Statute Law Repeals - Law Commission - Ministry of Justice

10.68 Section 182(1) of FA 1993 was part of a series of provisions dealing with the
taxation of profits and other matters relating to Lloyd’s underwriters (and, in
particular, provided power to make regulations for the assessment and collection
of tax, and provided for the giving of foreign tax credit). Section 182(1) was
amended by the FA 1995 which inserted a new paragraph (ca)(i), (ii) (relating to
premiums trust funds). Section 182(1)(ca)(i) was repealed by the Finance Act
1997 (c.16) (“FA 1997”). 32
10.69 Section 182(1)(ca)(ii) was later amended twice. 33 HMRC believe the provision is
no longer required because the regulation-making power conferred in 1993 on
the then Board of Inland Revenue has never been exercised, and will not be
required in the future. As a consequence of repealing section 182(1)(ca) the
amending ITA 2007, Sch 1 para 359 can also be repealed.
10.70 Section 79(1) of, and Schedule 6 to, FA 1993 dealt with the taxation of company
distributions. Schedule 6 paragraph 10 amended (by textual substitution) section
694(2A) of ICTA 1988. Section 694 as a whole was later repealed by ITA 2007,
ss 1027, 1031 and Sch 1 paras 1, 149 and Sch 3 for the tax year 2007-08 and
onwards. However, the amending Schedule 6 paragraph 10, although spent,
remained. It can now be repealed.
Finance Act 1994
10.71 Section 170 of, and Schedule 18 paragraph 6 to, FA 1993 had inserted into ICTA
1988, Schedule 27 a new paragraph 5(2A) relating to offshore distributing funds.
Paragraph 5(2A) was then substituted by section 176(2) of Finance Act 1994
(c.9) (“FA 1994”) and, later, repealed by Finance Act 2002 (c.23) (“FA 2002”), s
141 and Sch 40 Pt 3(10), (13) for account periods beginning on or after 1 October
2002.
10.72 Neither of the original amendments - by FA 1993 and by FA 1994 - was repealed,
although each had been superseded. Both may now be repealed.
10.73 Section 112 of, and Schedule 14 paragraphs 2 and 4 to, FA 1994 disapplied
sections 468F and 468G of ICTA 1988 (which were also repealed by Schedule
26) and inserted new sections 468H to 468R. These sections related to the
distribution of authorised unit trusts.
10.74 Subsequently, sections 468H to 468R were repealed in two stages: by the
Finance (No. 2) Act 1997 (c.58) (“F (No.2) A 1997”), ss 36(4), 52 and Sch 6 para
8(7), (9) and Sch 8 Pt 2(11), for distributions on or after 6 April 1999; and by the
Finance (No. 2) Act 2005 (c.22) (“F (No.2) A 2005”), ss 17(1)(a), 19(1), 70 and
Sch 11 Pt 2(3), effective from 2006-07.
10.75 The amending provision in Schedule 14 paragraphs 2, 4 were not repealed,
although spent. They may now be repealed.
32 See FA 1997, ss 76, 113 and Sch 10 paras 6(a), 7(1) and Sch 18 Pt 6(10).
33 By the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes)
Order 2001 (SI 2001 No 3629), arts 75, 82(d), and by ITA 2007, s 1027 and Sch 1 para
359.
309