Source: http://www.legislation.gov.uk/ukpga/1996/8/section/203
Timestamp: 2013-05-23 20:31:47
Document Index: 503480099

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 1', 'art. 2', 'art. 2', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

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 1996You are here:1996 c. 8Part VII Miscellaneous: other mattersSection 203Table of ContentsContentMore ResourcesPrevious: ProvisionNext: ProvisionPlain ViewPrint Options
Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1996. 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. 203(9) text amended by 2009 c. 4 Sch. 1 para. 439Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this 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.Act modified by S.I. 2006/964 reg. 95 (This SI is amended by SI 2009/2036 reg. 30)Act modified by S.I. 2009/317 art. 3 Sch.Blanket amendment words substituted by S.I. 2011/1043 art. 3 4Blanket amendment words substituted by S.I. 2011/1043 art. 3 6Whole provisions yet to be inserted into this Act (including any effects on those provisions):s. 43l(l) and word inserted by S.I. 2006/1054 Sch. 1 para. 2(b)s. 54A-54G inserted by S.I. 2009/56 Sch. 1 para. 235s. 65A inserted by 2009 c. 10 Sch. 60 para. 2s. 85A repealed by 2009 c. 4 Sch. 1 para. 409 Sch. 3 Pt. 1s. 85A 85B substituted for s. 85 86 by 2004 c. 12 Sch. 10 para. 3s. 85A(1) words inserted by 2006 c. 25 Sch. 6 para. 11(2)s. 85B repealed by 2009 c. 4 Sch. 1 para. 410 Sch. 3 Pt. 1s. 85B(1) modified by S.I. 2005/3422 reg. 9(5)s. 85B(1)(a) words inserted by 2005 c. 7 Sch. 4 para. 26(2)s. 85B(2) substituted by 2005 c. 7 Sch. 4 para. 26(3)s. 85B(3)(a) words inserted by 2005 c. 7 Sch. 4 para. 26(4)(a)s. 85B(3)(b) words substituted by 2005 c. 7 Sch. 4 para. 26(4)(b)s. 85B(4) words inserted by 2005 c. 7 Sch. 4 para. 26(5)s. 85B(6) repealed by 2005 c. 22 Sch. 11 Pt. 2(6)s. 85C inserted by 2006 c. 25 Sch. 6 para. 12(1)s. 85C repealed by 2009 c. 4 Sch. 1 para. 411 Sch. 3 Pt. 1s. 85C(1)(c) words substituted by 2007 c. 11 Sch. 5 para. 11(2)(a)s. 85C(1)(d)(e) words substituted by 2007 c. 11 Sch. 5 para. 11(2)(b)s. 85C(2) words substituted by 2007 c. 11 Sch. 5 para. 11(3)(a)s. 85C(2) words substituted by 2007 c. 11 Sch. 5 para. 11(3)(b)s. 90A inserted by 2004 c. 12 Sch. 10 para. 8s. 90A repealed by 2009 c. 4 Sch. 1 para. 416 Sch. 3 Pt. 1s. 91A and cross-heading inserted by 2005 c. 22 Sch. 7 para. 10(1)(2)s. 91A repealed by 2009 c. 4 Sch. 1 para. 417 Sch. 3 Pt. 1s. 91A(1) words substituted by 2006 c. 25 Sch. 6 para. 13(2)s. 91A(2) words inserted by 2006 c. 25 Sch. 6 para. 13(3)s. 91A(2)(b) words omitted by 2008 c. 9 Sch. 22 para. 6(1)(a)s. 91A(2A) inserted by 2008 c. 9 Sch. 22 para. 7(2)s. 91A(3) words omitted by 2008 c. 9 Sch. 22 para. 7(3)s. 91A(4) words omitted by 2008 c. 9 Sch. 22 para. 7(3)s. 91A(4) words substituted by 2007 c. 11 Sch. 5 para. 12(2)s. 91A(5)(a) words inserted by 2006 c. 25 Sch. 6 para. 13(4)(a)s. 91A(5)(b) words inserted by 2006 c. 25 Sch. 6 para. 13(4)(b)s. 91A(5A) inserted by 2006 c. 25 Sch. 6 para. 13(5)s. 91A(7) words substituted by 2008 c. 9 Sch. 22 para. 10(2)s. 91A(7)(a) words omitted by 2008 c. 9 Sch. 22 para. 