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Finance Act 1988
1988 c. 39 - continued

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SCHEDULE 14
Section 148. 
 Repeals
 

Part I
 
Customs and Excise
 

ChapterShort titleExtent of repeal
1979 c. 2.The Customs and Excise Management Act 1979.In section 93(2)(c), the words "(other than operations consisting of the mixing of spirits with wine or made-wine)".
1979 c. 4.The Alcoholic Liquor Duties Act 1979.In section 1(3), the words "thereof at any time".
  Section 22(7).
  In section 42(6), the words "but as respects" onwards.
  In section 43(4), the words "but as respects" onwards.
1981 c. 63.The Betting and Gaming Duties Act 1981.In Schedule 1, in paragraph 13(3)(a), the words from "or, with intent" to "material particular".
  In Schedule 2, in paragraph 7(3)(a), the words from "or, with intent" to "material particular".


     1.    The repeal in section 1 of the Alcoholic Liquor Duties Act 1979 comes into force on the day appointed under section 1(6) of this Act.
     2.    The repeals in sections 42 and 43 of that Act have effect from 1st October 1988.
     3.    The repeals in the Betting and Gaming Duties Act 1981 have effect in relation to offences committed after the passing of this Act.
 

Part II
 
Vehicles Excise Duty
 

ChapterShort titleExtent of repeal
1971 c. 10.The Vehicles (Excise) Act 1971.In section 2, in subsection (1), paragraph (c) and in subsection (4), paragraph (c) and the words "or paragraph (c)".
  Section 10(2)(f).
  In section 13(1), the words "(except a seven day licence)".
  In section 14(2)(c), the words "or seven day licences".
  In section 38(1), the definition of "seven day licence".
1972 c. 10 (N.I.).The Vehicles (Excise) Act (Northern Ireland) 1972.In section 2, in subsection (1), paragraphs (c) and (d), subsection (1A) and in subsection (5), paragraph (c) and the words "or paragraph (c)".
  Section 10(2)(f).
  In section 13(1), the words "(except a seven day licence)".
  In section 14(2)(c), the words "or seven day licences".
  In section 35(1), the definition of "seven day licence".
1982 c. 39.The Finance Act 1982.Section 5(5).
  In section 6, subsections (5) and (6).
1983 c. 28.The Finance Act 1983.Section 4(4).


 These repeals have effect from 1st June 1988.
 

Part III
 
Value Added Tax
 

ChapterShort titleExtent of repeal
1983 c. 55.The Value Added Tax Act 1983.In section 14(7), the words "or to pay tax".
  Section 40(1)(i).
1984 c. 43.The Finance Act 1984.Section 12.
1985 c. 54.The Finance Act 1985.In section 14, in subsection (1), the words "paragraph (a) or paragraph (b) of", in subsection (6), the words "nor be taken into account under subsection (2)(b) above" and, in subsection (7), the words "and shall not be taken into account under subsection (2)(b) above".
  Section 18(2).
  Section 33(4).
  In Schedule 7, paragraph 1(1).
1987 c. 16.The Finance Act 1987.Section 13(4).
  In section 14, subsections (7) to (9).


 

