Finance Act 1998

The Finance Act 1998 is an Act of the United Kingdom Parliament prescribing changes to Excise Duties; Value Added Tax; Income Tax; Corporation Tax; and Capital Gains Tax. It enacts the 1998 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom.

Finance Act 1998
Act of Parliament
Parliament of the United Kingdom
Long titleAn 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.
Citation1998 c. 36
Dates
Royal assent31 July 1998
Status: Current legislation
Text of the Finance Act 1998 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.

In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act is the mechanism to enact the changes.

The rules governing the various taxation methods are contained within the various taxation acts. (For instance Capital Gains Tax Legislation is contained within Taxation of Chargeable Gains Act 1992). The Finance Act details amendments to be made to each one of these Acts.

Taper Relief

Notable changes in the 1998 Act included calculation changes to the taxable proportion of a capital gain by the replacement of indexation allowance with taper relief.

TESSAs

The Act announced the phasing out of Tax-Exempt Special Savings Accounts preventing new accounts being opened after 5 April 1999.[1]

References
  1. S78 FA98
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