Finance Act, 1905

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FINANCE ACT 1905

CHAPTER 4.

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. [30th June 1905.]

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:

Part I.

Customs and Exercise.

Duty on tea.

1. There shall, on and after the first day of July nineteen hundred and five, until the first day of July nineteen hundred and six, be charged, levied and paid on tea imported into Great Britain or Ireland the following duty (that is to say):

Tea, the pound - - - - sixpence.

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

63 & 64 Vict. c. 7.

2. The additional duties of customs on tobacco, beer and spirits imposed by sections two, three, four and five of the Finance Act, 1900 (including the increased duties imposed by section five of that Act), shall continue to be charged, levied and paid until the first day of July nineteen hundred and six, and, as regards the period for which any additional drawback is allowed under the said section four, July nineteen hundred and six shall be substituted for August nineteen hundred and one.

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

63 & 64 Vict. c. 7.

3. The additional duties of excise on beer and spirits imposed by sections six and seven of the Finance Act, 1900, shall continue to be charged, levied, and paid until the first day of July nineteen hundred and six, and, as regards the period in respect of which any additional drawback is allowed under the said section six, July nineteen hundred and six shall be substituted for August nineteen hundred and one.

Abolition of warehouse delivery charges.

4 Edw. 7. c. 7.

32 & 33 Vict. c. 103.

4. The rates charged under section six of the Finance Act, 1904, and section seven of the Customs and Excise Warehousing Act, 1869, on the delivery of goods from a warehouse for home consumption, shall cease to be chargeable.

Part II.

Stamps.

Abolition of stamp duty on export bonds, &c., and on delivery orders.

54 & 55 Vict. c. 39.

5.—(1) The stamp duty charged by the Stamp Act, 1891, under the heading in the First Schedule to that Act, “Bond given pursuant to the directions of any Act, &c,” shall cease to be chargeable on bonds given in respect of the removal, transhipment, exportation, carriage coastwise, or shipment as stores of any goods, and the exemption under that heading shall be construed as if it included such bonds.

(2) The stamp duty charged by the Stamp Act, 1891, under the heading “Delivery Order” in the First Schedule to that Act, shall cease to be chargeable.

Part III.

Income Tax and Inhabited House Duty.

Income tax for 1905–1906.

16 & 17 Vict. c. 34.

32 & 33 Vict. c. 67.

6.—(1) Income tax for the year beginning on the sixth day of April nineteen hundred and five shall be charged at the rate of one shilling.

(2) All such enactments relating to income tax as were in force on the fifth day of April nineteen hundred and five shall have full force and effect with respect to the duty of income tax hereby granted.

(3) The annual value of any property, which has been adopted for the purpose either of income tax under Schedules A. and B. in the Income Tax Act, 1853, or of inhabited house duty, during the year ending on the fifth day of April nineteen hundred and five, shall be taken as the annual value of such property for the same purpose during the next subsequent year; provided that this subsection—

(a) so far as respects the duty on inhabited houses in Scotland, shall be construed with the substitution of the twenty-fourth day of May for the fifth day of April: and

(b) shall not apply to the Metropolis as defined by the Valuation (Metropolis) Act, 1869.

Part IV.

National Debt.

Repayment of money raised under the Supplemental War Loan Acts of 1900.

63 & 64 Vict. c. 61.

64 Vict. c. 1.

29 & 30 Vict. c. 25.

38 & 39 Vict. c. 45.

7.—(1) Any sums required for paying off any Exchequer bonds issued under the Supplemental War Loan Acts of 1900, and falling due in December nineteen hundred and five, may, up to an amount not exceeding ten million pounds, be raised by means of the issue of Exchequer bonds, which shall be paid off in ten years from the date of issue, at the rate of one-tenth part of the total issue in each year.

(2) The bonds to be redeemed shall be drawn in each year in accordance with regulations made by the Treasury, and the bonds so drawn in any year shall be redeemed on the eighteenth day of April in that year, by the application for the purpose of the requisite part of the new sinking fund of the previous financial year, at the rate of one hundred pounds sterling for every one hundred pounds of the bond.

(3) Exchequer bonds issued under this section shall, notwithstanding anything in section twenty-six of the Exchequer Bills and Bonds Act, 1866, be made out and issued with coupons for the interest becoming due thereon for a term of ten years from the date thereof.

(4) The amount of the permanent annual charge for the National Debt, under section one of the Sinking Fund Act, 1875, during the current and every subsequent financial year, shall be the sum of twenty-eight, instead of twenty-seven, million pounds.

(5) Any sums required for defraying any expenses incurred in connexion with raising or paying off any money raised under this section, and the principal of and interest on any Exchequer bonds issued under this section, shall be charged on, and be payable out of, the Consolidated Fund of the United Kingdom or the growing produce thereof, and, as to the interest, shall be paid as part of the permanent annual charge for the National Debt.

Part V.

General.

Repeal, construction and short title.

39 & 40 Vict. c. 36.

8.—(1) The Acts specified in the Schedule to this Act are hereby repealed to the extent mentioned in the third column of that Schedule.

(2) Part I. of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Consolidation Act, 1876, and the Acts amending that Act, and, so far as it relates to duties of excise, shall be construed together with the Acts which relate to the duties of excise and the management of those duties.

(3) This Act may be cited as the Finance Act, 1905.

SCHEDULE.

Enactments repealed.