An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
[19th July 1961]
Extent Information
E1For the extent of this Act see s. 37(5)
Commencement Information
I1Act partly in force at Royal Assent, partly retrospective, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of day.
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
[19th July 1961]
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F4S. 4 repealed by Betting Duties Act 1963 (c. 3), s. 6(1), Sch. 3
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F6Ss. 6—8 repealed by Vehicles (Excise) Act 1962 (c.13), s. 25(2), Sch. 8
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F8S. 10 repealed by Statute Law (Repeals) Act 1971 (c. 52)
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F10Ss. 12—29 repealed by Income and Corporation Taxes Act 1970 (c. 10), ss. 538(1), 539(1), Sch. 16
Textual Amendments
As from the beginning of April, nineteen hundred and sixty-one, the rate at which the profits tax is to be charged by virtue of subsection (1) of section twenty-five of the Finance Act, 1958, shall be increased from twelve and a half per cent.to fifteen per cent.
Editorial Information
X1The text of Ss.31, 32 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
(1)Subject to the provisions of this section, no assessment to excess profits tax, the excess profits levy or the special contribution shall be made after the passing of this Act.
(2)The foregoing subsection shall not apply in so far as the assessment is required for the purpose of making good to the Crown any loss of tax, levy or contribution shown to be attributable to fraud or wilful default committed in connection therewith or in relation to income tax.
(3)Subsection (1) of this section shall not apply to—
(a)any assessment to excess profits tax in so far as it relates to tax leviable by virtue of section thirty-nine of the Finance Act, 1950 (enemy debts, etc.,written off during the war);
(b)any additional assessment to the excess profits levy falling to be made by virtue of subsection (2) of section twenty-one of the Finance Act, 1953 (unremittable overseas income).
(4)The Fifth Schedule to the Finance (No. 2) Act, 1945 (relief for error or mistake) so far as it relates to excess profits tax and (by virtue of section sixty-three of the Finance Act, 1952) to the excess profits levy shall have effect as if in paragraph I (time for application for relief) for the words “before such date as Parliament may hereafter determine” there were substituted the words “not later than six years after the making of the assessment” and in paragraph 4 (time for appealing) for the words “twenty-one days” there were substituted the words “thirty days”.
(5)In the case of an assessment to excess profits tax, the excess profits levy or the special contribution made after the end of the year nineteen hundred and sixty and before the passing of this Act, the period within which an appeal may be made shall not expire earlier than thirty days after the passing of this Act, and if on the hearing of such an appeal the appellant elects that this subsection shall have effect the assessment shall be discharged unless it is shown, or to the extent to which it is not shown, that the assessment was required as mentioned in subsection (2) of this section, or relates to such tax as is mentioned in paragraph (a) of subsection (3) thereof, or falls within paragraph (b) of that subsection.
(6)References in this section to an assessment include references to an additional assessment.
Editorial Information
X2The text of Ss.31, 32 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
Textual Amendments
(1)This Act shall be cited as the Finance Act 1961.
F16(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)Part I of this Act shall be construed as one with [F17the M1Customs and Excise Management Act 1979]. . .
(4)Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.
(5)Such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.
F16(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F16S. 37 repealed in part by Income and Corporation Taxes Act 1970 (c. 10), ss. 538(1), 539(1),Sch.16; Finance Act 1970 (c. 24 SIF 12:1), s.36(8), Sch.8 pt. V; Statute Law (Repeals) Act 1974 (c. 22); Customs and Excise Management Act 1979 (c. 2 SIF 40:1), s. 177(3), Sch. 6 pt. 1
F17Words substituted by Customs and Excise Management Act 1979 (c. 2, SIF 40:1), Sch. 4 para. 12 Table Pt. I
Modifications etc. (not altering text)
C1S. 37 amended by Customs and Excise Management Act 1979 (c. 2, SIF 40:1), s. 177(1), Sch. 4 para. 12 Table Pt. 1
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F19Sch. 2 repealed by Vehicles (Excise) Act 1962 (c. 13), s. 25(2), Sch. 8
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F22Sch. 6 repealed by Statute Law (Repeals) Act 1974 (c. 22)