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Finance Act 1997

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  1. Introductory Text

  2. Part I Excise Duties

    1. Alcoholic liquor duties

      1. 1. Rates of duty on spirits and wines of equivalent strength.

      2. 2. Rates of duty on lower strengths of wine and made-wine.

      3. 3. Duty on sparkling cider.

      4. 4. Cider labelled as strong cider.

      5. 5. Cider labelled as made-wine.

    2. Hydrocarbon oil duties

      1. 6. Rates of hydrocarbon oil duties and of rebates.

      2. 7. Ultra low sulphur diesel.

    3. Tobacco products duty

      1. 8. Rates of tobacco products duty.

    4. Air passenger duty

      1. 9. Rates of air passenger duty.

    5. Gaming duty

      1. 10. Gaming duty to replace gaming licence duty.

      2. 11. Rate of gaming duty.

      3. 12. Liability to pay gaming duty.

      4. 13. Supplemental provisions relating to gaming duty.

      5. 14. Subordinate legislation relating to gaming duty.

      6. 15. Interpretation of gaming duty provisions.

    6. Vehicle excise duty

      1. 16. Increase in general rate.

      2. 17. Exemption for vehicles for disabled persons.

      3. 18. Provisions applying to exempt vehicles.

      4. 19. Issue of licences before payment of duty.

      5. 20. Removal and disposal of vehicles.

  3. Part II Insurance Premium Tax

    1. New rates of tax

      1. 21. Rate of tax.

      2. 22. Premiums liable to tax at the higher rate.

      3. 23. Charge to tax where different rates apply.

      4. 24. Commencement of sections 21 to 23.

    2. Taxable intermediaries and their fees

      1. 25. Certain fees to be treated as premiums under higher rate contracts.

      2. 26. Registration of taxable intermediaries.

      3. 27. Supplementary provisions.

    3. Miscellaneous

      1. 28. Amounts charged by other intermediaries.

      2. 29. Prevention of pre-emption.

      3. 30. Tax point for payroll deductions.

  4. Part III Value Added Tax

    1. Registration

      1. 31. Aggregation of businesses.

      2. 32. Voluntary registration.

    2. Zero-rating

      1. 33. Sale of goods donated to charity.

      2. 34. Charitable institutions providing care etc.

    3. Buildings and land

      1. 35. References to grants.

      2. 36. Buildings intended to be used as dwellings.

      3. 37. Supplies to non-taxable persons etc.

    4. Exempt insurance supplies

      1. 38. Exempt insurance supplies.

    5. Bad debt relief

      1. 39. Bad debt relief.

    6. Groups of companies

      1. 40. Groups containing bodies of different descriptions.

      2. 41. Group supplies using an overseas member.

    7. Incidental and supplemental provisions etc.

      1. 42. Services subject to the reverse charge.

      2. 43. Payments on account: appeals.

  5. Part IV Payments and overpayments in respect of indirect taxes

    1. Value added tax

      1. 44. Liability of Commissioners to interest.

      2. 45. Assessment for overpayments of interest.

      3. 46. Repayments of overpayments: unjust enrichment.

      4. 47. Repayments and assessments: time limits.

      5. 48. Set-off of credits and debits.

      6. 49. Transitional provision for set-offs etc.

    2. Excise duties and other indirect taxes

      1. 50. Overpayments, interest, assessments, etc.

    3. Enforcement of payment

      1. 51. Enforcement by distress.

      2. 52. Enforcement by diligence.

      3. 53. Amendments consequential on sections 51 and 52.

  6. Part V Income Tax, Corporation Tax and Capital Gains Tax

    1. Income tax charge, rates and reliefs

      1. 54. Charge and rates of income tax for 1997-98.

      2. 55. Modification of indexed allowances.

      3. 56. Blind person’s allowance.

      4. 57. Limit on relief for interest.

    2. Corporation tax charge and rate

      1. 58. Charge and rate of corporation tax for 1997.

      2. 59. Small companies.

    3. Payments for wayleaves

      1. 60. Wayleaves for electricity cables, telephone lines, etc.

    4. Schedule E

      1. 61. Phasing out of relief for profit-related pay.

      2. 62. Travelling expenses etc.

      3. 63. Work-related training.

    5. Relieved expenditure, losses etc.

      1. 64. Postponed company donations to charity.

      2. 65. National Insurance contributions.

      3. 66. Expenditure on production wells etc.

      4. 67. Annuity business of insurance companies.

      5. 68. Consortium claims for group relief.

    6. Distributions etc.

      1. 69. Special treatment for certain distributions.

      2. 70. Distributions of exempt funds.

      3. 71. Set-off against franked investment income.

      4. 72. FIDs paid to unauthorised unit trusts.

      5. 73. Tax advantages to include tax credits.

    7. Investments etc.

      1. 74. Enterprise investment scheme.

      2. 75. Venture capital trusts.

      3. 76. Stock lending and manufactured payments.

      4. 77. Bond washing and repos.

      5. 78. National Savings Bank interest.

      6. 79. Payments under certain life insurance policies.

      7. 80. Futures and options: transactions with guaranteed returns.

    8. Transfer of assets abroad

      1. 81. Transfer of assets abroad.

    9. Leasing and loan arrangements

      1. 82. Finance leases and loans.

      2. 83. Loan relationships: transitions.

    10. Capital allowances

      1. 84. Writing-down allowances on long-life assets.

      2. 85. Schedule A cases etc.

      3. 86. Capital allowances on fixtures.

    11. Chargeable gains

      1. 87. Re-investment relief.

      2. 88. Conversion of securities: QCBs and debentures.

      3. 89. Earn-out rights.

    12. Double taxation relief

      1. 90. Restriction of relief for underlying tax.

      2. 91. Disposals of loan relationships with or without interest.

    13. Repayment supplement

      1. 92. Time from which entitlement runs.

  7. Part VI Inheritance Tax

    1. 93. Rate bands.

    2. 94. Agricultural property relief.

  8. Part VII Stamp Duty and Stamp Duty Reserve Tax

    1. Stamp duty

      1. 95. Mergers of authorised unit trusts.

      2. 96. Demutualisation of insurance companies.

      3. 97. Relief for intermediaries.

      4. 98. Repurchases and stock lending.

      5. 99. Depositary receipts and clearance services.

    2. Stamp duty reserve tax

      1. 100. Mergers of authorised unit trusts.

      2. 101. Direction to hold trust property on other trusts.

      3. 102. Relief for intermediaries.

      4. 103. Repurchases and stock lending.

      5. 104. Depositary receipts and clearance services.

      6. 105. Inland bearer instruments.

      7. 106. Repayment or cancellation of tax.

  9. Part VIII Miscellaneous and Supplemental

    1. Miscellaneous

      1. 107. Petroleum revenue tax: non-field expenditure.

      2. 108. Payment of dividends on government stock.

      3. 109. Nil levy on dwelling-house disposals.

      4. 110. Obtaining information from social security authorities.

      5. 111. Report on VAT on energy saving materials.

    2. Supplemental

      1. 112. Interpretation.

      2. 113. Repeals.

      3. 114. Short title.

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