Statute Law Repeals - Law Commission - Ministry of Justice

10.42 Section 122(1) of FA 1988 inserted into the TMA 1970 a new section 11A
(relating to capital gains tax). That section was later repealed by FA 1994, ss
199(2), 258 and Sch 26 Pt 5(23) with effect from 1996-97 onwards, and by the
Finance Act 1995 (c.4) (“FA 1995”), ss 115(3), (13), 162 and Sch 29 Pt 8(14) for
the year 1995-96 and subsequent years. However, section 122(1) was left
unrepealed, although superseded.
10.43 Section 122(2) of FA 1988 substituted a new subsection for section 12(1) of TMA
1970. And section 122(3) provided that the changes made by section 122 as a
whole were to take effect for statutory notices required to be given for 1988-89
and subsequent years of assessment. Section 12(1) of TMA 1970 was repealed
by FA 1994, ss 199(2), 258 and Sch 26 Pt 5(23), effective for the year 1996-97
and subsequent assessment years. However, section 122(2), (3) remained
unrepealed. The whole of section 122 of FA 1988 has been superseded.
10.44 Accordingly, FA 1988, ss 119, 120 and 122 can all now be repealed.
10.45 Section 35 of, and Schedule 3 to, FA 1988 set out minor and consequential
provisions relating to married couples’ taxation reliefs and, more particularly, the
deduction of “qualifying maintenance payments”. Schedule 3 paragraph 13
amended section 347B(3) of ICTA 1988 (inserted by FA 1988, s 36(1), (3)), which
section had placed a ceiling on the amount which could be deducted in assessing
income tax liability, so that the calculation referred instead to an amount specified
in section 257A(1) of ICTA 1988.
10.46 Section 257A(1) was later repealed by Finance Act 1999 (c.16) (“FA 1999”), ss
31(1), (2), (10), 139 and Sch 20 Pt 3(3) from 2000-01 onwards. FA 1999, s 36(4)
also amended section 347B(3), with the result that the Schedule 3 paragraph 13
amendment became superfluous. Schedule 3 paragraph 13 to FA 1988 can now
be repealed.
Finance Act 1989
10.47 Sections 91 and 92 of the Finance Act 1989 (c.26) (“FA 1989”) related to
premiums trust funds. Section 91(1) inserted subsections (10) and (11) into
section 725 of ICTA 1988 (which section dealt with Lloyd’s underwriters and the
transfer of securities forming part of a premiums trust fund).
10.48 FA 1993, s 213 and Sch 23 Pt 3(12) repealed the whole of section 725 of ICTA
1988 for 1994 and subsequent underwriting years. As a consequence, section
91(1) of FA 1989 has been superseded.
10.49 Section 91(2) made amendment to the Capital Gains Tax Act 1979 (c.14) (“CGTA
1979”), s 142A. Both provisions were later repealed by TCGA 1992, s 290 and
Sch 12, effective for 1992-93 and subsequent years of assessment.
10.50 Section 91(3) provided that the section was to apply where trustees of a
premiums fund trust made a transfer after 6 April 1988 or some other date
specified in regulations. Because section 91(1) has been superseded the section
as a whole can now be repealed.
305