effect where an...

      4. The 1982 identification rules

        1. 4.(1) The provisions of sections 88 and 89 of, and...

      5. The indexation allowance

        1. 5.(1) Where an election has been made under this Schedule,...

        2. 6.(1) Subject to sub-paragraph (2) below, in relation to the...

        3. 7.(1) The provisions of this paragraph have effect, subject to...

        4. 8.(1) At the time of any operative event, the indexed...

      6. Transfers on a no gain/no loss basis

        1. 9.(1) This paragraph applies in any case where—

      7. Consideration for options

        1. 10.(1) If, in a case where sub-paragraph (4)(b) of paragraph...

      8. Supplementary

        1. 11.All such adjustments shall be made, whether by way of...

    7. SCHEDULE 7

      APRT: Modifications of Finance Act 1982, Schedule 19

      1. 1.In paragraph 1(3) (returns for periods after liability for APRT...

      2. 2.In paragraph 2(2) (instalment payments where liability for APRT expires)...

      3. 3.(1) In paragraph 14 (repayment of APRT) in sub-paragraph (1)...

      4. 4.In paragraph 17 (abandoned fields) in sub-paragraph (1)(c) for the...

    8. SCHEDULE 8

      Reliefs for Exploration and Appraisal Expenditure etc.

      1. PART I Section to be inserted After Section 5 of the Principal Act

      2. PART II Amendments Relating to the New Allowance

        1. The principal Act

          1. 1.In section 2(9) of the principal Act (amounts to be...

          2. 2.At the end of subsection (3) of section 3 of...

          3. 3.In section 5 of the principal Act (allowance of abortive...

          4. 4.In section 9 of the principal Act (limit on amount...

          5. 5.In paragraph 2 of Schedule 2 to the principal Act...

          6. 6.(1) In Schedule 7 to the principal Act (claims for...

        2. The Petroleum Revenue Tax Act 1980

          1. 7.In the Schedule to the Petroleum Revenue Tax Act 1980...

        3. The Finance Act 1980

          1. 8.In Schedule 17 to the Finance Act 1980 (transfers of...

        4. The Finance Act 1981

          1. 9.In section 111 of the Finance Act 1981 (restriction of...

      3. PART III Receipts to be Set Against Allowable Expenditure

        1. 10.In this Part of this Schedule— "allowable expenditure" means expenditure...

        2. 11.(1) A return made by a participator for a chargeable...

        3. 12.(1) This paragraph applies where— (a) a claim for allowable...

    9. SCHEDULE 9

      Value Added Tax, Car Tax and Capital Transfer Tax Consolidation Amendments

      1. Value added tax and car tax

        1. 1.(1) Sections 32(1), 64(1) and 65(2) of and paragraph 1...

        2. 2.For section 44 of the Finance Act 1972 (service of...

      2. Capital transfer tax

        1. 3.In section 37(1)(b) of the Finance Act 1975, after the...

        2. 4.In paragraph 2(2A) of Schedule 4 to that Act, for...

        3. 5.In paragraph 4(10) of Schedule 5 to that Act, after...

        4. 6.In section 78(4)(b) of the Finance Act 1976, the words...

        5. 7.In section 114(6) of that Act, for the words "the...

    10. SCHEDULE 10

      Repeals

      1. PART I Miscellaneous Customs and Excise

      2. PART II Income Tax, Corporation Tax and Capital Gains Tax

      3. PART III Oil Taxation

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