Finance Act 1962

1. Introductory Text

2. PART I Customs, Excise and Purchase Tax

   1. 1. Surcharge under Finance Act, 1961, s. 9, and related changes in rates of revenue duties

   2. 2. Lower rates of customs duties on E.F.T.A. goods

   3. 3. Sugar, tea, coffee and cocoa chargeable with protective instead of revenue duties

   4. 4. Hydrocarbon oils (minor amendments)

   5. 5. Amendments of Vehicles (Excise) Act, 1962

   6. 6. Purchase tax

3. PART II Income Tax and Profits Tax

   1. CHAPTER I Renewal of Income Tax, and Changes in Personal Reliefs

      1. 7. Charge of income tax for 1962-63

      2. 8. Increase of reliefs for small incomes

      3. 9. Relief for blind persons

   2. CHAPTER II Charge on Gains from Acquisition and Disposal of Assets

      1. 10. Charge to income tax and profits tax

      2. 11. Chargeable assets

      3. 12. General operation of charge

      4. 13. Computation of gains

      5. 14. Disposals of land effected indirectly

      6. 15. Charities, superannuation funds, and other special cases

      7. 16. Supplementary

   3. CHAPTER III Miscellaneous Amendments

      1. 17. Bounties payable on voluntary extension of army service

      2. 18. Modification of right to set capital allowances against general income

      3. 19. Double taxation relief under Finance Act, 1961 (effect on dividends)

      4. 20. Extension of double taxation relief in respect. of certain dividends

      5. 21. Power to direct interest on Northern Ireland securities to be payable without deduction of tax

      6. 22. Taxation of Gas Council and Area Boards

      7. 23. Sales of building land by persons associated with builder

      8. 24. Sales of land by land-owning companies

      9. 25. Amendments of Finance Act, 1960, ss. 21 to 28

      10. 26. Penalties and assessments

4. PART III Estate Duty

   1. 27. Small estates

   2. 28. Property situate out of Great Britain

   3. 29. Double taxation relief

5. PART IV Stamp Duties

   1. 30. Settlements

   2. 31. Insurance policies

6. PART V Miscellaneous

   1. 32. Compulsory redemption of tithe annuities

   2. 33. Termination of powers under Government Annuities Act, 1929

   3. 34. Short title, construction, extent and repeal

7. SCHEDULES

   1. FIRST SCHEDULE

      Spirits (Rates of Customs and Excise Duties)

   2. SECOND SCHEDULE

      Beer other than Black Beer (Rates of Customs and Excise Duties and Drawbacks)

   3. THIRD SCHEDULE

      Wine and British Wine (Rates of Customs and Excise Duties)

   4. FOURTH SCHEDULE

      Tobacco (Rates of Customs and Excise Duties and Drawbacks)

   5. FIFTH SCHEDULE

      Sugar, Invert Sugar etc. (Miscellaneous Provisions)

      1. PART I

         1. Rates of customs duty for sugar etc., not qualifying for Commonwealth preference

      2. PART II

         1. Adaptations of Sugar Act, 1956

            1. 1. (1) In the Sugar Act, 1956, and in this Part...

            2. 2. Without prejudice to the generality of paragraph 1 above, the...

            3. 3. Without prejudice to the generality of paragraph 1 above, the...

            4. 4. Any order of the Minister under section nine of the...

            5. 5. Notwithstanding anything in the foregoing provisions of this Part of...

            6. 6. This Part of this Schedule shall have effect in relation...

            7. 7. (1) This Part of this Schedule shall have effect as...

   6. SIXTH SCHEDULE

      Coffee (Rates of Customs Duties and Drawbacks)

   7. SEVENTH SCHEDULE

      Customs and Excise Act, 1952, s. 200 (2)-(5) as amended

   8. EIGHTH SCHEDULE

      Purchase Tax (Amendments of List of Chargeable Goods)

      1. PART I

         1. Amendments consequential on changes in rates

            1. 1. In Group 2 paragraph (b) shall be omitted, and accordingly...

            2. 2. In Group 11 paragraph (b) shall be omitted, and accordingly...

            3. 3. In Group 16 the amendment made by the Purchase Tax...

      2. PART II Additions to list of chargeable goods

   9. NINTH SCHEDULE

      Miscellaneous Rules Applicable to Case VII of Schedule D

      1. Discharge and assignment of contracts; options and other conditional contracts, etc.

         1. 1. (1) Save as provided by paragraph 2 below, a person's...

         2. 2. (1) Subject to paragraph 18 of this Schedule, a person...

      2. Gifts, settled property, and bargains not at arm's length

         1. 3. (1) Where a person resident and ordinarily resident in the...

         2. 4. (1) Subsection (3) of section twelve of this Act and...

         3. 5. (1) Subject to sub-paragraph (4) below, where a person resident...

         4. 6. (1) Where, in the case of a man and his...

      3. Appropriations to and from stock in trade

         1. 7. (1) Subject to sub-paragraph (3) below, where an asset acquired...

      4. Dealings in marketable securities, commodities, etc.

         1. 8. (1) Where a person disposes of shares, the shares disposed...

         2. 9. (1) Subject to sub-paragraph (3) below, where a loss accrues...

      5. Reorganisation of share capital, conversion of securities etc.

         1. 10. (1) This paragraph shall apply in relation to any reorganisation...

         2. 11. (1) Subject to sub-paragraph (2) below, paragraph 10 above shall...

      6. Company amalgamations

         1. 12. (1) Subject to the following sub-paragraphs, where a company issues...

         2. 13. (1) Where under any arrangement between a company and the...

         3. 14. (1) This paragraph shall apply where a business is transferred...

      7. Debts

         1. 15. (1) Where a person incurs a debt to another, the...

      8. Disposals of land to authorities with compulsory powers

         1. 16. (1) A person shall not be chargeable under Case VII...

      9. Additional provisions as to computation of gains

         1. 17. (1) Where a single bargain comprises two or more transactions...

      10. Supplementary

          1. 18. (1) Where under this Schedule a person acquiring an asset...

          2. 19. (1) An election under this Schedule shall be made by...

          3. 20. (1) Any question whether a person is connected with another...

   10. TENTH SCHEDULE

       Modification of Enactments for Case VII of Schedule D

   11. ELEVENTH SCHEDULE

       Repeals

       1. PART I

          1. Customs, excise and purchase tax (general repeals)

       2. PART II

          1. Customs and excise (prospective repeals as to sugar, tea, coffee and cocoa)

       3. PART III

          1. Income tax repeals

       4. PART IV

          1. Estate duty repeals

       5. PART V

          1. Stamp duty repeals

       6. PART VI

          1. Government annuity repeals