Finance Act, 1920

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FINANCE ACT 1920

[10 & 11 Geo. 5. Ch. 18]

ARRANGEMENT OF SECTIONS

Customs and Excise.

Section.

1.	Continuation of customs duties imposed under 5 & 6 Geo. 5. c. 89.
2.	Continuation of increased medicine duties.
3.	Increased duties on spirits.
4.	Spirits used in medical prepartions or for scientific purposes.
5.	Increased customs duties on beer.
6.	Increased excise duty on beer.
7.	Increased duties on wine.
8.	Amendment of s. 45 of 10 Edw. 7. c. 8.
9.	Additional duty on cigars.
10.	Calculation of value for purposes of ad valorem duty on wines and cigars.
11.	Provisions as to spirits used for generating mechanical power.
12.	Repeal of customs duties on motor spirit and motor spirit dealers' licence duties.
13.	Duty on licences for mechanically propelled vehicles.

Part II .

Income Tax.

14.	Income tax for 1920–21.
15.	Super-tax for 1920–21.
16.	Allowance in respect of earned income.
17.	Deductions to be allowed in ascertaining taxable income.
18.	Personal allowance.
19.	Deduction in respect of relatives taking charge of widower's or widow's children.
20.	Deduction in respect of widowed mother, &c.
21.	Deduction in respect of children.
22.	Deduction in respect of dependent relatives.
23.	Reduced rate of tax on first two hundred and twenty-five pounds of taxable income.
24.	No relief where individual not resident in the United Kingdom.
25.	Right of husband and wife to claim relief separately.
26.	Amendment of s. 32 of 8 & 9 Geo. 5. c. 40.
27.	Relief in respect of Dominion income tax.
28.	Exemption in respect of income from scholarship.
29.	Amendment of 9 & 10 Geo. 5. c. 32. s. 19.
30.	Extension of s. 25 of 9 & 10 Geo. 5. c. 32.
31.	Computation of profits and gains for purposes of income tax in relation to corporation profits tax.
32.	Consequential and minor amendments to 8 & 9 Geo. 5. c. 40.
33.	Interpretation.

Part III .

Stamps.

Part IV .

Excess Profits Duty.

44.	Continuance and increase of rate of excess profits duty.
45.	Amendment as respects pre-war standard in accounting periods ending after 31st December 1919.
46.	Amendment of ss. (3) of s. 38 of 5 & 6 Geo. 5. c. 89, with respect to munitions chequer payments.
47.	Amendments of s. 26 of 7 & 8 Geo. 5. c. 31. as respects accounting periods ending after 31st December 1919.
48.	Allowance in respect of charitable contributions.
49.	Increase of rate of excess mineral rights duty.
50.	Appointment of accounting periods and years.
51.	Interpretation.

Part V .

Corporation Profits Tax.

52.	Charge of corporation profits tax.
53.	Determination of profits.
54.	Determination of accounting period.
55.	Returns for purpose of Part V. and penalty for fictitious transactions.
56.	Supplementary provisions as to corporation profits tax.

Part VI .

Land Values Duties.

57.	Repeal of land values duties.

Part VII .

General.

58.	Reduction of debt.
59.	Power to borrow on national savings certificates for purposes of investment in local loans stock and redemption of loans.
60.	Amendment of s. 1. of 9 & 10 Geo. 5. c. 6.
61.	Provision for cases where assessments, returns, &c. have been lost, destroyed, or damaged.
62.	Charge for road improvement grant.
63.	Amendment of s. 12 of 61 & 62 Vict. c. 10.
64.	Construction, short title, and repeal.

CHAPTER 18.

An Act to grant certain duties of Customs and Inland Revenue (including Excise), to alter other duties, and to amend the Law relating to Customs and Inland Revenue (including Excise), an the National Debt, and to make further provision in connection with Finance. [4th August 1920.]

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 revolved 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:—

Finance Act, 1920 Permanent Page URL

Finance Act, 1920

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