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Finance Act 1916
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Finance Act 1916
1916 CHAPTER 24 6 and 7 Geo 5
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.
Editorial Information
X1The 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
X2General 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
Modifications etc. (not altering text)
C1Preamble omitted under authority of Statute Law Revision Act 1927 (c. 42)
C2Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3
C3General 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)
Commencement Information
I1Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991
Part IU.K.
1—6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.
Textual Amendments
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2U.K.
Textual Amendments
F2Ss. 7, 9 repealed by Finance Act 1948 (c. 49), ss. 13, 82, Sch. 11 Pt. I
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3U.K.
Textual Amendments
F3S. 8 repealed by Finance Act 1923 (c. 14), s. 39(4), Sch.
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4U.K.
Textual Amendments
F4Ss. 7, 9 repealed by Finance Act 1948 (c. 49), ss. 13, 82, Sch. 11 Pt. I
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5U.K.
Textual Amendments
F5S. 10 repealed by Finance Act 1921 (c. 32), s. 5
11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6U.K.
12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7U.K.
Textual Amendments
F7S. 12 repealed by Finance Act 1957 (c. 49), s. 42(4)(5), Sch. 9 Pt. I
13, 14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8U.K.
15, 16.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9U.K.
Textual Amendments
F9Ss. 15, 16 repealed by Finance Act 1919 (c. 32), s. 38 Sch. 4
17, 18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10U.K.
Textual Amendments
19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11U.K.
20, 21.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12U.K.
Textual Amendments
F12Ss. 20, 21 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I
22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13U.K.
Textual Amendments
F13S. 22 repealed by Finance Act 1962 (c. 44), s. 34(4)(7), Sch. 11 Pt. II
23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14U.K.
Textual Amendments
Part IIU.K.
24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15U.K.
Textual Amendments
25—40.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16U.K.
41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17U.K.
Textual Amendments
F17S. 41 repealed by Finance Act 1917 (c. 31), s. 18(2)
42, 43.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18U.K.
44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19U.K.
Textual Amendments
F19S. 44 repealed by Income Tax Act 1918 (c. 40), Sch. 7 and Statute Law Revision Act 1927 (c. 42)
Part IIIU.K.
45—57.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20U.K.
Textual Amendments
F20Ss. 45–57 repealed by Statute Law Revision Act 1964 (c. 79)
Part IVU.K. National Debt and Loans
58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21U.K.
Textual Amendments
F21S. 58 repealed by National Debt Act 1958 (7 & 8 Eliz. 2 c. 6), s. 17(1), Sch.
59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22U.K.
Textual Amendments
60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23U.K.
Textual Amendments
F23S. 60 repealed by National Loans Act 1939 (c. 117), s. 5, Sch. 3
61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24U.K.
Textual Amendments
F24S. 61 repealed by Finance Act 1917 (c. 31), s. 34(6)
62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25U.K.
Textual Amendments
F2663 Exemption from taxation of municipal securities issued in America. U.K.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F26S. 63 omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 113
64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27U.K.
[F2865 Lost or destroyed Exchequer bonds. U.K.
Where the Registrar of Government Stock is satisfied that any Exchequer bond, or any other bond to bearer issued by or on behalf of the Treasury, or any coupon of any such bond has been lost or destroyed, he may, if he thinks fit, and on such conditions as he thinks fit, but subject to any general directions of the Treasury, issue a new bond or coupon on receiving indemnity to his satisfaction against the claims of all persons deriving title under the bond or coupon lost or destroyed.]
Textual Amendments
F28S. 65 substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. para. 1Sch. para. 9(2) (with art. 3)
66 Transfer of stock on authority of order of a court.U.K.
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 [F29Registrar of Government Stock], to the National Debt Commissioners, to the [F30Director 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 [F31certified 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 [F31certified copy interlocutor] or in a certificate under seal by the accountant of court produced along with such [F31certified copy interlocutor] as belonging to or forming part of the estate under the charge of the person named in the [F31certified 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.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F32
Textual Amendments
F29Words in s. 66 substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. para. 1Sch. para. 9(3) (with art. 3)
F30Words substituted by Post Office Act 1969 (c. 48), s. 108(1)(b)
F31Words substituted by S.I. 1967/487, art. 4
F32Definition repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III
Marginal Citations
67 Indemnity on transfer of Government stock.U.K.
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 [F33, the Registrar of Government Stock, any previous Registrar of Government Stock]F34. . ., the National Debt Commissioners, the [F35Director of Savings], [F36the Operator of any relevant system]or 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 [F37and in this section “Operator” and “relevant system” have the same meanings as they have in the Uncertificated Securities Regulations 2001].
Textual Amendments
F33Words in s. 67 inserted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. para. 1Sch. para. 9(4) (with art. 3)
F34Words in s. 67 repealed (28.10.2002) by S.I. 2002/2521, arts. 1(2), 10(2), Sch. 2 Pt. I
F35Words substituted by Post Office Act 1969 (c. 48), s. 108(1)(b)
F36Words in s. 67 inserted (26.11.2001) by S.I. 2001/3755, reg. 51, Sch. 7 Pt. I para. 4(a) (with regs. 39, 45)
F37Words in s. 67 added (26.11.2001) by S.I. 2001/3755, reg. 51, Sch. 7 Pt. I para. 4(b) (with regs. 39, 45)
Marginal Citations
68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F38U.K.
Textual Amendments
Part VU.K. General
69Construction, repeal and short title.U.K.
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F39
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F40
(3)This Act may be cited as the Finance Act, 1916.
Textual Amendments
F39S. 69(1) repealed by Statute Law (Repeals) Act 1971 (c. 52)
F41F41SCHEDULES 1, 2U.K.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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