Source: http://www.legislation.gov.uk/ukpga/Geo6/5-6/21/body
Timestamp: 2013-05-24 20:40:24
Document Index: 550947719

Matched Legal Cases: ['art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 30']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsHomeAbout UsBrowse LegislationNew LegislationChanges to LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchFinance Act 1942You are here:1942 c. 21 (Regnal. 5_and_6_Geo_6)Whole Act without SchedulesTable of ContentsContentMore ResourcesPrevious: IntroductionNext: SchedulePlain ViewPrint Options
Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1942. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to :Changes and effectsThis section lists the changes and effects yet to be applied to the specific provision you are viewing.s. 47 transitional provisions for effects 2002 c. 23 s. 140(1) by S.I. 2004/1662 art. 3s. 47(1A) text amended by S.I. 2004/1486 art. 2(b)s. 47(1ZA) text amended by S.I. 2004/1486 art. 2(a)s. 48 omitted by S.I. 2004/1662 Sch. para. 1 12Commencement Orders yet to be applied to the Finance Act 1942:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing legislation that affects this Act into force:S.I. 2004/689 art. 2 commences (2002 c. 23)1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F1S. 1 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I2—4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F2Ss. 2–4 repealed by Finance Act 1943 (c. 28), s. 31(7), Sch. 95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F3S. 5 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F4S. 6 repealed by Finance Act 1943 (c. 28), s. 31(7), Sch. 97. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F5S. 7 repealed by Statute Law Revision Act 19508. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F6S. 8 repealed by Finance Act 1950 (c. 15), s. 50(7)(8), Sch. 8 Pt. I9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F7S. 9 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F8S. 10 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I; Licensing Act 1953 (c. 46), s. 168, Sch. 10; Licensing (Scotland) Act 1959 (c. 51), s. 200(1), Sch. 12; Statute Law (Repeals) Act 197111, 12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F9Ss. 11, 12 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I13, 14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F10Ss. 13, 14 repealed by Finance Act 1959 (c. 58), ss. 3(1), 37(5), Sch. 8 Pt. I15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F11S. 15 repealed by Finance Act 1959 (c. 58), s. 37(5), Sch. 8 Pt. I16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F12S. 16 repealed by Statute Law Revision Act 195017, 18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F13Ss. 17, 18 repealed by Finance Act 1948 (c. 49), s. 82, Sch. 11 Pt. I; Statute Law Revision Act 195919. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F14S. 19 repealed by Finance Act 1945 (c. 24), s. 2(2)20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F15S. 20 repealed by Purchase Tax Act 1963 (c. 9), s. 41(1), Sch. 4 Pt. I21—35.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F16Ss. 21–35 repealed (with savings) by Income Tax Act 1952 (c. 10), s. 527, Sch. 2536. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F17S. 36 repealed (with savings) by Finance Act 1965 (c. 25), s. 97(5), Sch. 22 Pt. V37The following subsection shall be substituted for subsection (1) of section twenty-eight of the Finance Act, 1941:—
“(1)After the termination of hostilities in the present war, there shall be ascertained and recorded, as respects every person who has paid any excess profits tax for any of the periods in respect of which the tax is chargeable at the rate of a hundred per cent. the amount (if any) by which the total sum paid by him by way of excess profits tax and the national defence contribution (less any sum repaid or payable on account of any deficiency of profits or otherwise) would have been decreased if the rate of excess profits tax had been eighty per cent. in respect of all those periods, and the amount so ascertained and recorded as aforesaid shall, . . . F18, be repaid at such date as Parliament may hereafter determine:
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F18Words repealed by Finance Act 1953 (c. 34), s. 35(7), Sch. 3 Pt. IIModifications etc. (not altering text)C1S. 37 amended by Finance (No. 2) Act 1945 (c. 3), s. 38C2The text of ss. 37, 38, 39, 40, 41 and Sch. 11 Parts I and II is in the form in which it was originally enacted; it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.38Neither excess profits tax . . . F19 shall be chargeable in respect of the interest on tax reserve certificates issued by the Treasury.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F19Words repealed by Finance Act 1965 (c. 25), s. 97(5), Sch. 22 Pt. VModifications etc. (not altering text)C3The text of ss. 37, 38, 39, 40, 41 and Sch. 11 Parts I and II is in the form in which it was originally enacted; it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.39The right of appeal to the Board of Referees conferred by the proviso to subsection (4) of section thirty-eight of the Finance Act, 1940 (which subsection enables the Commissioners to modify the enactments relating to the computation, for the purposes of excess profits tax, of profits and capital in certain cases of succession or amalgamation) shall extend to cases where the Commissioners refuse to make any modification requested by the person carrying on the trade or business, and accordingly for the said proviso the following proviso shall be substituted:—
“ Provided that if the Commissioners make any such modifications and the person carrying on the trade or business is dissatisfied with the modifications so made, or if the Commissioners refuse to make any modifications requested by the person carrying on the trade or business and he is dissatisfied with the refusal, he may appeal to the Board of Referees. ”
