Statute Law Repeals - Law Commission - Ministry of Justice

10.34 Sections 450 to 452 and a new Schedule 19A to ICTA 1988 (inserted by
Schedule 5 to FA 1988) were subsequently repealed by FA 1993, s 213 and Sch
23 Pt 3(12), with a saving for certain regulations made under ICTA 1988. The
provisions were replaced by a new scheme for the taxation of underwriters in Part
2 Chapter 3. The amending provisions in FA 1988 were not repealed, however,
except for part of section 61. 22 Portions of sections 58 and 61 may now be
repealed as a consequence, leaving sections 59 and 60 untouched because they
amended other legislation which is still operational.
10.35 Section 75 of FA 1988, together with section 148 and Sch 14 Pt 4, repealed
sections 39(3) and 780(5) of, and Schedule 2 to, ICTA 1988, but only for the year
1988-89 and subsequent years of assessment. Sections 34 to 39, and Schedule
2, dealt with the treatment of premiums payable under a lease (or agreement for
lease) of 50 years or less, granted before 1963-64 (deemed to be rent or gains
chargeable to tax under Schedule D Case VI). Section 39(3) and Schedule 2
gave special relief to individuals, so that the amounts were treated as receipts for
a single year of assessment, and provided a computation mechanism.
10.36 Section 780 dealt with the taxation of sale and leaseback arrangements, and
limited tax reliefs. Section 780(5) provided, in much the same way as section
39(3), that Schedule 2 should take effect so as to give special relief to individuals.
10.37 Section 75 of FA 1988 is now spent and may itself be repealed.
10.38 Sections 119 to 122 of the FA 1988 amended TMA 1970, ss 7, 12 and 29, and
inserted a new section 11A. Each of the provisions related to an aspect of taxes
management. FA 1988, s 119 amended section 29 of the 1970 Act, which section
dealt with the procedure for assessment to tax by the inspectorate and the Board
of Inland Revenue, by inserting two new subsections empowering an inspector to
make a current year assessment based on actual or estimated income, and then
to adjust the tax charge at the year end.
10.39 Section 29 was replaced by Finance Act 1994 (c.9) (“FA 1994”), ss 191, 199
which substituted text with effect from 1996-97 and subsequent years of
assessment. However, FA 1994 did not repeal section 119 of FA 1988, which is
now superseded.
10.40 Section 120 of FA 1988 amended (by substitution) section 7 of TMA 1970
(relating to the giving of notice of liability to tax). The substitution was to take
effect for notices given in the year 1988-89 or in subsequent years of
assessment. Section 7 was later amended (by further substitution) by the FA
1994, s 196 and Sch 19 para 1 with effect from 1995-96 and subsequent years.
But the 1994 Act did not repeal section 120 of FA 1988, which is superseded.
10.41 Section 121 of FA 1988, relating to corporation tax, has been repealed already. 23
22 Section 61(1)(a) was repealed by ITTOIA 2005, s 884 and Sch 3.
23
Repealed by Finance Act 1998 (c.36), ss 117, 165 and Sch 27 Pt 3(28) for accounting
periods ending after 30 June 1999.
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