Finance Act 1994

Part VIIIU.K. Miscellaneous and General

Companies treated as non-residentU.K.

F1249 Certain companies treated as non-resident.U.K.

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F2250 Companies treated as non-resident: supplementary.U.K.

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251 Companies treated as non-resident: repeals.U.K.

(1)For the purposes of this section—

(a)the relevant date is 30th November 1993;

(b)the M11992 Act is the Taxation of Chargeable Gains Act 1992.

(2)In section 468F of the Taxes Act 1988 the following shall be omitted—

(a)in subsection (1)(c) the words “and not a dual resident”;

(b)in subsection (8) the definition of “dual resident”;

and this subsection shall have effect where the date of payment is the relevant date or later.

F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Sections 749(4A) and 751(2)(bb) of the Taxes Act 1988 shall be omitted; and this subsection shall be deemed to have come into force on the relevant date.

(5)Section 139(3) of the 1992 Act shall be omitted; and this subsection shall have effect in relation to acquisitions on or after the relevant date.

(6)Section 160 of the 1992 Act shall be omitted; and this subsection shall have effect where the disposal of the old assets (or of the interest in them) is made on or after the relevant date or the acquisition of the new assets is made (or the acquisition of the interest in them is made or the unconditional contract for their acquisition is entered into) on or after the relevant date.

(7)The following provisions shall be omitted—

(a)in section 166(2) of the 1992 Act the words “or a company” and the words “or company”;

(b)in section 171(2) of that Act, paragraph (e) and the word “or” immediately preceding it;

(c)section 172(3)(a) of that Act;

and this subsection shall have effect in relation to disposals on or after the relevant date.

(8)In section 175(2) of the 1992 Act the words from “or a company which” to the end of paragraph (b) shall be omitted; and this subsection shall have effect where the disposal of the old assets (or of the interest in them) or the acquisition of the new assets (or of the interest in them) is made on or after the relevant date.

(9)Section 186 of the 1992 Act shall be omitted together with the following in section 187—

(a)in subsection (1)(a) the words “or 186”;

(b)in subsection (6) the words “or, as the case may be, section 186(2),” and the words “or, as the case may be, section 186(1)”;

and this subsection shall have effect where the company concerned becomes on or after the relevant date a company which falls to be regarded as mentioned in section 186(1) .

(10)Section 188 of the 1992 Act shall be omitted; and this subsection shall be deemed to have come into force on the relevant date.

(11)In section 211(3) of the 1992 Act the words “(and would not be a gain on which, under any double taxation relief arrangements, it would not be liable to tax)” shall be omitted; and this subsection shall have effect where the transfer is made on or after the relevant date.

F4(12). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PrivatisationsU.K.

252 Railways.U.K.

(1)Schedule 24 to this Act (which makes provision in connection with transfers and other disposals under or by virtue of the M2Railways Act 1993) shall have effect.

(2)Paragraphs 4(1) and 17 of that Schedule, and this section so far as relating to those provisions, shall be taken to have come into force on 5th November 1993 (the date on which the M3Railways Act 1993 was passed).

(3)Subject to subsection (2) above, this section and that Schedule shall be taken to have come into force on 11th January 1994.

253 Northern Ireland Airports Limited.U.K.

Schedule 25 to this Act (which makes provision in connection with the transfer of the undertaking of Northern Ireland Airports Limited) shall have effect.

ManagementU.K.

254 Practice and procedure in connection with appeals.U.K.

(1)Section 56B of the M4Taxes Management Act 1970 (regulations about practice and procedure in connection with appeals) shall be amended as follows.

(2)In subsection (2)(b) (documents to be made available for inspection by Commissioners or by officers of the Board) for “the Commissioners or by officers of the Board” there shall be substituted “ specified persons ”.

(3)The following subsection shall be inserted after subsection (2)—

“(2A)In subsection (2)(b) above “specified persons” means such of the following as may be specified in the regulations—

(a)the Commissioners;

(b)any party to the appeal;

(c)officers of the Board.”

F5255 Calling for documents of taxpayers and others.U.K.

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Assigned mattersU.K.

256 Minor corrections.U.K.

(1)The provisions mentioned in subsection (2) below (which enable revenue traders and taxable persons to be required to keep records) shall be amended in accordance with subsections (3) and (4) below (which correct minor errors in those provisions so far as they relate to the admissibility in evidence of the recorded information).

(2)The provisions are—

(a)in the M5Customs and Excise Management Act 1979, section 118A; and

(b)in Schedule 7 to the M6Value Added Tax Act 1983, paragraph 7.

F6(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Subsection (7) and sub-paragraph (6) of those provisions shall be omitted.

GeneralU.K.

257 Interpretation and construction.U.K.

(1)In this Act “the Taxes Act 1988” means the M7Income and Corporation Taxes Act 1988.

(2)Part V of this Act shall be construed as one with Part I of the M8Oil Taxation Act 1975, and in Part V that Act is referred to as “the principal Act”.

(3)Part VI of this Act shall be construed as one with the M9Stamp Act 1891.

258 Repeals.U.K.

The enactments specified in Schedule 26 to this Act (which include provisions which are already spent) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision of that Schedule.

259 Short title.U.K.

This Act may be cited as the Finance Act 1994.