(1) This section has effect if a company (in this section called “the subsidiary") ceases to be a member of a group of companies, and on an earlier occasion shares in the subsidiary were disposed of by another company (in this section called “the chargeable company") which was then a member of that group in the course of an amalgamation or reconstruction in the group, but only if that earlier occasion fell—
(a) on or after 6th April 1965 but before 20th April 1977, and
(b) within the period of six years ending with the date on which the subsidiary ceases to be a member of the group;
and references in this section to a company ceasing to be a member of a group of companies do not apply to cases where a company ceases to be a member of a group by being wound up or dissolved or in consequence of another member of the group being wound up or dissolved.
(2) The chargeable company shall be treated, for all the purposes of the Capital Gains Tax Act 1979, as if immediately before the earlier occasion it had sold, and immediately reacquired, the said shares at market value at that time.
(3) If, before the subsidiary ceases to be a member of the group, the chargeable company has ceased to exist, or a resolution has been passed, or an order made, for the winding up of the company, or any other act has been done for the like purpose, any corporation tax to which, if the chargeable company had continued in existence, it would have been chargeable in consequence of this section may be assessed and charged (in the name of the chargeable company) on the company which is, at the time when the subsidiary ceases to be a member of the group, the principal company of the group.
(4) If any of the corporation tax assessed on a company in consequence of this section, or in pursuance of subsection (3) above, is not paid within six months from the date when it becomes payable, then—
(a) a company which is on the said date, or was on the earlier occasion, the principal company of the group, and
(b) any company taking an interest in the subsidiary as part of the amalgamation or reconstruction in the group,
may at any time within two years from the time when the tax became payable, be assessed and charged (in the name of the chargeable company) to all or any part of that tax; and a company paying any amount of tax under this subsection shall be entitled to recover a sum of that amount from the chargeable company, or as the case may be from the company assessed under subsection (3) above.
(5) Notwithstanding any limitation on the time for making assessments, an assessment to corporation tax chargeable in consequence of this section may be made at any time within six years from the time when the subsidiary ceased to be a member of the group and, in relation to any disposal of the property after the earlier occasion, there shall be made all such adjustments of tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the provisions of this section.
(6) For the purposes of this section there is a disposal of shares in the course of an amalgamation or reconstruction in a group of companies if section 85 or section 86 of the Capital Gains Tax Act 1979 (company amalgamations) applies to shares in a company so as to equate them with shares in or debentures of another company, and the companies are members of the same group, or become members of the same group as a result of the amalgamation or reconstruction.
(7) Where by virtue of section 86 of the Capital Gains Tax Act 1979 shares are to be treated as cancelled and replaced by a new issue, references in this section to a disposal of shares include references to the occasion of their being so treated.
(8) This section has effect, to the exclusion of the corresponding enactments repealed by this Act, where the subsidiary ceases to be a member of the group in an accounting period of the chargeable company (or, as the case may be, of the company assessable under subsection (3) above) ending after 5th April 1970, and not only in respect of tax for such an accounting period but also in respect of tax for accounting periods ending on or before that date.
(1) This section has effect as respects a disposal of shares in, or securities of, a company (in this section referred to as an “ultimate disposal") if the value of the shares or securities has been materially reduced by a depreciatory transaction effected on or after 31st March 1982; and for this purpose “depreciatory transaction” means—
(a) any disposal of assets at other than market value by one member of a group of companies to another, or
(b) unless the ultimate disposal occurred before 30th April 1969, any other transaction satisfying the conditions of subsection (2) below:
Provided that a transaction shall not be treated as a depreciatory transaction to the extent that it consists of a payment which is required to be or has been brought into account, for the purposes of corporation tax on chargeable gains, in computing a chargeable gain or allowable loss accruing to the person making the ultimate disposal.
(2) The conditions referred to in subsection (1)(b) above are—
(a) that the company, the shares in which, or securities of which, are the subject of the ultimate disposal, or any 75 per cent. subsidiary of that company, was a party to the transaction, and
(b) that the parties to the transaction were or included two or more companies which at the time of the transaction were members of the same group of companies.
