Finance Act 1992
1992 CHAPTER 20
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
[16th March 1992]
Most Gracious Sovereign,
Excise duties
1 Spirits, beer, wine, made-wine and cider.
(1) In section 5 of the Alcoholic Liquor Duties Act 1979 (spirits) for “£18.96” there shall be substituted “ £19.81 ” .
(2) In section 36 of that Act (beer) as that section has effect apart from section 7(1) of the Finance Act 1991 for “£1.06” there shall be substituted “ £1.108 ” .
(3) For the Table of rates of duty in Schedule 1 to that Act (wine and made-wine) there shall be substituted the Table in the Schedule to this Act.
(4) In section 62(1) of that Act (cider) for “£20.40” there shall be substituted “ £21.32 ” .
(5) This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.
2 Tobacco products.
(1) For the Table in Schedule 1 to the Tobacco Products Duty Act 1979 there shall be substituted—
“ TABLE
| 1. Cigarettes | An amount equal to 21 per cent. of the retail price plus £44.32 per thousand cigarettes. |
| 2. Cigars | £67.89 per kilogram. |
| 3. Hand-rolling tobacco | £71.63 per kilogram. |
| 4. Other smoking tobacco and chewing tobacco | £29.98 per kilogram. ” |
(2) This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.
3 Hydrocarbon oil.
(1) In section 6(1) of the Hydrocarbon Oil Duties Act 1979 for “£0.2585” (duty on light oil) and “£0.2187” (duty on heavy oil) there shall be substituted “ £0.2779 ” and “ £0.2285 ” respectively.
(2) In section 11(1) of that Act (rebate on heavy oil) for “£0.0091” (fuel oil) and “£0.0129” (gas oil) there shall be substituted “ £0.0095 ” and “ £0.0135 ” respectively.
(3) In section 13A(1) of that Act (rebate on unleaded petrol) for “£0.0344” there shall be substituted “ £0.0437 ” .
(4) In section 14(1) of that Act (rebate on light oil for use as furnace fuel) for “£0.0091” there shall be substituted “ £0.0095 ” .
(5) This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.
4 Vehicles excise duty.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 General betting duty.
(1) In section 1(2) of the Betting and Gaming Duties Act 1981 (rate of general betting duty) for “8 per cent.” there shall be substituted “ 7.75 per cent. ”
(2) This section shall apply in relation to bets made on or after 1st April 1992.
Value added tax
6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Car tax
8 Reduction of rates.
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Income tax
9 Lower rate.
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10 Charge etc. for 1992-93.
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General
11 Short title and interpretation.
(1) This Act may be cited as the Finance Act 1992.
(2) In this Act “ the Taxes Act 1988 ” means the Income and Corporation Taxes Act 1988.
Section 1.
SCHEDULE Table of rates of duty on wine and made-wine
| Description of wine or made-wine | Rates of duty per hectolitre |
|---|---|
| £ | |
| Wine or made-wine of a strength not exceeding 2 per cent. | 12.60 |
| Wine or made-wine of a strength exceeding 2 per cent. but not exceeding 3 per cent. | 20.99 |
| Wine or made-wine of a strength exceeding 3 per cent. but not exceeding 4 per cent. | 29.39 |
| Wine or made-wine of a strength exceeding 4 per cent. but not exceeding 5 per cent. | 37.80 |
| Wine or made-wine of a strength exceeding 5 per cent. but not exceeding 5.5 per cent. | 46.19 |
| Wine or made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent. and not being sparkling | 125.96 |
| Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent. | 208.00 |
| Wine or made-wine of a strength exceeding 15 per cent. but not exceeding 18 per cent. | 217.25 |
| Wine or made-wine of a strength exceeding 18 per cent. but not exceeding 22 per cent. | 250.59 |
| Wine or made-wine of a strength exceeding 22 per cent. | 250.59plus £19.81 for every 1 per cent. or part of 1 per cent. in excess of 22 per cent. |