Income and Corporation Taxes Act 1970 (repealed 6.4.1992)
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
269 Interest charged to capital.
(1) Where— (a) a company incurs expenditure on the construction of any building, structure or works, being expenditure allowable as a deduction under section 32 of the Capital Gains Tax Act 1979 in computing a gain accruing to the company on the disposal of the building, structure or work, or of any asset comprising it, and (b) that expenditure was defrayed out of borrowed money, . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , the sums so allowable under the said section 32 shall, subject to subsection (1A) below, include the amount of any interest on that borrowed money which is referable to a period or part of a period ending on or before the disposal. (1A) Subsection (1) above has effect subject to section 33 of the said Act of 1979 and does not apply to interest which is a charge on income. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
269 Interest charged to capital.
(1) Where— (a) a company incurs expenditure on the construction of any building, structure or works, being expenditure allowable as a deduction under section 32 of the Capital Gains Tax Act 1979 in computing a gain accruing to the company on the disposal of the building, structure or work, or of any asset comprising it, and (b) that expenditure was defrayed out of borrowed money, . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , the sums so allowable under the said section 32 shall, subject to subsection (1A) below, include the amount of any interest on that borrowed money which is referable to a period or part of a period ending on or before the disposal. (1A) Subsection (1) above has effect subject to section 33 of the said Act of 1979 and does not apply to interest which is a charge on income. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.