(3) Without prejudice to the generality of subsection (1) above, the cancellation of any shares in or securities of one member of a group of companies under section 135 of the Companies Act 1985 shall, to the extent that immediately before the cancellation those shares or securities were the property of another member of the group, be taken to be a transaction fulfilling the conditions in subsection (2) above.
(4) If the person making the ultimate disposal is, or has at any time been, a member of the group of companies referred to in subsection (1) or (2) above, any allowable loss accruing on the disposal shall be reduced to such extent as appears to the inspector, or on appeal the Commissioners concerned, to be just and reasonable having regard to the depreciatory transaction:
Provided that if the person making the ultimate disposal is not a member of the said group when he disposes of the shares or securities, no reduction of the loss shall be made by reference to a depreciatory transaction which took place when that person was not a member of the said group.
(5) The inspector or the Commissioners shall make the decision under subsection (4) above on the footing that the allowable loss ought not to reflect any diminution in the value of the company’s assets which was attributable to a depreciatory transaction . . . , but allowance may be made for any other transaction on or after 31st March 1982 which has enhanced the value of the company’s assets and depreciated the value of the assets of any other member of the group.
(6) If, under subsection (4) above, a reduction is made in an allowable loss, any chargeable gain accruing on a disposal of the shares or securities of any other company which was a party to the depreciatory transaction by reference to which the reduction was made, being a disposal not later than six years after the depreciatory transaction, shall be reduced to such extent as appears to the inspector, or on appeal to the Commissioners concerned, to be just and reasonable having regard to the effect of the depreciatory transaction on the value of those shares or securities at the time of their disposal:
Provided that the total amount of any one or more reductions in chargeable gains made by reference to a depreciatory transaction shall not exceed the amount of the reductions in allowable losses made by reference to that depreciatory transaction.
All such adjustments, whether by way of discharge or repayment of tax, or otherwise, as are required to give effect to the provisions of this subsection may be made at any time.
(7) For the purposes of this section—
“securities” includes any loan stock or similar security whether secured or unsecured,
references to the disposal of assets include references to any method by which one company which is a member of a group appropriates the goodwill of another member of the group,
a “group of companies” may consist of companies some or all of which are not resident in the United Kingdom.
(8) References in this section to the disposal of shares or securities include references to the occasion of the making of a claim under section 22(2) of the Capital Gains Tax Act 1979 that the value of shares or securities has become negligible, and references to a person making a disposal shall be construed accordingly.
(1) The provisions of this section apply where one company (in this section referred to as “the first company”) has a holding in another company (in this section referred to as “the second company”) and the following conditions are fulfilled—
(a) that the holding amounts to, or is an ingredient in a holding amounting to, 10 per cent. of all holdings of the same class in the second company,
(b) that the first company is not a dealing company in relation to the holding,
(c) that a distribution is or has been made after 29th April 1969 to the first company in respect of the holding, and
(d) that the effect of the distribution is that the value of the holding is or has been materially reduced.
(2) Where this section applies in relation to a holding section 280 above shall apply in relation to any disposal of any shares or securities comprised in the holding, whether the disposal is by the first company or by any other company to which the holding is transferred by a transfer to which section 273 or 273A above applies, as if the distribution were a depreciatory transaction and, if the companies concerned are not members of a group of companies, as if they were:
Provided that the distribution shall not be treated as a depreciatory transaction to the extent that it consists of a payment which is required to be or has been brought into account, for the purposes of corporation tax on chargeable gains, in computing a chargeable gain or allowable loss accruing to the person making the ultimate disposal.
(3) This section shall be construed as one with section 280 above.
(4) For the purposes of this section a company is “a dealing company” in relation to a holding if a profit on the sale of the holding would be taken into account in computing the company’s trading profits.
(5) References in this section to a holding in a company refer to a holding of shares or securities by virtue of which the holder may receive distributions made by the company, but so that—
(a) a company’s holdings of different classes in another company shall be treated as separate holdings, and
(b) holdings of shares or securities which differ in the entitlements or obligations they confer or impose shall be regarded as holdings of different classes.
