The Finance Act 1969 (c. 32) is an act of the Parliament of the United Kingdom that granted and altered duties of customs and excise, amended the law relating to income tax, corporation tax and estate duty, made provision for capital gains and the betterment levy, and made further provision relating to the National Debt and the public revenue of the United Kingdom.
Background The act contained amendments in schedule 20 to the act designed to facilitate the consolidation of enactments relating to income and corporation tax by the Income and Corporation Taxes Act 1970, recommended by the Law Commission as part of its first programme of consolidation and statute law revision.
Provisions The act was divided into six parts. Part I (sections 1 to 6) dealt with customs and excise, terminating the ten per cent surcharge under the Finance Act 1961 and introducing new excise duties on off-course betting premises, bingo, gaming licences and gaming machines. Part II (sections 7 to 31) dealt with income tax and corporation tax, setting the rates of tax for 1969–70, altering personal reliefs, reducing the age of majority for tax purposes to eighteen, restricting the deductibility of interest, making special provision for close companies, and introducing anti-avoidance rules concerning changes in company ownership, the sale of income derived from personal activities, artificial transactions in land, and the transfer of assets abroad. Part III (sections 32 to 40) amended the law of estate duty, including the amount and rate of duty and the treatment of property passing on death and interests in expectancy. Part IV (sections 41 to 49) dealt with capital gains tax and the betterment levy chargeable under the Land Commission Act 1967, exempting gilt-edged securities from capital gains tax and introducing several reliefs from the levy. Part V (sections 50 and 51) amended the selective employment tax. Part VI (sections 52 to 61) contained miscellaneous provisions, including Treasury borrowing through trustee savings banks, contractual savings schemes, transfers of Treasury functions, an exemption from stamp duty for loan capital issued in foreign currencies, disclosure of information by the Board of Inland Revenue and the Commissioners of Customs and Excise for statistical purposes, amendments consequential on the planned consolidation of the Income Tax Acts and the Corporation Tax Acts, and the act's citation, interpretation and repeals provisions.
Repealed enactments Section 61(6) of the act repealed 115 enactments, listed in the ten parts of schedule 21 to the act.
Part I: Customs and excise repeals +Part I — Customs and Excise RepealsCitationShort titleExtent of repeal10 & 11 Eliz. 2. c. 13Vehicles (Excise) Act 1962As from 1st January 1970—in section 9(1) the words "a limited trade licence or" and the word "general"; in section 9(2)(a) the word "general"; in section 24(1), the words "general trade licence", and "limited trade licence".1963 c. 9Purchase Tax Act 1963In Part I of Schedule 1—in Group 2, paragraphs (1), (2) and (3) of the exemptions; in Group 7, the words "Not chargeable under this Group" and the words "Tissue and fabrics exceeding 12 inches in width".1964 c. 49Finance Act 1964In section 4(3), the word "and" in the second place where it occurs.As from 1st September 1969, section 6(1).1965 c. 25Finance Act 1965Section 1.1966 c. 18Finance Act 1966As from 1st October 1969—in section 13, paragraphs (c) and (d) of subsection (4) and in subsection (5) the words "in addition to bingo"; section 14; in section 15(6), the definitions of "gaming machine" and "supplier"; in Schedule 3—in paragraph 7, the words "or a gaming machine licence", the words "in the case of a gaming licence" and sub-paragraph (c); in paragraph 9, the words "or a gaming machine licence"; in paragraph 10, sub-paragraph (b); in paragraph 11, the words "or gaming machine licence", the words "in the case of a gaming licence", the words "bingo or, as the case may be, by way of", and sub-paragraph (b); in paragraph 13, the words "or gaming machine licence" and "or, as the case may be, 14(5)"; in paragraph 14, the words "or a gaming machine licence"; paragraphs 15 and 16; in paragraph 17(1), the words "or gaming machine licence", the words from "or, as the case may be, whereby" to "that date", and the words from "or, as the case may be to" onwards; in paragraph 18(1), the words "or on gaming machine licences" and the words "any of"; in paragraph 19, in sub-paragraph (c), the words "15, 16", and in sub-paragraph (d) the words "or gaming machines"; paragraph 22; and in paragraph 23(1), the words "or 14(1)" and "gaming machine".1967 c. 54Finance Act 1967Section 1(1) to (4).As from 1st January 1970, section 11(1)(c).Schedule 2.1968 c. 44Finance Act 1968Section 1(1), (2) and (4).Section 2(1).Section 3(1)(c).As from 1st October 1969, section 4(3).As from 1st January 1970, sections 8(2) and 9(a).Section 10(1).Schedules 1 to 3.As from 1st October 1969, Schedule 4 and, in paragraph 1 of Schedule 5, the words "or on gaming machine licences".In Schedule 6, paragraphs 1 to 3.1968 c. 65Gaming Act 1968In Schedule 2, in paragraphs 20(1)(e) and 60(c), the words "or section 14".In Schedule 3, in paragraph 9(e), the words "or section 14".In Schedule 4, in paragraph 11(e), the words "or section 14".In Part III of Schedule 11, so much as amends section 13(4)(c) and section 14(2) of the Finance Act 1966, and so much as amends section 15(6) of that Act with respect to the definition of "gaming machine".1969 c. 27Vehicle and Driving Licences Act 1969As from 1st January 1970, in section 33(1) the words "and 'general trade licence'".1969 c. 32Finance Act 1969As from 1st September 1969, paragraph 4(1) of Schedule 7.
