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.

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

↑ S78 FA98

Finance Acts of the UK

Finance Acts 1980-1999	1980 1981 1982 1983 No.2 1984 1985 1986 1987 No.2 1988 1989 1990 1991 1992 No.2 1993 1994 1995 1996 1997 No.2 1998 1999

Finance Acts 2000-present	2000 2001 2002 2003 2004 2005 No.2 2006 2007 2008 2009 2010 No.2 No.3 2011 2012 2013 2014 2015

United Kingdom legislation

Pre-Parliamentary legislation	List of English statutes Charter of Liberties Magna Carta

Acts of Parliament by states preceding the Kingdom of Great Britain	Acts of the Parliament of England to 1483 1485–1601 1603–1641 Interregnum (1642–1660) 1660–1699 1700–1706 Acts of the Parliament of Scotland

Acts of Parliament of the Kingdom of Great Britain	1707–1719 1720–1739 1740–1759 1760–1779 1780–1800

Acts of the Parliament of Ireland	to 1700 1701–1800

Acts of Parliament of the United Kingdom of Great Britain and Ireland and the United Kingdom of Great Britain and Northern Ireland	1801–1819 1820–1839 1840–1859 1860–1879 1880–1899 1900–1919 1920–1939 1940–1959 1960–1979 1980–1999 2000 to date Halsbury's Statutes Legislation.gov.uk Short titles

Church of England measures	List Church of England Assembly (Powers) Act 1919

Legislation of devolved institutions	Acts of the Scottish Parliament List Acts and Measures of the National Assembly for Wales List Acts of the Northern Ireland Assembly List Acts of the Parliament of Northern Ireland List Orders in Council for Northern Ireland List

Orders-in-Council	Order in Council

Secondary legislation	United Kingdom Statutory Instruments Scottish Statutory Instruments Acts of Sederunt Acts of Adjournal

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