Finance Act 1916
1916 c.24
An Act to grant certain duties of Customs and Inland Revenue (including Excise), to alter other duties, and to amend the Law relating to Customs and Inland Revenue (including Excise) and the National Debt and to make further provision in connexion with Finance.
The text of s. 63 was taken from S.I.F. Group 63:1 (Income, Corporation & Capital Gains Taxes), ss. 65–67 was taken from S.I.F. Group 99:3 (Public Finance and Economic Controls: National Debt); the text of s. 69(3) appeared in both S.I.F. Group 63:1 and 99:3; provisions omitted from S.I.F. have been dealt with as referred to in other commentary
General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act
Preamble omitted under authority of Statute Law Revision Act 1927 (c. 42)
Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3
General amendments etc. to Tax Acts (or Income Tax Acts or Corporation Tax Acts as the case may be) made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2)), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10)
Part I
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5
11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6
12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9
17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10
19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11
20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12
22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13
23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14
Part II
24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15
25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16
41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17
42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18
44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19
Part III
45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20
Part IV National Debt and Loans
58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21
59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22
60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23
61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24
62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25
C563 Exemption from taxation of municipal securities issued in America. C4
Any securities issued in the United States of America by a municipal corporation, county council, or other local authority in the United Kingdom for the purpose of raising any money which they are authorised to borrow, if issued under the authority of the Treasury, shall not be liable to any taxation present or future, except where they are held by persons domiciled in the United Kingdom or by British subjects ordinarily resident in the United Kingdom.
The expression “local authority” in this section includes the Metropolitan Water Board and any other public body which is recognised as a local authority for the purposes of this section by the Local Government Board.
64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F26
65 Lost or destroyed Exchequer bonds. C6
Where the Bank of England are satisfied that any Exchequer bond, or any other bond to bearer issued by them on behalf of the Treasury, or any coupon of any such bond has been lost or destroyed, they may, if they think fit, and on such conditions as they think fit, but subject to any general directions of the Treasury, issue a new bond or coupon on receiving indemnity to their satisfaction against the claims of all persons deriving title under the bond or coupon lost or destroyed.
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66 Transfer of stock on authority of order of a court.
Any order or decree of any court in the United Kingdom whereby the right to transfer or call for a transfer of any Government stock or to receive any dividends thereon is expressed to be vested in any person shall be sufficient authority to the F28Bank of England, to the National Debt Commissioners, to the F29Director of Savings, and to any savings bank authority to allow the transfer of the stock or to pay the dividends in accordance with the order or decree.
An official F30certified copy interlocutor of any such appointment as is mentioned in section thirteen of the M1Judicial Factors (Scotland) Act 1889, shall, where any Government stock is specified in such official F30certified copy interlocutor or in a certificate under seal by the accountant of court produced along with such F30certified copy interlocutor as belonging to or forming part of the estate under the charge of the person named in the F30certified copy interlocutor, be deemed for the purposes of this section to be a decree whereby the right to transfer such Government stock is vested in the person so named.
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67 Indemnity on transfer of Government stock.
Where any Government stock is transferred by virtue of section forty-eight of the M2Finance (No. 2) Act 1915, on the authority of any probate, confirmation, or letters of administration, or by virtue of this Act on the authority of any order or decree of any court, the Bank of England F32. . ., the National Debt Commissioners, the F33Director of Savings, F34the Operator of any relevant systemor the savings bank authority, as the case may be, shall be indemnified and protected, notwithstanding any defect or circumstance whatsoever affecting the validity of such probate, confirmation, or letters of administration, or of such order or decree F35and in this section “Operator” and “relevant system” have the same meanings as they have in the Uncertificated Securities Regulations 2001.
68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F36
Part V General
69Construction, repeal and short title.
1
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2
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3
This Act may be cited as the Finance Act, 1916.
F39F39SCHEDULES 1, 2
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Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991