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Finance Act, 1907

FINANCE ACT 1907

[7 Edw. 7. Ch. 13.]

ARRANGEMENT OF SECTIONS.

Part I.

Customs and Excise.

Section.

1.

Duty on tea.

2.

Continuance of additional customs duties and drawbacks on tobacco, beer, and spirits.

3.

Continuance of additional excise duties and drawbacks on beer and spirits.

4.

Means of ascertaining strength or weight of spirits.

5.

Amendment of the Revenue Act, 1883, as to imported plate.

Part II.

Stamps.

6.

Extension of exemption from stamp duty in case of certain affidavits and declarations.

7.

Stamping of hire purchase agreement.

8.

Provisions as to policies of insurance.

9.

Proxies executed abroad.

10.

Reduction of duty on loan capital issued for the purpose of the conversion or consolidation of existing capital.

11.

Remission of stamp duty on Customs and Excise debentures and certificates.

Part III.

Death Duties.

12.

Amended rates of estate duty.

13.

Extension of power to remit death duties.

14.

Power to entertain application for discharge from claims for estate duty made at any time.

15.

Calculation of the allowance to be made in respect of duty paid before the commencement of the Finance Act, 1894.

16.

Limited aggregation of certain settled property abolished.

Part IV.

Local Taxation Account.

17.

Provision with respect to certain grants to local taxation accounts.

Part V.

Income Tax.

18.

Income tax for 1907–1908.

19.

Relief in respect of earned income where total income does. not exceed 2,000l.

20.

Special provisions applicable to partners.

21.

Particulars to be given by employers.

22.

Liability to make returns.

23.

Extension of time for certain proceedings.

24.

Provisions with respect to computing profits by average of three years.

25.

Payment of tax on patent royalties by deduction.

26.

Provisions with respect to deductions for wear and tear of machinery or plant.

27.

Power of Commissioners for special purposes to allow relief under s. 23 of 53 & 54 Vict. c. 8.

28.

Deductions by clergymen or ministers of religion in respect of dwelling-houses in certain cases.

Part VI.

National Debt.

29.

Reduction of debt.

Part VII.

General.

30.

Repeal, construction, and short title.

Schedules.

CHAPTER 13.

An Act to grant certain duties of Customs and Inland Revenue, to alter other duties, and to amend the Law relating to Customs and Inland Revenue and the National Debt, and to make other provisions for the financial arrangements of the year. [9th August 1907.]

Most Gracious Sovereign,

WE, Your Majesty's most dutiful and loyal subjects the Commons of the United Kingdom of Great Britain and Ireland in Parliament assembled, towards raising the necessary supplies to defray Your Majesty's public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties herein-after mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows: