Finance Act 1901

There shall as from the nineteenth day of April nineteen hundred and one, be charged, levied, and paid on the following articles imported into Great Britain or Ireland, the following duties—

and there shall, as from the first day of June nineteen hundred and one, be allowed in respect of those articles, the drawbacks set out in the Second Schedule to this Act.

Provided that, as from the nineteenth day of April up to the eleventh day of June nineteen hundred and one the duties under the headings molasses and glucose shall be deemed to have been chargeable at the rates specified in the resolution of the Committee of Ways and Means of the eighteenth day of April nineteen hundred and one; but where it is proved to the satisfaction of the Commissioners of Customs that the duty paid on any molasses imported during that period exceeds that which would have been paid after the said eleventh day of June, and that the excess has not been recovered from any person to whom the molasses may have been delivered after importation, the Commissioners of Customs may remit the excess.

The words " (except in sugar)" in the schedule to the [39 & 40 Vict. c. 35.] Customs Tariff Act, 1876, are hereby repealed, but tinned and bottled apricots in syrup or water, and apricot pulp, shall not be liable to duty as preserved plums.

There shall, as from the nineteenth day of April nineteen hundred and one, be charged, levied, and paid on coal exported from Great Britain or Ireland a duty of one shilling per ton, but a rebate of the duty shall be allowed on any coal the value of which free on board is proved to the satisfaction of the Commissioners of Customs not to exceed six shillings per ton.

The Treasury may, if they think fit, in any case remit the duty on any coal exported before the first day of January nineteen hundred and two, in pursuance of a contract made before the nineteenth day of April nineteen hundred and one.

Coal may be shipped on any ship, duty free, in like manner as, and subject to terms and conditions similar to those on which, stores are allowed to be shipped under the Customs Acts.

The provisions set out in the Fourth Schedule to this Act, and the modifications of the Customs Acts set out in the same schedule, shall have effect with respect to the exportation of coal and the duty thereon.

For the purposes of this Act " coal" includes culm, coke, and cinders.

In any case where the person paying the duty shall be the tenant of the mines from which the coal shall have been produced, subject to the payment of a rent or ro3'alty, varying with the selling price of such coal, and the coal shall have been sold at a price inclusive of the duty, then the amount of such duty so paid shall in the absence of any agreement to the contrary be deducted in ascertaining the amount of such selling price for the purpose of determining the amount of the said rent or royalty.

There shall, as from the eleventh day of June nineteen hundred and one as regards the duty on glucose, and as regards the other duties under this section as from the first day of July nineteen hundred and one, be charged, levied, and paid the following duties of excise—

and there shall be allowed in respect of glucose and saccharin the drawbacks set out in the Third Schedule to this Act,

The duty on glucose may be charged either on the quantity actually manufactured or by reference to the quantity ascertained by the Commissioners of Inland Revenue to be capable of being produced from the saccharin solution collected in a receiver to be provided by the maker and fixed and secured to the satisfaction of the Commissioners.

Where any manufactured, or prepared goods contain, as a part or ingredient thereof, any article liable to any duty of customs, duty shall be charged in respect of such quantity of the article as shall appear to the satisfaction of the Treasury to be used in the manufacture or preparation of the goods, and in the case of goods so containing more than one such article, shall be charged in a similar manner on each article liable to duty at the rates of duty respectively applicable thereto, unless the Treasury shall be of opinion that it is necessary for the protection of the revenue that duty should be charged in accordance with the [39 & 40 Vict. c. 35.] Customs Tariff Act, 1876.

Any rebate which can be allowed by law on any article when separately charged shall be allowed in charging goods under this section in respect of the quantity of that article used in the manufacture or preparation of the goods.

As respects the first levying or repealing of any duty of customs (including any duty imposed by this Act), the time at which the importation of any goods shall be deemed to have had effect shall be the time at which the entry of the goods under the Customs Act is delivered instead of the time mentioned in section forty of the Customs Consolidation Act, 1876.

Where any new customs import duty or new excise duty is imposed, or where any customs import duty or excise duty is increased, and any goods in respect of which the duty is payable are delivered after the day on which the new or increased duty takes effect in pursuance of a contract made before that day, the seller of the goods may, in the absence of agreement to the contrary, recover, as an addition to the contract price, a sum equal to any amount paid by him in respect of the goods on account of the new duty or the increase of duty, as the case may be.

Where any customs import duty or excise duty is repealed or decreased, and any goods affected by the duty are delivered after the day on which the duty ceases or the decrease in the duty takes effect in pursuance of a contract made before that day, the purchaser of the goods, in the absence of agreement to the contrary, may, if the seller of the goods has had in respect of those goods the benefit of the repeal or decrease of the duty, deduce from the contract price a sum equal to the amount of the duty or decrease of duty, as the case may be.

Where any addition to or deduction from the contract price may be made under this section on account of any new or repealed duty, such sum as may be agreed upon or in default of agreement determined by the Commissioners of Customs in the case of a customs duty, and by the Commissioners of Inland Revenue in the case of an excise duty, as representing in the case of a new duty any new expenses incurred, and in the case of a repealed duty any expenses saved, may be included in the addition to or deduction from the contract price, and may be recovered or deducted accordingly.

This section shall be deemed to have had effect as from the nineteenth day of April nineteen hundred and one, and section twenty of the [39 & 40 Vict. c. 36.] Customs Consolidation Act. 1876, and section eight of the [63 & 64 Vict. c. 7.] Finance Act, 1900, are hereby repealed.

Notwithstanding anything contained in the [54 & 55 Vict. c. 39.] Stamp Act, 1891, a policy of sea insurance made for time may contain a continuation clause as defined in this section, and such a policy shall not he invalid on the ground only that by reason of the continuation clause it may become available for a period exceeding twelve months.

There shall be charged on a policy of sea insurance containing such a continuation clause a stamp duty of sixpence in addition to the stamp duty which is otherwise chargeable on the policy.

If the risk covered by the continuation clause attaches and a new policy is not issued covering the risk, the continuation clause shall be deemed to be a new and separate contract of sea insurance expressed in the policy in which it is contained, but not covered by the stamp thereon, and the policy shall be stamped in respect of that contract accordingly, but may be so stamped without penalty at any time not exceeding thirty days after the risk has so attached.

For the purposes of this section, the expression " continuation clause" means an agreement to the following or the like effect, namely, that in the event of the ship being at sea or the voyage otherwise not completed on the expiration of the policy, the subject-matter of the insurance shall be held covered until the arrival of the ship, or for a reasonable time thereafter not exceeding thirty days,

Income tax for the year beginning on the sixth day of April nineteen hundred and one shall be charged at the rate of one shilling and twopence.

All such enactments relating to income tax as were in force on the fifth day of April nineteen hundred and one shall have full force and effect with respect to the duty of income tax hereby granted.

Section thirty-eight of the [57 & 58 Vict. c. 30.] Finance Act, 1894 (which relates to duty on dividends, &c. paid prior to the passing of the Act), shall be applied with respect to the year which commenced on the sixth day of April nineteen hundred and one, as it was applied with respect to the year which commenced on the sixth day of April one thousand eight hundred and ninety-four.

This Act may be cited as the Finance Act, 1901.

Part I. of this Act, so far as it relates to duties of customs, shall be construed together with the [39 & 40 Vict. c. 36.] Customs Consolidation Act, 1876, and the Acts amending that Act (in this Act referred to as the Customs Acts), and so far as it relates to duties of excise shall be construed together with the Acts which relate to the duties of excise and the management of those duties.