Part IV
 
Income and Corporation Tax: General
 

ChapterShort titleExtent of repeal
1970 c. 9.The Taxes Management Act 1970.In section 18, in subsection (1), the words "other than interest to which subsection (4) below applies" and subsection (4).
1970 c. 10.The Income and Corporation Taxes Act 1970.In section 482, in subsection (1), paragraphs (a) and (b), subsections (7) to (9) and, in subsection (10), the words "and a body corporate" onwards.
  In Schedule 10, in paragraph 7(3), the words "the investments forming part of the premiums trust fund of the underwriter".
1973 c. 51.The Finance Act 1973.In Schedule 16, paragraph 16.
1975 c. 45.The Finance (No. 2) Act 1975.In section 47, in subsection (1), the words "income tax, surtax or" and paragraph (b) and the word "or" immediately preceding it, in subsection (2), the words "by virtue of subsection (7) below", subsection (3), in subsection (4), paragraph (b) and the words ", subject to subsection (6) below,", subsections (5) to (7), in subsection (8), the words "or in respect" onwards and subsections (9) and (10).
1980 c. 48.The Finance Act 1980.Section 71.
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 1(3), the words "and the" onwards.
  Section 39(3).
  Section 258.
  In section 261, the words "258 or".
  Sections 263 and 264.
  Section 265(3).
  Section 275.
  In section 278, in subsection (2), the words "Subject to subsection (3) below," and subsections (3) to (7).
  In section 280(2)(b)(i), the reference to section 258.
  Section 284(1)(b).
  In section 289(14), the words "paragraph 3 of Schedule 2".
  In section 348(3), the words from "a small" to "or to".
  In section 349(3), the words "and subsection (1)" onwards.
  Section 351.
  In section 355, in subsection (1)(a) the words "or of a dependent relative or former or separated spouse of his," and subsection (3).
  In section 357(2)(a), the words "or of a dependent relative or former or separated spouse of his".
  In section 358(4)(a), the words "or of any dependent relative of the deceased".
  In section 452(8)(a), the words "the investments forming part of the premiums trust fund of the underwriter".
  In section 577, subsections (2), (4) and (6).
  In section 694(2), the words "at the rate of 30 per cent.".
  In section 765, in subsection (1), paragraphs (a) and (b).
  In section 767, subsections (1) to (4) and, in subsection (5), the words "and a body corporate" onwards.
  Section 780(5).
  In section 832(1), in the definition of "higher rate", the words "and any" onwards.
  In section 833, in subsection (3), the words "or Schedule 2", and paragraph (c) and the word "or" immediately preceding it, and, in subsection (4)(c), the reference to Schedule A.
  In section 835(5), the words "nor" onwards.
  Schedule 2.
  In Schedule 11, paragraphs 4 to 7.
  In Schedule 29 in paragraph 7, sub-paragraphs (1) and (3), and in the Table in paragraph 32, the entries relating to section 55(1)(g) of the Taxes Management Act 1970, paragraph 13 of Schedule 8 to the Finance Act 1971, section 108(9)(b) of the Finance Act 1980 and section 80(5)(b) of the Finance Act 1985.


     1.    The repeals in section 482 of the Income and Corporation Taxes Act 1970 and sections 765 and 767 of the Income and Corporation Taxes Act 1988 have effect from 15th March 1988 but subject to section 105(6) of this Act.
     2.    The repeals in Schedule 10 to the Income and Corporation Taxes Act 1970 and the Finance Act 1973 have effect for the years 1986-87 and 1987-88.
     3.    The repeal in the Finance Act 1980 has effect from 16th March 1988.
     4.    The repeals in section 278 of the Income and Corporation Taxes Act 1988 have effect for the year 1990-91 and subsequent years of assessment.
     5.    The repeal of section 351(1) to (7) of that Act and the repeals in sections 348 and 349 have effect in relation to payments made on or after 6th April 1989; and the repeal of section 351(8) has effect in relation to orders and variations made on or after that date.
     6.    The repeals in sections 355, 357 and 358 of that Act have effect in accordance with section 44 of this Act.
     7.    The repeals in section 577 of that Act have effect in accordance with section 72 of this Act.
     8.    The repeals in Schedule 11 to that Act have effect in relation to payments to which section 74 of this Act applies.
     9.    The remaining repeals have effect for the year 1988-89 and subsequent years of assessment.
 