19(2)(a)s. 91A(8)(b) words inserted by 2008 c. 9 Sch. 22 para. 10(3)s. 91A(11) inserted by 2007 c. 11 Sch. 5 para. 12(3)s. 91B inserted by 2005 c. 22 Sch. 7 para. 10(3)s. 91B repealed by 2009 c. 4 Sch. 1 para. 418 Sch. 3 Pt. 1s. 91B(1) words substituted by 2006 c. 25 Sch. 6 para. 14(2)(a)s. 91B(1) words substituted by 2006 c. 25 Sch. 6 para. 14(2)(b)s. 91B(2) words inserted by 2006 c. 25 Sch. 6 para. 14(3)s. 91B(2)(b) words omitted by 2008 c. 9 Sch. 22 para. 6(1)(b)s. 91B(2A) inserted by 2008 c. 9 Sch. 22 para. 8(2)s. 91B(3) words omitted by 2008 c. 9 Sch. 22 para. 8(3)s. 91B(4) words omitted by 2008 c. 9 Sch. 22 para. 8(3)s. 91B(4) words substituted by 2007 c. 11 Sch. 5 para. 13(2)s. 91B(5)(a) words omitted by 2008 c. 9 Sch. 22 para. 13(1)s. 91B(6A) inserted by 2008 c. 9 Sch. 22 para. 8(4)s. 91B(8) inserted by 2007 c. 11 Sch. 5 para. 13(3)s. 91C-91E inserted by 2005 c. 22 Sch. 7 para. 10(4)s. 91C repealed by 2009 c. 4 Sch. 1 para. 419 Sch. 3 Pt. 1s. 91C(1) words substituted by 2008 c. 9 Sch. 22 para. 11(2)s. 91C(3)(c) substituted by 2008 c. 9 Sch. 22 para. 14(1)s. 91C(3)(f) substituted by 2007 c. 11 Sch. 14 para. 15s. 91C(6) words substituted by 2008 c. 9 Sch. 22 para. 11(3)s. 91D repealed by 2009 c. 4 Sch. 1 para. 420 Sch. 3 Pt. 1s. 91D(2) substituted by 2006 c. 25 Sch. 6 para. 15(2)s. 91D(2)(a) word omitted by 2008 c. 9 Sch. 22 para. 15(1)s. 91D(2)(c) and word inserted by 2008 c. 9 Sch. 22 para. 15(1)s. 91D(2A) inserted by 2006 c. 25 Sch. 6 para. 15(3)s. 91D(7) words substituted by 2006 c. 25 Sch. 6 para. 15(4)s. 91D(8) words substituted by 2006 c. 25 Sch. 6 para. 15(5)s. 91D(11) words substituted by 2007 c. 3 Sch. 1 para. 373s. 91E repealed by 2009 c. 4 Sch. 1 para. 421 Sch. 3 Pt. 1s. 91E(1) words inserted by 2008 c. 9 Sch. 22 para. 16(2)(a)s. 91E(1) words inserted by 2008 c. 9 Sch. 22 para. 16(2)(b)s. 91E(3) words inserted by 2008 c. 9 Sch. 22 para. 16(3)s. 91F inserted by 2005 c. 22 Sch. 7 para. 10(5)s. 91F repealed by 2009 c. 4 Sch. 1 para. 422 Sch. 3 Pt. 1s. 91G inserted by 2005 c. 22 Sch. 7 para. 10(6)s. 91G repealed by 2009 c. 4 Sch. 1 para. 423 Sch. 3 Pt. 1s. 91H 91I and cross-heading inserted by 2008 c. 9 Sch. 22 para. 17(1)s. 91H repealed by 2009 c. 4 Sch. 1 para. 424 Sch. 3 Pt. 1s. 91I repealed by 2009 c. 4 Sch. 1 para. 425 Sch. 3 Pt. 1s. 93C inserted by 2006 c. 25 Sch. 6 para. 16(1)s. 93C repealed by 2009 c. 4 Sch. 1 para. 426 Sch. 3 Pt. 1s. 94A inserted by 2004 c. 12 Sch. 10 para. 13s. 94A repealed by 2009 c. 4 Sch. 1 para. 428 Sch. 3 Pt. 1s. 94A(1) words substituted by 2005 c. 7 Sch. 4 para. 28(2)s. 94B inserted by 2008 c. 9 Sch. 22 para. 18(1)s. 94B repealed by 2009 c. 4 Sch. 1 para. 429 Sch. 3 Pt. 1Sch. 9. para. 12E(4) modified (temp.) by S.I. 2008/1579 Sch. 4 para. 3(d)Commencement Orders yet to be applied to the Finance Act 1996: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. 