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C4The text of ss. 37, 38, 39, 40, 41 and Sch. 11 Parts I and II is in the form in which it was originally enacted; it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.40It is hereby declared that the provisions of Part III of this Act as to the certification for the purposes of subsection (1) of section eighteen of the Finance Act, 1941, of arrangements for the concentration of industry or business in the hands of fewer persons have effect also for the purposes of section thirty-seven of that Act (which relates to the treatment for purposes of excess profits tax of trades and businesses affected by arrangements to which the said section eighteen applies) and for the purposes of the said section thirty-seven as applied by section forty-three of that Act to the national defence contribution.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C5The text of ss. 37, 38, 39, 40, 41 and Sch. 11 Parts I and II is in the form in which it was originally enacted; it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.41The enactments relating to excess profits tax and the national defence contribution shall be deemed always to have had effect as amended and extended by this Part of this Act.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C6The text of ss. 37, 38, 39, 40, 41 and Sch. 11 Parts I and II is in the form in which it was originally enacted; it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F20S. 42 repealed by Finance Act 1963 (c. 25), s. 73(8)(b), Sch. 14 Pt. VI43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F21S. 43 repealed (with savings) by Finance Act 1949 (c. 47), s. 52(9)(10), Sch. 11 Pt. VIPart VE+W+S+N.I. Miscellaneous and General44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F22S. 44 repealed by Finance Act 1985 (c. 54), s. 98(6), Sch. 27 Pt. IX(1)45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F23S. 45 repealed by National Loans Act 1968 (c. 13), s. 24(2), Sch. 6 Pt. I46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F24S. 46 repealed by Statute Law Revision Act 195047 Transfer and registration of Government stock.E+W+S+N.I.(1)The Treasury may by regulations provide—
(a)for the transfer in law by instrument in writing [F25or otherwise] of stock and registered bonds of the descriptions specified in Part I of the Eleventh Schedule to this Act;
(b)for the keeping by the [F26the Bank of England] of registers of the holders of such stock and bonds and as to the matters to be entered in the registers, and for enabling the registers to be closed in such circumstances as may be prescribed by the regulations;
[F27(bb)for the redemption of such stock and bonds;]
[F28(bc)for the exchange of any such stock and bonds (whenever issued) for strips thereof;
(bd)for exchanges by which such strips (whether deriving from the same security or from different securities) are consolidated into a single security of a description so specified;]
(c)as to the issue [F29except in such cases as appear to the Treasury to be appropriate] of documents of title relating to such stock and bonds and as to evidence of title thereto;2
[F31(1ZA)Regulations under subsection (1) of this section may make provision with respect to the purchase and sale of such stock and bonds by any person, or any description of person, through the Bank of England and, in relation to purchase or sale under the regulations, may—
(b)make provision limiting the amount which any person, or any description of person, may purchase or sell on any day.]
[F32(1A)Regulations under subsection (1) of this section may make provision authorising the Bank of England, in such circumstances and subject to such conditions as may be prescribed in the regulations, to transfer stock and bonds standing in their books in the name of a deceased person into the name of another person without requiring the production of probate, confirmation or letters of administration.]
[F33(1B)In this section “strip”, in relation to any stock or bond, means a security issued under the M1National Loans Act 1968 which—
(a)is issued for the purpose of representing the right to, or of securing—
(i)a payment corresponding to a payment of interest or principal remaining to be made under the stock or bond, or
(ii)two or more payments each corresponding to a different payment remaining to be so made;
(b)is issued in conjunction with the issue of one or more other securities which, together with that security, represent the right to, or secure, payments corresponding to every payment remaining to be made under the stock or bond; and
(c)is not itself a security that represents the right to, or secures, payments corresponding to a part of every payment so remaining.
(1C)For the purposes of subsection (1B) of this section, where the balance has been struck for a dividend on any stock or bond, any payment to be made in respect of that dividend shall, at times falling after that balance has been struck, be treated as not being a payment remaining to be made under the stock or bond.
(1D)Without prejudice to the generality of the powers conferred by the preceding provisions of this section (but subject to subsection (1E) of this section), regulations made by virtue of paragraph (bc) or (bd) of subsection (1) of this section may—
(a)provide, for the purpose of authorising the making of exchanges, for any stock or bonds to be treated as issued on such terms as may be specified in the regulations;
(b)contain such provision as the Treasury think fit about the circumstances in which and the conditions subject to which exchanges may be effected; and
(c)contain any such provision as could be contained in rules made under section 14(3) of the National Loans Act 1968 (Treasury rules as to exchange of securities).
(1E)Regulations made by virtue of subsection (1)(bc) or (bd) of this section shall not make provision for the exchange of any stock or bonds, or of any strips, in any cases other than those where the exchange is at the request of the holder or in accordance with an order made by a court.
