Finance Act, 1916

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FINANCE ACT 1916

ARRANGEMENT OF SECTIONS.

Part I.

Customs and Excise.

Section.

1.	Increased duties on cocoa.
2.	Increased duties on coffee.
3.	Increased duties on chicory.
4.	Increased Excise duty on coffee substitutes, &c.
5.	Increased Customs duties on sugar.
6.	Increased Excise duties on sugar.
7.	Customs duties on table waters.
8.	Customs duty on cider.
9.	Licence duty in respect of table waters and cider.
10.	Duties on mechanical lighters.
11.	Reduction of duty on herb beer.
12.	Exemption of school entertainments from entertainments duty.
13.	Provisions as to motor cars used as hackney carriages.
14.	Extension of relief in respect of motor car licence duty.
15.	Motor spirit licence duty.
16.	Supplemental provisions as to motor spirit licence duty.
17.	Continuance of Customs duties imposed under the Finance (No. 2) Act, 1915.
18.	Continuance of Excise duties imposed under the Finance (No. 2) Act, 1915.
19.	Drawback on beer for export in respect of sugar and glucose.
20.	Provision as to alteration of rates of drawback where rates of duty are altered.
21.	Allowance of drawback on the exportation of goods manufactured with dried fruits.
22.	Drawback on exported coffee and chicory and mixtures of coffee and chicory.
23.	Power by Order in Council to modify section 1 of the Immature Spirits Restriction Act, 1915, as regards rum.

Part II.

Income Tax.

24.	Income tax for 1916
25.	Modification of relief given with respect to earned income.
26.	Graduation of tax on unearned income in case of incomes not exceeding 2,000
27.	Additional income tax on securities which the Treasury are willing to purchase.
28.	Continuation of relief under 5 Geo. 5. c. 7. s. 13.
29.	Relief where income of year is less than assessed income.
30.	Right of soldiers and sailors to pay reduced rates of income tax in respect of their pay.
31.	Provision as to service in the navy or army.
32.	Reduction of income tax when margin above a certain limit is small.
33.	Extension of relief in respect of children.
34.	Declaration as to the effect of section 20 (1) (
35.	Collection of tax by means of stamps in certain cases.
36.	Limitation of relief from income tax in respect of insurance premiums.
37.	Income tax relief on war insurance premiums.
38.	Amendments of law with respect to income tax on woodlands.
39.	Repayment of income tax on sums deducted from profits under munitions of War Act, 1915.
40.	Charging of income tax on dividends, &c., amounting to fifty shillings exactly.
41.	Income tax on dividends on Exchequer bonds issued through the Post Office.
42.	Exemption of interest under war savings certificates form income tax.
43.	Relief in respect of Colonial income tax.
44.	Provision as to Government securities issued free of tax.

Part III.

Excess Profits Duty.

45.	Continuance and increase of rate of excess profits duty.
46.	Increase of rate of excess mineral rights duty.
47.	Computation of excess profits duty in case of sale of ships.
48.	Adjustment of excess profits duty and munitions Exchequer payments in case of controlled establishments.
49.	Provisions as to directors
50.	Further provision as to profits applied in extinction of previous losses.
51.	Provision as to accounting period.
52.	Provision as to accumulating profits.
53.	Application of s. 35 of the Finance (No. 2) Act, 1915, to munitions Exchequer payments.
54.	Deposit of sums for payment of excess profits duty.
55.	Amendment of section 40 (3) of the principal Act.
56.	Exemption from excess profits duty of business carried on under the court.
57.	Definition.

Part IV.

National Debt and Loans.

Part V.

General.

69.	Construction, repeal, and short title.

CHAPTER 24.

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) and the National Debt, and to make further provision in connexion with Finance. [19th July 1916.]

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 hereinafter 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, 1916 Permanent Page URL

Finance Act, 1916

Permanent Page URL