2003/120 art. 2 Sch. commences (2002 c. 29)S.I. 2003/708 art. 2 commences (2001 c. 16)S.I. 2003/766 art. 2 Sch. commences (2002 c. 40)S.I. 2003/1397 art. 2(1) Sch. commences (2002 c. 40)S.I. 2003/2093 art. 2(1) Sch. 1 art. 2(2) Sch. 2 commences (2002 c. 40)S.I. 2004/2575 art. 2 Sch. 1 2 commences (2004 c. 20)S.I. 2005/950 art. 2-4 commences (2003 c. 44)S.I. 2005/1126 art. 2 commences (2005 c. 11)S.I. 2005/1444 art. 2 commences (2005 c. 14)S.I. 2005/1909 art. 2 commences (2005 c. 14)S.I. 2005/2122 art. 2 amendment to earlier commencing SI 2005/950 Sch. 2 para. 23S.I. 2006/982 art. 2 commences (2005 c. 22)S.I. 2007/2483 art. 2-4 commences (2007 c. 11)S.I. 2007/2532 art. 2 commences (2007 c. 11)S.I. 2008/2358 art. 2 3 commences (2008 c. 17)S.I. 2008/3068 art. 2-5 commences (2008 c. 17)S.I. 2009/402 art. 2 commences (2008 c. 9)S.I. 2009/403 art. 2 commences (2008 c. 9)S.I. 2009/404 art. 2 commences (2008 c. 9)S.I. 2009/511 art. 2 commences (2008 c. 9)S.I. 2009/571 art. 2-5 commences (2008 c. 9)S.I. 2009/803 art. 1(2) 10 commences (2008 c. 17)S.I. 2010/815 art. 2 commences (2009 c. 10)S.I. 2010/862 art. 2 art. 3 commences (2008 c. 17)S.I. 2010/867 art. 2 commences (2009 c. 10)S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21S.R. 2006/63 art. 2 commences (S.I. 2004/1501 (N.I.))203 Modification of the Agriculture Act 1993.E+W+S+N.I.(1)Part I of Schedule 2 to the M1Agriculture Act 1993 (taxation provisions applying to the reorganisation of the milk marketing boards) shall have effect, and be deemed always to have had effect, in accordance with subsections (2) to (4) below where—
(a)any approved scheme has made provision as to the functions of a milk marketing board in the period after the transfers taking effect on the vesting day under section 11 of that Act;
(b)regulations have been made by virtue of section 14(2) of that Act (provision following re-organisation) for giving effect to that provision; and
(c)a transaction is or has been entered into by that board in pursuance of any obligation under those regulations to carry out those functions so far as they relate to a subsidiary of the board.
(2)For the purposes of that Part of that Schedule—
(a)anything done by way of entering into the transaction, or for the purpose of carrying it out, shall be deemed to have been done under and in accordance with the scheme; and
(b)the terms and other provisions having effect in relation to that transaction by virtue of anything contained in, or anything done in exercise of powers conferred by, any regulations under section 14(2) of the M2Agriculture Act 1993 shall be deemed to be terms for which the scheme provided or, as the case may be, to be provisions of the scheme.
(3)Sub-paragraph (1) of paragraph 16 of Schedule 2 to the Agriculture Act 1993 (distributions) shall have effect, and be deemed always to have had effect, in a case where the terms and provisions mentioned in subsection (2)(b) above involved or involve—
(a)the issue or transfer of any shares in, or securities of, any body,
(b)the conferring of any right to a distribution out of the assets of any body,
(c)the conferring of any right to, or to acquire, shares in any body, or
(d)the transfer to any person of any property or rights of a milk marketing board, or of the subsidiary of such a board,
as if the references to the vesting day in paragraphs (a), (c), (d) and (e) of that sub-paragraph were references to the day on which the winding up of the board is completed.
