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Revised Statute from The UK Statute Law Database

Finance Act 1972 (c. 41)

This version of this statute is extracted from the UK Statute Law Database (SLD). It is not in the form in which it was originally enacted but is a revised version, which means that subsequent amendments to the text and other effects are incorporated with annotations.

There are effects on this legislation that have not yet been applied to SLD for the following years: 2005 and 2007. See the Tables of Legislative effects and the Update status of legislation page on the SLD website.

Royal arms

Finance Act 1972

1972 CHAPTER 41

Contents

Go to Preamble

  1. Part I

    1. 1—51... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  2. Part II

    Car Tax and Purchase Tax

    1. 52.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 53, 54... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 55.Amendments consequential on replacement of purchase tax

  3. Part III

    1. 56.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 57.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 58.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 59.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 60, 61... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  4. PART IV

    Income Tax and Corporation Tax

    1. 62—66... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 67—69... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 70—77... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 78.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 79—83... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  5. Part V

    Taxation of Companies and Company Distributions

    1. 84—95... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 96. Mitigation of corporation tax liability of industrial and provident societies, housing associations and building societies

    3. 97—110... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 111. Consequential amendments

  6. PART VI

    Tax on Capital Gains and Estate Duty

    1. 112—119... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 120.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 121.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  7. PART VII

    Miscellaneous

    1. 122.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 123.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 124.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 125.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 126.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 127. Disclosure of information between revenue departments

    7. 128.Vehicle excise duty— disabled persons

    8. 129.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    9. 130.Compensation for loss of office etc. by clerks to General Commissioners

    10. 131.Post-war credits

    11. 132.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    12. 133.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    13. 134.Citation, interpretation, construction, extent and repeals

  8. SCHEDULES 1—6

  9. SCHEDULE 7

  10. Schedule 8

  11. SCHEDULES 9—23

  12. SCHEDULE 24

    Taxation of Companies and Company Distributions: Consequential Amendments

  13. SCHEDULE 25

  14. SCHEDULE 26

  15. SCHEDULE 27

  16. Schedule 28

    Enactments Repealed

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.

[27th July 1972] X1X2

Annotations:

Modifications etc. (not altering text)

C1Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3

C2General 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), Sch. 9 para 3(2)(9), Sch. 16 paras. 6, 12 amd 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, partly prospective, see individual sections. All provisions so far as unrepealed wholly in force at 1.2.1991

Editorial Information

X1The text of ss. 128, 134(4) was taken from from SIF Group 107:2 (Road Traffic: Vehicle Excise Duty), ss. 1-52, 127, 134(1)(4)(5), Schs 1-7 from SIF group 40:2 (Customs and Excise:Value Added Tax and Car Tax), ss. 62-119, 123, 124, 127, 129-131, 134(1)-(3)(b)(4)-(7), Schs. 9-25, 28 from SIF Group 63:1 (Income, Corporation and Capital Gains Taxes), and ss. 125, 126, 130, 132, 133, 134(1)(4)-(7), Sch 28 from SIF Group 99:3 (Public Finance and Economic Controls: National Debt). Provisions omitted from SIF 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

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