Part V
 
Commercial Woodlands
 

ChapterShort titleExtent of repeal
1968 c. 43.The Capital Allowances Act 1968.In section 47, subsection (1)(b) and, in subsection (2), the words "(including woodlands)".
  In section 69, the definitions of "forestry land" and "forestry income".
  In section 70(7), the words from "and the occupation of woodlands" to "Schedule D".
  Section 79(3).
  Section 85(4).
  In section 87(5), the words "This subsection" onwards.
  In Schedule 9, in paragraph 4, the words "or the occupation of woodlands in the United Kingdom".
1970 c. 9.The Taxes Management Act 1970.In section 50(5), the proviso.
  In Schedule 3, in rule 4, the words "An appeal against an assessment under Schedule B and".
1970 c. 10.The Income and Corporation Taxes Act 1970.In section 1, the entry for Schedule B.
  Section 67(3).
  Part IV.
  In section 108, in paragraph 1(b) of Schedule D, the reference to Schedule B.
  In section 109(2), in Case VI, the reference to Schedule B.
  Section 111.
  Section 168(8).
  In section 169(10), the words from "and in relation to the occupation of woodlands" to "paragraph 4 of Schedule 6 to the Finance Act 1988".
  Section 171(5).
  Section 174(13).
  In section 226(9)(c), the words "Schedule B or".
  In section 238(4)(b), the words "or the occupation of woodlands" onwards.
  Section 347(8)(b).
  In section 351(1)(a), the reference to Schedule B.
  Section 360(1)(b).
  In section 515(6), the words from "and in relation to the occupation of woodlands" to "Schedule D".
  In section 530(1)(c), the words "Schedule B".
1971 c. 68.The Finance Act 1971.Section 47(1)(b).
1972 c. 41.The Finance Act 1972.In Schedule 16, in paragraph 10(4A), the words "or Schedule B".
1984 c. 43.The Finance Act 1984.Section 51.
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 1, the reference to Schedule B.
  In section 6(4)(b), the words "or the occupation of woodlands" onwards.
  Section 15(3).
  Section 16.
  In section 18, in subsection (1), in paragraph (b) of Schedule D, and in subsection (3), in Case VI, the reference to Schedule B.
  Section 54.
  Section 380(4).
  In section 383(12)(a), the words from "and in relation to the occupation of woodlands" to "paragraph 4 of Schedule 6 to the Finance Act 1988".
  Section 385(6).
  Section 389(8).
  Section 491(10)(b).
  Section 505(1)(b).
  In section 512(1)(a), the reference to Schedule B.
  In section 623(2)(c), the words "Schedule B or".
  In section 810(6), the words from "and in relation to the occupation of woodlands" to "Schedule D".
  In section 833(4)(c), the reference to Schedule B.
1988 c. 39.The Finance Act 1988.In Schedule 6, paragraphs 4 and 5(1).


     1.    The repeals in the Taxes Management Act 1970, the repeals in sections 1, 67, 108, 109, 226(9)(c), 351(1)(a) and 530(1)(c) of the Income and Corporation Taxes Act 1970, the repeals of Part IV and section 360(1)(b) of that Act, the repeal in the Finance Act 1972, the repeal in the Finance Act 1984, the repeals in sections 1, 15, 18, 512(1)(a), 623(2)(c) and 833(4)(c) of the Income and Corporation Taxes Act 1988 and the repeal of sections 16 and 505(1)(b) of that Act have effect from 6th April 1988.
     2.    The repeals of section 111 of the Income and Corporation Taxes Act 1970 and section 54 of the Income and Corporation Taxes Act 1988 have effect from 15th March 1988.
     3.    The remaining repeals have effect from 6th April 1993.
 

Part VI
 
Unapproved Employee Share Schemes
 

ChapterShort titleExtent of repeal
1970 c. 9.The Taxes Management Act 1970.In the Table in section 98, the reference to Schedule 12 to the Finance Act 1972 and in that Table as substituted by the Income and Corporation Taxes Act 1988, the reference to section 139 of that Act.
1972 c. 41.The Finance Act 1972.Section 79.
  Schedule 12 (except the definitions of "market value" and "shares" in paragraph 6).
1973 c. 51.The Finance Act 1973.Section 19.
  Schedule 8.
1974 c. 30.The Finance Act 1974.Section 20(2).
1979 c. 14.The Capital Gains Tax Act 1979.In Schedule 7, in the Table in paragraph 9, the entry relating to section 79(9) of the Finance Act 1972.
1982 c. 39.The Finance Act 1982.In section 41, the words "Paragraph 5 of Schedule 8 to the Finance Act 1973 and".
1984 c. 43.The Finance Act 1984.Sections 40 and 41.
1986 c. 41.The Finance Act 1986.In section 23(4)(a), the words "and also to Schedule 8 to the Finance Act 1973" and the words "and share incentive".
  Section 26(3) to (5) and (6)(b) to (d).
1988 c. 1.The Income and Corporation Taxes Act 1988.Sections 138 and 139.


 These repeals have effect in relation to acquisitions on or after 26th October 1987.
 

Part VII
 
Capital Gains: General
 

ChapterShort titleExtent of repeal
1970 c. 10.The Income and Corporation Taxes Act 1970.In section 280(1)(b), the words "unless the ultimate disposal occured before 30th April 1969,".
1979 c. 14.The Capital Gains Tax Act 1979.Section 3.
  In section 101(8), the words "(being a time after 30th July 1978)".
1985 c. 54.The Finance Act 1985.In section 68(4), the words "to which this subsection applies".
  In Schedule 20, paragraph 16(4)(a) and (5).
1987 c. 16.The Finance Act 1987.Section 47.
1988 c. 1.The Income and Corporation Taxes Act 1988.In Schedule 29, in the Table in paragraph 32, the entries relating to section 266(4) of the Companies Act 1985 and the entries relating to Article 274(4) of the Companies (Northern Ireland) Order 1986.


     1.    The repeals in the Income and Corporation Taxes Act 1988 have effect for companies' accounting periods ending after 5th April 1988.
     2.    The remaining repeals have effect in relation to disposals made on or after 6th April 1988.
 

Part VIII
 
Married Couples
 

ChapterShort titleExtent of repeal
1970 c. 9.The Taxes Management Act 1970.In section 8(3B), the words "or of his wife living with him".
  Section 11A(3).
  In section 13(1)(c), the words ",or is a married woman,".
  In section 29(8), the words "and ‘return under Part II of this Act’" onwards.
  In section 93(1) the words from "or section 284(4)" to "wife)".
  In section 95(1)(a), the words from "or section 284(4)" to "wife)".
1975 c. 14.The Social Security Act 1975.In Schedule 2, paragraph 4.
1975 c. 15.The Social Security (Northern Ireland) Act 1975.In Schedule 2, paragraph 4.
1979 c. 14.The Capital Gains Tax Act 1979.Section 4(2).
  In section 5(6), the words "husbands and wives,".
  Section 45.
  In Schedule 1, paragraphs 2 and 3.
1980 c. 48.The Finance Act 1980.Section 77(4)(b) and (d).
1982 c. 39.The Finance Act 1982.In section 80(3)(b), the words "2(1) and".
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 256, the words "and 287 and 288".
  Sections 279 to 281.
  Sections 283 to 288.
  Section 304(1) to (4).
  In section 325, the words "and for this purpose" onwards.
  Section 347B(6).
  In section 361, in subsection (4)(d) the words "or his spouse" and in subsection (5) the words ", or whose spouses,".
  Section 382(1) and (2).
  In section 420(2)(a)(i), the words "or the wife or husband of the borrower".
  Section 525(5).
  Section 527(3).
  In section 535(5), the second sentence.
  Section 574(2)(b) and (c).
  In section 623, subsection (1), in subsection (2) the words "Subject to subsection (1) above,", in subsection (6)(c) the words "or of the individual's wife or husband", in subsection (7)(a) the words "or that of his wife or her husband" and in subsection (8) the words "either" and "or to that individual's wife or husband".
  Section 644(7).
  In section 646, in subsections (2)(d), (5)(a) and (7) the words "or the individual's wife or husband".
  Section 703(7) and (8).
  In section 833(4), the second sentence.
  In Schedule 14, paragraph 1(2) and (3).
  In Schedule 29, in the Table in paragraph 32, the entries relating to sections 29(8), 93(1) and 95(1)(a) of the Taxes Management Act 1970 and paragraph 4 of Schedule 2 to the Social Security Act 1975 and those relating to the Social Security (Northern Ireland) Act 1975.
1988 c. 39.The Finance Act 1988.Section 40(3).
  In Schedule 10, in paragraph 5, in sub-paragraph (1), the words "(or, if he is a married man, to his wife)" and sub-paragraphs (3) to (5).


     1.    The repeals in section 361 of the Income and Corporation Taxes Act 1988 have effect in accordance with paragraph 15 of Schedule 3 to this Act.
     2.    The repeals in sections 382 and 574 of that Act have effect in relation to relief given for the year 1990-91 or a subsequent year of assessment.
     3.    The repeal in section 420(2) of that Act has effect in accordance with paragraph 16 of Schedule 3 to this Act.
     4.    The repeal in section 525 of that Act has effect in relation to tax paid or borne or payable or falling to be paid or borne for the year 1990-91 or a subsequent year of assessment.
     5.    The repeals in sections 527 and 535 of that Act have effect in relation to tax payable for the year 1990-91 or a subsequent year of assessment.
     6.    The remaining repeals have effect for the year 1990-91 and subsequent years of assessment.
 

Part IX
 
Tax Appeals etc. in Northern Ireland
 

ChapterShort titleExtent of repeal
1970 c. 9.The Taxes Management Act 1970.In section 2(6), the second sentence.
  In section 58, subsection (1), in subsection (2) the word "Special" and subsection (4).
  Section 59.
  In section 100(4), the words "(or, in Northern Ireland, the Special Commissioners)".
1975 c. 22.The Oil Taxation Act 1975.In section 20(2), the words "or, in Northern Ireland, to a county court".
  In Schedule 2, in the Table in paragraph 1(1), in the entry relating to section 58(3) of the Taxes Management Act 1970, the words "Omit the references to section 59 and,".
1975 c. 45.The Finance (No. 2) Act 1975.In section 45(3), the words "and section 59(6) (election for county court in Northern Ireland)" and the word "each".
1978 c. 23.The Judicature (Northern Ireland) Act 1978.In Schedule 5, in Part II, in the entry relating to the Taxes Management Act 1970, the words "and 59(5)".
S.I.1980/397 (N.I.3).The County Courts (Northern Ireland) Order 1980.In Schedule 1, in Part II, the entry relating to section 59(3) of the Taxes Management Act 1970.
1981 c. 35.The Finance Act 1981.In Schedule 17, in the Table in paragraph 18(1), in the entry relating to section 58(3) of the Taxes Management Act 1970, the words "Omit the reference to section 59 and".
1988 c. 1.The Income and Corporation Taxes Act 1988.In Schedule 29, in the Table in paragraph 32, the entry relating to section 58(3)(b) of the Taxes Management Act 1970.


 Subject to any provision made by an order under subsection (9) of section 134 of this Act, these repeals come into force on the day appointed under subsection (4) of that section but do not affect any proceedings which by virtue of subsection (5) of that section are unaffected by subsections (1) to (3) of that section.
 

Part X
 
Inheritance Tax
 

ChapterShort titleExtent of repeal
1984 c. 51.The Inheritance Tax Act 1984.Section 8(1A).
  In section 24(1), paragraph (b) and the word "and" immediately preceding it.
  In section 29(5), "(1)(b),".
  Section 206.
  In section 226(3), the words "or, as the case may be, one year" and paragraph (b) and the word "or" immediately preceding it.
  In section 236(1), paragraph (b) and the word "and" immediately preceding it.
1986 c. 41.The Finance Act 1986.In Schedule 19, paragraph 3(2).


 These repeals have effect in relation to transfers of value made on or after 15th March 1988.
 

Part XI
 
Stamp Duty
 

ChapterShort titleExtent of repeal
54 &55 Vict. c. 39.The Stamp Act 1891.In Schedule 1, the whole of the heading "Unit Trust Instrument".
8 &9 Geo. 6 c. 42.The Water Act 1945.Section 41(8).
9 &10 Geo. 6 c. 64.The Finance Act 1946.Section 53.
9 &10 Geo. 6 c. 17 (N.I.).The Finance (No.2) Act (Northern Ireland) 1946.Section 24.
10 &11 Eliz. 2 c. 44.The Finance Act 1962.Section 30.
10 &11 Eliz. 2 c. 17 (N.I.).The Finance Act (Northern Ireland) 1962.Section 3.
1963 c. 25.The Finance Act 1963.In section 65(2), the words "and in section 30 of the Finance Act 1962".
1963 c. 22 (N.I.).The Finance Act (Northern Ireland) 1963.In section 14(2), the words "and in section 3 of the Finance Act (Northern Ireland) 1962".
1968 c. 73.The Transport Act 1968.In section 160, subsections (2) and (3).
1971 c. 11.The Atomic Energy Authority Act 1971.Section 22(2).
1973 c. 51.The Finance Act 1973.Sections 47 to 49.
  Schedule 19.
S.I. 1973/1323 (N.I. 18).The Finance (Miscellaneous Provisions) (Northern Ireland) Order 1973.Articles 8 to 10.
  Schedule 2.
1976 c. 40.The Finance Act 1976.Section 128.
1980 c. 26.The British Aerospace Act 1980.Section 3(6).
1980 c. 34.The Transport Act 1980.Section 46(6).
1980 c. 48.The Finance Act 1980.In Schedule 18, in paragraph 12, sub-paragraphs (2) and (3).
1980 c. 60.The Civil Aviation Act 1980.Section 4(7).
1981 c. 35.The Finance Act 1981.In section 110, the words "section 30 of the Finance Act 1962 and section 3 of the Finance Act (Northern Ireland) 1962".
1981 c. 38.The British Telecommunications Act 1981.In section 81, subsections (2) and (3).
1981 c. 56.The Transport Act 1981.In Schedule 1, paragraph 4.
  In Schedule 4, paragraph 7(1).
1982 c. 25.The Iron and Steel Act 1982.Section 13(2).
1984 c. 12.The Telecommunications Act 1984.Section 61(7).
  Section 63(5).
1984 c. 32.The London Regional Transport Act 1984.In section 64, subsections (1) to (6) and (8).
1984 c. 59.The Ordnance Factories and Military Services Act 1984.Section 13(3).
1985 c. 6.The Companies Act 1985.Section 161.
1985 c. 9.The Companies Consolidation (Consequential Provisions) Act 1985.In Schedule 2, the entry relating to the Finance Act 1973.
1985 c. 67.The Transport Act 1985.In section 131, subsections (1) to (5).
1986 c. 31.The Airports Act 1986.In section 76, subsections (1), (2) and (5).
1986 c. 44.The Gas Act 1986.Section 51(7).
  Section 52(5).
S.I. 1986/1032 (N.I.6).The Companies (Northern Ireland) Order 1986.Article 171.
S.I. 1986/1035 (N.I.9).The Companies Consolidation (Consequential Provisions) (Northern Ireland) Order 1986.In Part I of Schedule 1, the entry relating to the Finance (Miscellaneous Provisions) (Northern Ireland) Order 1973.


 These repeals have effect from 22nd March 1988.
 
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Limited company formation and small business start-up advice - we are offering companies registrations in England, Wales, Scotland, Northern Ireland, Republic of Ireland, USA and offshore jurisdictions. Our simple and cost-effective business starting-up service has various packages available to suit all needs. Expert advice and cost efficient business registration services to assist companies with their statutory obligations, including business administration, bookkeeping, accounting and annual accounting and annual return preparation. We can also help you to introduce and arrange a business bank account in the United Kingdom, Republic of Ireland, Cyprus, Gibraltar and in many other offshore countries.

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Due to the introduction of the Anti Money Laundering Regulations 2007 it is now a legal requirement that all trusts and company service providers are MLR registered. Coddan CPM Limited has been granted an MLR Registration Number 12298927. This means that we have passed the fit and proper test and successfully applied for and received confirmation from HM Customs and Excise. Please be aware that any formation agent operating without being MLR registered is not complying with the Law. We would strongly advise you to ask for an MLR number prior to processing a formation through any agent.

In the event of Companies House rejecting an application or submission you will have three days to re-submit the application with appropriate corrections at no extra charge. We reserve the right to cancel the contract between us if one or more of the goods or services that you ordered were listed at an incorrect price due to a typographical error or an error in the pricing information received by us from our supplier. If we do cancel your order for this reason, we will notify you by email and will credit your account with any sum deducted by us from your credit card as soon as possible but in any event within 30 days of your order. We will not be obliged to offer any additional compensation for disappointment suffered. Products are delivered using Royal Mail recorded delivery post, or e-mail (as appropriate), unless otherwise stated. Where you request an alternative method of delivery, you must meet those costs. Services are provided using reasonable skill and care. Products and services will be provided in accordance with the timescales set out in the Consumer Protection (Distance Selling) Regulations 2000 unless otherwise agreed with you. Website Last Updated: 5/21/2012