(4)Sub-paragraph (4) of paragraph 31 of Schedule 2 to the Agriculture Act 1993 (condition to be satisfied if body to be qualifying body by virtue of sub-paragraph (1)(c)) shall have effect, and be deemed always to have had effect, as if—
(a)the reference, in relation to a company, to 90 per cent. of its ordinary share capital were a reference to 70 per cent. of its ordinary share capital; and
(b)the references to shares having been issued to any person included references to their having been allotted to that person.
(5)Paragraph 1 of Schedule 2 to the Agriculture Act 1993 (tax continuity with successor bodies) shall have effect, and be deemed to have had effect, in relation to any relevant transfer after 31st December 1995 to a society registered under the M3Industrial and Provident Societies Act 1965 of—
(a)a trade, or part of a trade, of a milk marketing board, or
(b)any property, rights or liabilities of such a board,
as it has effect in relation to any transfer under section 11 of that Act to a qualifying body.
(6)Paragraphs 16, 20, 25, 26, 28 and 29 of Schedule 2 to the Agriculture Act 1993 shall have effect, and be deemed to have had effect, in relation to any relevant transfer after 31st December 1995 of assets of a milk marketing board to a society registered under the Industrial and Provident Societies Act 1965 as if—
(a)the terms and other provisions of the transaction for effecting the transfer were contained in an approved scheme;
(b)the society were a relevant successor of that board; and
(c)references in those paragraphs to the vesting day were references to the day on which the winding up of the board is completed.
(7)For the purposes of subsections (5) and (6) above, a transfer of anything to a society registered under the M4Industrial and Provident Societies Act 1965 is a relevant transfer if—
(a)it is a transfer in pursuance of regulations made by virtue of section 14(2) of the M5Agriculture Act 1993;
(b)it is not a transfer of shares in a subsidiary of a milk marketing board; and
(c)the condition mentioned in sub-paragraph (5) of paragraph 31 of Schedule 2 to that Act would have been met in relation to that society if the provision made as to the persons to whom the membership of the society is open were contained in an approved scheme providing for the transfer.
(8)Paragraph 20 of Schedule 2 to the Agriculture Act 1993 (treatment of acquisition of certain shares and securities) shall not apply, and shall be deemed never to have applied, in relation to the acquisition of any security after 31st December 1995 if the indebtedness acknowledged by that security does not fall, for the purposes of the M6Taxation of Chargeable Gains Act 1992, to be treated as a debt on a security (as defined in section 132 of that Act of 1992).
(9)For the purposes of Chapter II of Part IV of this Act, so far as it has effect for any accounting period ending after 31st March 1996 in relation to any creditor relationship represented by a debenture issued on or after 31st December 1995, paragraph 25 of Schedule 2 to the Agriculture Act 1993 shall have effect as if sub-paragraph (2)(a) of that paragraph (deemed consideration for issue of debenture issued under approved scheme) were omitted.
(10)For the purposes of the Taxation of Chargeable Gains Act 1992, where any debenture to which paragraph 25 of Schedule 2 to the Agriculture Act 1993 applies has been or is issued at any time after 31st December 1995, the indebtedness acknowledged by that debenture shall be deemed (where that would not otherwise be the case) to be, and always to have been, a debt on a security (as defined in section 132 of that Act of 1992).
(11)Expressions used in this section and in Part I of the Agriculture Act 1993 have the same meanings in this section as in that Part.
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.Marginal CitationsM11993 c. 37. M21993 c. 37. M31965 c.12. M41965 c. 12. M51993 c. 37. M61992 c.12. Previous: ProvisionNext: ProvisionBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint The Whole PartPDF The Whole PartWeb page The Whole PartPrint The Whole Cross HeadingPDF The Whole Cross HeadingWeb page The Whole Cross HeadingPrint This Section onlyPDF This Section onlyWeb page This Section onlyYou have chosen to open The Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Act as a PDFThe Whole Act you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open The Whole Act without SchedulesThe Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Act without Schedules as a PDFThe Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open the Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open the Whole Act without Schedules