Part II: Disallowance of interest +Part II — Disallowance of InterestCitationShort titleExtent of repeal15 & 16 Geo. 6 & 1 Eliz. 2. c. 10Income Tax Act 1952In section 138, for 1970–71 and subsequent years of assessment—in subsection (1)(e) the words "and without any deduction of United Kingdom income tax"; at the end of subsection (1) the words "notwithstanding anything in the last preceding section", and subsection (2).Section 169(5) as respects interest paid after 15th August 1970.Section 200 as respects interest paid in 1970–71 or any subsequent year of assessment.Section 445(3)(b) for 1970–71 and subsequent years of assessment.Section 524(5)(c) for 1970–71 and subsequent years of assessment.1963 c. 25Finance Act 1963Section 43(4)(a) for 1970–71 and subsequent years of assessment.1965 c. 25Finance Act 1965In section 54(3) the words "nor section 137(l) of the Income Tax Act 1952" for accounting periods ending in 1970–71 or any subsequent year of assessment.Section 71(1)(b) for 1970–71 and subsequent years of assessment.
Part III: Close companies +Part III — Close CompaniesCitationShort titleExtent of repeal1965 c. 25Finance Act 1965Section 74.In section 77 subsection (3)(d) and in the proviso to subsection (6) the words from "or below the amount" to the end of the section.In section 78(3) the words "(or amounts treated as such for purposes of section 77 above)".Section 89(5).In Schedule 11, paragraph 9(1)(a).In Schedule 18, in paragraph 6(1), the words "and 'whole-time service director'", paragraph 6(3) and paragraph 9(1)(d).1966 c. 18Finance Act 1966In Schedule 5, in paragraph 18(1)(b), the words from "is not in receipt" to "per annum and", and in paragraph 18(3) the definition of "remuneration".1967 c. 54Finance Act 1967In Schedule 11, in paragraph 9, the words "and paragraph 6(3)" and paragraph (a). The repeals of section 77(3)(d) of, and paragraph 9(1)(a) of Schedule 11 to, the Finance Act 1965 have effect as respects accounting periods beginning after 15th April 1969, and the repeals in paragraph 18 of Schedule 5 to the Finance Act 1966 have effect from that date. The other repeals made by this Part of this Schedule apply as respects accounting periods ending after the end of March 1969 except so far as section 28 of this act applies to any such accounting period.
Part IV: Other income tax and corporation tax repeals +Part IV — Other Income Tax and Corporation Tax RepealsCitationShort titleExtent of repeal15 & 16 Geo. 6 & 1 Eliz. 2. c. 10Income Tax Act 1952In subsection (1) of section 220, the words from "Where the relevant amount" to the end of the subsection.In section 430, subsections (4) and (5).8 & 9 Eliz. 2. c. 44Finance Act 1960In section 28(11), the proviso, except with respect to dividends received before 30th April 1969.1963 c. 25Finance Act 1963In section 12, subsections (2) and (5).1964 c. 92Finance (No. 2) Act 1964In section 1(2), the words from "and by the substitution" onwards.1965 c. 25Finance Act 1965Section 10(5).Section 65, except with respect to distributions made before 30th April 1969.Schedule 9, except the last four entries.In Schedule 15, paragraph 15(b), except with respect to distributions made before 30th April 1969.Schedule 17, except with respect to distributions made before 30th April 1969.1966 c. 18Finance Act 1966In Schedule 5, paragraph 17, except with respect to distributions made before 30th April 1969.1967 c. 54Finance Act 1967In section 16, subsection (2), in subsection (3) the words from "for the year" to "assessment" and subsection (5), except in so far as it preserves the effect of any provision of section 218 of the Income Tax Act 1952.In Schedule 11, except with respect to distributions made before 30th April 1969, sub-paragraphs (4) and (5) of paragraph 3 and paragraph 4.1968 c. 44Finance Act 1968Section 14(1).Section 27, except with respect to distributions made before 30th April 1969.1969 c. 46Family Law Reform Act 1969In Schedule 2, paragraph 3.1969 c. 39Age of Majority (Scotland) Act 1969In Schedule 2, paragraph 3.
Part V: Estate duty repeals