Finance Act 1972 Part I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Part II Car Tax and Purchase Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Amendments consequential on replacement of purchase tax. 55 1 In section 14(2) of the Crown Proceedings Act 1947 (summary applications to High Court for payment of purchase tax and furnishing of information relating thereto) and in section 14 of that Act as it applies in Northern Ireland for the words “purchase tax” in paragraphs ( c ) and ( d ) there shall be substituted the words “value added tax”; but without prejudice to the operation of that section as originally enacted (or of the section substituted for Northern Ireland) with respect to purchase tax becoming due before the coming into force of this section or with respect to so much of the enactments relating to purchase tax as remains in force thereafter. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 In section 9 of the International Organisations Act 1968 for the words “or of purchase tax” there shall be substituted the words “value added tax or car tax” and in paragraph 7 of Schedule 1 to that Act for the words “purcahse tax paid on any goods” there shall be substituted the words “car tax paid on any vehicles and value added tax paid on the supply of any goods or services”; but without prejudice to the operation of that section or paragraph as originally enacted with respect to purchase tax becoming due before the coming into force of this section. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 This section shall come into force on 1st April 1973. Part III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 PART IV Income Tax and Corporation Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Part V Taxation of Companies and Company Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Mitigation of corporation tax liability of industrial and provident societies, housing associations and building societies. 96 1 Where in any accounting period of a body to which this section applies the rate of corporation tax exceeds such special rate as Parliament may fix for the purposes of this section, the body may claim that the corporation tax charged on the income of that body for that period shall be calculated as if the rate of corporation tax were equal to that special rate. 2 The bodies to which this section applies are— a any registered industrial and provident society as defined in section 340 of the Taxes Act and any such co-operative association as is mentioned in subsection (8) of that section; b any housing association for the time being approved for the purposes of section 341 of that Act; c any building society as defined in section 343 of that Act and any company to which that section applies by virtue of subsection (9) of that section. not being a society, association or company under the control (within the meaning of section 302 of that Act) of one or more companies which are not themselves bodies to which this section applies. 3 For the purposes of this section the income of a company for an accounting period is its income charged to corporation tax for that period as defined in section 85(6) above as originally enacted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Consequential amendments. 111 1 The enactments specified in Schedule 24 to this Act shall have effect with the amendments there specified, being amendments adapting and supplementing those enactments in consequence of the provisions of this Part of this Act. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 This section has effect from 6th April 1973 and does not affect the operation of any enactment in relation to any previous time ; and no amendment in the said Schedule 24 adapting an enactment so as to make it apply or refer to a provision of this Act instead of a provision repealed thereby shall be construed as affecting the operation of that enactment in relation to the repealed provision so far as concerns matters occurring before the repeal or otherwise unaffected by it. PART VI Tax on Capital Gains and Estate Duty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 PART VII Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Disclosure of information between revenue departments. 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vehicle excise duty— disabled persons 128 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 Compensation for loss of office etc. by clerks to General Commissioners. 130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Post-war credits. 131 1 On the repayment of any post-war credit, or payment to a building society of any amount outstanding under section 3 of the Income Tax (Repayment of Post-War Credits) Act 1959, the sum payable, inclusive of the interest, may be taken by the Commissioners of Inland Revenue as amounting to 138 per cent. of the credit as notified under section 7 of the Finance Act 1941 or of the amount so outstanding, as the case may be. 2 An application for such repayment made before the applicant is qualified may, if he later becomes qualified, be treated as made on the date when he does so. 3 No such repayment shall be made unless application therefor is made before such time (not earlier than the beginning of the year 1974) as the Treasury may by order direct. Any order under this subsection shall be made by statutory instrument, which shall be laid before Parliament after being made, and may be varied by a subsequent order so as to extend the time for applications for repayment. 3A An order under subsection (3) above may make different provision for different cases or classes of case and may provide that no amount shall be ascertained, recorded or notified under section 7 of the Finance Act 1941 after any such time as may be specified in the order. 4 In this section “ post-war credit ” has the same meaning as in the Income Tax (Repayment of Post-War Credits) Act 1959. 5 This section shall be deemed to have had effect from the beginning of April 1972. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 Citation, interpretation, construction, extent and repeals. 134 1 This Act may be cited as the Finance Act 1972. 2 In this Act “ the Taxes Act ” means the Income and Corporation Taxes Act 1988 . 3 In this Act— a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Parts IV and V, so far as they relate to income tax, shall be construed as one with the Income Tax Acts and, so far as they relate to corporation tax, shall be construed as one with the Corporation Tax Acts; c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Except so far as the context otherwise requires, any reference in this Act to any enactment shall be construed as a reference to that enactment as amended, and as including a reference to that enactment as applied, by or under any other enactment, including this Act. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 If the Parliament of Northern Ireland passes provisions amending or replacing any enactment of that Parliament referred to in this Act the reference shall be construed as a reference to the enactment as so amended or, as the case may be, as a reference to those provisions. 7 The enactments mentioned in Schedule 28 to this Act are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.