Finance Act 1984

MiscellaneousU.K.

F1124 Recovery of certain tax assessed on non-residents.U.K.

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125 Local loans.U.K.

(1)For section 4 of the M1National Loans Act 1968 (power to make local loans) there shall be substituted the following section—

“4 Limit for local loans.

(1)The aggregate of—

(a)any commitments of the Loan Commissioners outstanding in respect of undertakings entered into by them to grant local loans; and

(b)any amount outstanding in respect of the principal of any local loans;

shall not at any time exceed £28,000 million or such other (lower or higher) sum, not exceeding £35,000 million, as the Treasury may from time to time specify by order made by statutory instrument.

(2)No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament.”

(2)In section 3 of that Act—

(a)in subsection (5), the words from “and" to “future Act" shall be omitted; and

(b)in subsection (11), for the words from the beginning to “those" there shall be substituted the words “ Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions ”.

126 Tax exemptions in relation to designated international organisations.U.K.

(1)Where—

(a)the United Kingdom or any of [F2the European Union] is a member of an international organisation; and

(b)the agreement under which it became a member provides for exemption from tax, in relation to the organisation, of the kind for which provision is made by this section; the Treasury may, by order made by statutory instrument, designate that organisation for the purposes of this section.

(2)Where an organisation has been so designated, the provisions mentioned in subsection (3) below shall, with the exception of any which may be excluded by the designation order, apply in relation to that organisation.

(3)The provisions are—

(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(b)any security issued by the organisation shall be taken, for the purposes of capital transfer tax F4. . ., to be situated outside the United Kingdom; and

(c)no stamp duty shall be chargeable under [F5Schedule 15 to the Finance Act 1999 (bearer instruments)in Schedule 1 to the Stamp Act 1891] on the issue of any instrument by the organisation or on the transfer of the stock constituted by, or transferable by means of, any instrument issued by the organisation.

[F6(d)no stamp duty reserve tax shall be chargeable under section 93 (depositary receipts) or 96 (clearance services) of the Finance Act 1986 in respect of the issue of securities by the organisation.]

[F7(4)The Treasury may, by order made by statutory instrument, designate any of [F2the European Union] or the European Investment Bank for the purposes of this section, and references in subsections (2) and (3) above to an organisation designated for the purposes of this section include references to a body so designated by virtue of this subsection.]

[F8(5)Subsection (3) above, as it applies by virtue of subsection (4) above, shall be read as if the words [F9Schedule 15 to the Finance Act 1999 (bearer instruments)] were omitted]

F10127 Special and General Commissioners.U.K.

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128 Short title, interpretation, construction and repeals.U.K.

(1)This Act may be cited as the Finance Act 1984.

(2)In this Act “the Taxes Act” means the Income and Corporation Taxes Act [F111970 and “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988].

(3)Part II of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Acts and, so far as it relates to capital gains tax, shall be construed as one with the Capital Gains Tax Act 1979.

(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

(5)Part V of this Act shall be construed as one with Part I of the Oil Taxation Act 1975 and references in Part V of this Act to the principal Act are references to that Act.

(6)The enactments specified in Schedule 23 to this Act are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.