(1F)Regulations under this section may make different provision for different cases and contain such exceptions and exclusions as the Treasury think fit; and the powers of the Treasury to make regulations under this section are without prejudice to any of their powers under the M2National Loans Act 1968.]
(3)When the Treasury propose to make any regulations under this section, they shall lay a draft thereof before Parliament, and if either House of Parliament within the period of forty days beginning with the day on which the draft of the regulations is laid before it resolves that the regulations shall not be made, no further proceedings shall be taken thereon, but without prejudice to the laying of new draft regulations before Parliament.
In reckoning any such period of forty days as aforesaid no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.
(a)any stock in respect of which a stock certificate issued under Part V of the M3National Debt Act 1870, is for the time being outstanding, or any other bearer security;
(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F34
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F25Words inserted by Stock Transfer Act 1982 (c. 41), s. 3, Sch. 2 para. 2(a)F26Words in s. 47(1)(b) substituted (28.10.2002) by S.I. 2002/2521, arts. 1(2), 2(1), 10(1), Sch. 1 para. 4F27S. 47(1)(bb) inserted (prosp.) by Finance Act 1989 (c. 26), s. 183(1)(a)F28S. 47(1)(bc)(bd) inserted (29.4.1996) by 1996 c. 8, s. 202(1)F29Words inserted by Stock Transfer Act 1982 (c. 41), s. 3, Sch. 2 para. 2(b)F30S. 47(1)(d) repealed (28.10.2002) by S.I. 2002/2521, arts. 1(2), 2(1), 10(2), Sch. 2 Pt. IF31S. 47(1ZA) inserted (1.6.1998) by 1998 c. 11, s. 34; S.I. 1998/1120, art. 2F32S. 47(1A) inserted (prosp.) by Finance Act 1989 (c. 26), s. 183(1)(b)F33S. 47(1B)-(1F) inserted (29.4.1996) by 1996 c. 8, s. 202(2)F34S.47(4)(b) repealed by Finance Act 1964 (c. 49), Sch. 9F35S. 47(4)(c) repealed (20.7.1998) by S.I. 1998/1446, art. 30(2), Sch. 2 Pt. IModifications etc. (not altering text)C7S. 47 applied (29.4.1996) by 1996 c. 8, s. 202(10)C8S. 47(1C): power to modify conferred (29.4.1996) by 1892 c. 39, s. 2A as inserted (29.4.1996) by 1996 c. 8, s. 202(3)C9S. 47(2) modified by Finance Act 1964 (c. 49), Sch. 8 para. 1; extended by Iron and Steel Act 1975 (c. 64), Sch. 6 Pt. II para. 14(3)(b)Marginal CitationsM11968 c. 13. M21968 c. 13. M31870 c. 71. 48†Amendment of ss. 53 and 55 of National Debt Act 1870.E+W+S+N.I.(1)Section . . . F36 fifty-five of the National Debt Act 1870 (which relate to the transfer and re-transfer of unclaimed stock) shall, in relation to the Bank of England, have effect as if the references to the deputy accountant general of the Bank included references to the assistant accountant general of the Bank, and as if the references to the secretary or deputy or assistant secretary of the Bank were omitted, and any enactment applying those sections or either of them shall have effect accordingly.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F36Words omitted by virtue of Miscellaneous Financial Provisions Act 1955 (4 & 5 Eliz. 2 c. 6), Sch. 2 Pt. IIIModifications etc. (not altering text)C10Unreliable marginal note49†Short title, construction, extent and repeal.E+W+S+N.I.(1)This Act may be cited as the Finance Act 1942.
(2)—(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F37
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F37S. 49(2)–(5) repealed by Statute Law Revision Acts 1950, 1953; Purchase Tax Act 1963 (c. 9), s. 41(1), Sch. 4 Pt. VI; Statute Law (Repeals) Act 1971Modifications etc. (not altering text)C11Unreliable marginal notePrevious: IntroductionNext: ScheduleBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint The Act without SchedulesPDF The Act without SchedulesWeb page The Act without SchedulesLegislation is available in different versions:Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.See additional information alongside the contentGeographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.Opening OptionsDifferent options to open legislation in order to view more content on screen at onceMore ResourcesAccess essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:the original print PDF of the as enacted version that was used for the print copylists of changes made by and/or affecting this legislation itemconfers power and blanket amendment detailsall formats of all associated documentscorrection slipslinks to related legislation and further information resourcesMore ResourcesUse this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:the original print PDF of the as enacted version that was used for the print copycorrection slipsClick 'View More' or select 'More Resources' tab for additional information including:lists of changes made by and/or affecting this legislation itemconfers power and blanket amendment detailsall formats of all associated documentslinks to related legislation and further information resources© Crown copyrightYou may use and re-use the information featured on this website (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence