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FINANCE ACT 1916

FINANCE ACT 1916 - LONG TITLE

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]
Part I (Ss.123) rep. by 1919 c.32 s.38(3) sch.4; 1920 c.18 s.64(3)
sch.4; 1921 c.32 s.5; 1923 c.14 s.39(4) sch.; 1924 c.21 s.41(4)
sch.3; SLR 1927; 1939 c.23 (NI) s.12 sch.2; 1948 c.15 (NI) s.17
sch.2; 1948 c.49 s.82 sch.11 Pt.I; 1952 c.44 s.320 sch.12 Pt.I;
1962 c.44 s.34(7) sch.11 Pt.II

Part II (Ss.2444) rep. by 1917 c.31 s.18(2); 1918 c.40 s.238 sch.7;
SLR 1927

Ss.5862 rep. by 1917 c.31 s.34(6); 1921 s.32 s.65(3) sch.5; SLR
1927; 1939 c.117 s.5(4) sch.3; 1957 c.20 s.14 sch.4 Pt.I; 1958 c.6
(7 Eliz.2) s.17 sch.

FINANCE ACT 1916 - SECT 63
Exemption from taxation of municipal securities issued in America.

63. Any securities issued in the United States of America by a
municipal corporation, county council, or other local authority in
the United Kingdom for the purpose of raising any money which they
are authorised to borrow, if issued under the authority of the
Treasury, shall not be liable to any taxation present or future,
except where they are held by persons domiciled in the United
Kingdom or by British subjects ordinarily resident in the United
Kingdom.

The expression "local authority" in this section includes the
Metropolitan Water Board and any other public body which is
recognised as a local authority for the purposes of this section by
the Local Government Board.

S.64 rep. by 1918 c.40 s.238 sch.7[

FINANCE ACT 1916 - SECT 65
Lost or destroyed Exchequer bonds.

65. Where the Bank of England are satisfied that any Exchequer
bond, or any other bond to bearer issued by them on behalf of the
Treasury, or any coupon of any such bond has been lost or
destroyed, they may, if they think fit, and on such conditions as
they think fit, but subject to any general directions of the
Treasury, issue a new bond or coupon on receiving indemnity to
their satisfaction against the claims of all persons deriving title
under the bond or coupon lost or destroyed.]

...

Transfer of stock on authority of order of a court.

FINANCE ACT 1916 - SECT 66

66. Any order or decree of any court in the United Kingdom whereby
the right to transfer or call for a transfer of any Government
stock or to receive any dividends thereon is expressed to be vested
in any person shall be sufficient authority to the Banks of England
and Ireland, to the National Debt Commissioners, to [the Director of
Savings], and to any savings bank authority to allow the transfer
of the stock or to pay the dividends in accordance with the order
or decree.

An official [certified copy interlocutor] of any such appointment as
is mentioned in section thirteen of the Judical Factors (Scotland)
Act, 1889, shall, where any Government stock is specified in such
official [certified copy interlocutor] or in a certificate under seal
by the accountant of court produced along with such [certified copy
interlocutor] as belonging to or forming part of the estate under
the charge of the person named in the [certified copy interlocutor],
be deemed for the purposes of this section to be a decree whereby
the right to transfer such Government stock is vested in the person
so named.

In this section the expression "Government stock" has the same
meaning as in the Savings Bank Act, 1893 as amended by any
subsequent enactment.

FINANCE ACT 1916 - SECT 67
Indemnity on transfer of Government stock.

67. Where any Government stock is transferred by virtue of section
forty-eight of the Finance (No.2) Act, 1915, on the authority of
any probate, confirmation, or letters of administration, or by virtue
of this Act on the authority of any order or decree of any court,
the Bank of England or Ireland, the National Debt Commissioners,
[the Director of Savings], or the savings bank authority, as the
case may be, shall be indemnified and protected, notwithstanding any
defect or circumstance whatsoever affecting the validity of such
probate, confirmation, or letters of administration, or of such order
or decree.

S.68 rep. by SLR 1927

Short title.

FINANCE ACT 1916 - SECT 69

69.Subs.(1)(2) rep. by SLR 1927; SLR 1964; SL(R) 1971

(3) This Act may be cited as the Finance Act, 1916.

First and Second Schedules rep. by SLR 1927