Finance Act, 1965

Amendment of section 48 of Finance Act, 1963.

37.—(1) The following subsection is hereby, with effect as on and from the 12th day of May, 1965, inserted in section 48 of the Finance Act, 1963 , after subsection (1):

“(1A) Where in any of the cases mentioned in subsection (1) of this section, the right to receive the whole or any part of the moneys payable in respect of the relevant activity is or becomes vested in a person other than the person specified in that subsection as the accountable person, the person in whom such right is or becomes vested shall be accountable for and liable to pay tax on such moneys as he may receive in respect of the activity.”

(2) In paragraph (c) and in paragraph (f) of subsection (3) of section 48 of the Finance Act, 1963 , “£150” is hereby substituted for “£100”.

(3) The following paragraph is hereby inserted in subsection (3) of section 48 of the Finance Act, 1963 , after paragraph (f):

“(g) Where a farmer or fisherman sells his own produce or any part thereof by retail, otherwise than in connection with the carrying on of the business of a shop or similar retail business, tax shall not be chargeable and he shall not be accountable for tax in respect of such retail sales unless or until the moneys received by him in respect thereof exceed £150 in each of two successive months and he shall then become accountable for tax immediately on the expiration of the second month; but in the meantime those moneys shall be disregarded for the purposes of paragraph (c) of this subsection.”

(4) The amendments specified in subsections (2) and (3) of this section shall come into operation—

(a) if this Act is passed before or in July, 1965—on the 1st day of August, 1965, and

(b) if it is passed in or after August, 1965—on the 1st day of the month next following that in which it is passed.