Finance Act 1990
What this means for your business
- Applies to
- United Kingdom
- On this page
- 4 compliance obligations, 1 practical guide
What you must do
4 compliance obligations under this legislation.
Other requirements 1
Do not charge Stamp Duty Reserve Tax on securities transactions
From the abolition day the Finance Act removes Stamp Duty Reserve Tax (SDRT). This means you must no longer charge, collect or pay SDRT on any transfer, issue, sale or appropriation of securities that takes place on or after that day. Make sure your accounting and tax systems reflect that SDRT is no longer payable.
Payments and fees 3
Do not charge stamp duty on eligible securities transfers after abolition day
When you transfer securities after the abolition date, the law says you must not collect or pay stamp duty for these transfers. This applies to transfer instruments made under a contract if they meet the conditions set out in the Finance Act, such as depositary receipts or clearance services transactions. Wake up your finance team to make sure the exemption is applied.
Pay corporation tax at 35% for FY 1990
For the accounting year that ended in 1990 you must calculate your company’s taxable profit and pay corporation tax at a rate of 35 %. This means filing a corporation‑tax return and sending the tax due to HMRC.
Pay vehicle excise duty for any owned or used vehicle
Unlimited fineIf your business owns or uses a road‑registered motor vehicle, you must register it for Vehicle Excise Duty (road tax) and pay the required amount each year by the renewal date. The duty applies to all taxable vehicles, regardless of size or use, and must be kept up to date to avoid penalties.
Penalties for non-compliance
1 penalty under this legislation. 1 carry an unlimited fine.
Pay vehicle excise duty for any owned or used vehicle
Unlimited fine
Practical guidance
Our guides explain how to comply with the requirements above.
Sections and provisions
149 classified provisions from this legislation.
Duties 6
- s.5 Vehicles excise duty.
- s.19 Charge and rate of corporation tax for 1990.
- s.107 Stamp duty to be abolished on bearer instruments. Stamp duty
- s.108 Transfer of securities: abolition of stamp duty. Stamp duty
- s.109 Stamp duty: other repeals. shall be required
- s.110 Stamp duty reserve tax: abolition.
Definitions 7
- Schedule 6 Life Assurance: Apportionment of Income etc. 1982 holding new holding
- Schedule 10 Introduction
- s.111 General. the abolition day
- s.128 Repayment of fees and charges. specified
- s.131 Interpretation etc. the Taxes Act 1970 the Taxes Act 1988
- Schedule 1 Table of Rates of Duty on Wine and Made-Wine
- Schedule 12 Broadcasting: Transfer of Undertakings of Independent Broadcasting Authority and Cable Authority the IBA’s final accounting period unallowed tax losses relevant asset