(6) For the purposes of subsection (1) above—
(a) all a company’s holdings of the same class in another company are to be treated as ingredients constituting a single holding, and
(b) a company’s holding of a particular class shall be treated as an ingredient in a holding amounting to 10 per cent. of all holdings of that class if the aggregate of that holding and other holdings of that class held by connected persons amounts to 10 per cent. of all holdings of that class,
and section 839 of the Taxes Act 1988 (definition of connected persons) shall have effect in relation to paragraph (b) above as if, in subsection (7) of that section, after the words “or exercise control of" in each place where they occur there were inserted the words “or to acquire a holding in".
(1) A registered trade union which is precluded by Act of Parliament, or by its rules, from assuring to any person a sum exceeding £3,000 by way of gross sum or £625 a year by way of annuity shall, on the making of a claim, be entitled—
(a) to exemption from income tax and corporation tax in respect of its income which is not trading income and which is applicable and applied for the purpose of provident benefits,
(b) to exemption from tax in respect of chargeable gains which are applicable and applied for the purpose of provident benefits.
(2) In this section “provident benefits” includes any payment, expressly authorised by the . . . rules of the trade union, which is made to a member during sickness or incapacity from personal injury or while out of work, or to an aged member by way of superannuation, or to a member who has met with an accident, or has lost his tools by fire or theft, and includes a payment in discharge or aid of funeral expenses on the death of a member or the wife of a member or as provision for the children of a deceased member.
(3) In determining for the purposes of this section whether a registered trade union is by Act of Parliament or by its rules precluded from assuring to any person a sum exceeding £500 a year by way of annuity, there shall be disregarded any approved annuities (as defined in section 226(13) of this Act).
342 Disposals of land between the Housing Corporation . . . and housing associations.
(1)Where—
(a) in accordance with a scheme approved under section 5 of the Housing Act 1964 or paragraph 5 of Schedule 7 to the Housing Associations Act 1985 the Housing Corporation . . . acquires from a housing association the association’s interest in all the land held by the association for carrying out its objects, or
(b) after the Housing Corporation . . . has so acquired from a housing association all the land so held by it the Corporation disposes to a single housing association of the whole of that land (except any part previously disposed of or agreed to be disposed of otherwise than to a housing association), together with all related assets,
then both parties to the disposal of the land to or, as the case may be, by the Housing Corporation . . . shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land and any related assets disposed of therewith (and each part of that land and those assets) were acquired from the party making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that party.
(2)In subsection (1) above, “ housing association” has the same meaning as in the Housing Associations Act 1985, and “related assets” means, in relation to an acquisition of land by the Housing Corporation . . ., assets acquired by the Corporation in accordance with the same scheme as that land, and in relation to a disposal of land by the Housing Corporation . . ., assets held by the Corporation for the purposes of the same scheme as that land.
(3) This section shall also have effect with the substitution of the words “Housing for Wales" for the words “the Housing Corporation" and “the Corporation", in each place where they occur.
(4) This section shall also have effect with the substitution of the words “Scottish Homes" for the words “the Housing Corporation" and “the Corporation", in each place where they occur.
342A Disposals by Housing Corporation and and certain housing associations.
(1) In any case where—
(a) the Housing Corporation . . . dispose of any land to a registered housing association, or
(b) a registered housing association disposes of any land to another registerd housing association, or
(c) in pursuance of a direction of the Housing Corporation . . . given under Part I of the Housing Associations Act 1985 requiring it to do so, a registered housing association disposes of any of its property, other than land, to another registered housing association, or
(d) a registered housing association or an unregistered self build society disposes of any land to the Housing Corporation . . .,
both parties to the disposal shall be treated for the purposes of corporation tax in respect of chargeable gains or, as the case may require, capital gains tax as if the land or property disposed of were acquired from the Housing Corporation . . ., registered housing association or unregistered self-build society making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to the Corporation or, as the case may be, the association or society.
(1A) Subsection (1) above shall also have effect with the substitution of the words “Housing for Wales" for the words “the Housing Corporation" and “the Corporation", in each place where they occur.
(1B) Subsection (1) above shall also have effect with the substitution of the words “Scottish Homes" for the words “the Housing Corporation" and “the Corporation", in each place where they occur.
(2) In this section “registered housing association” and “unregistered self-build society” have the same meaning as in the Housing Associations Act 1985.
342B Disposals by Northern Ireland housing associations.
(1) In any case where—
(a) a registered Northern Ireland housing association disposes of any land to another such assocation, or
(b) in pursuance of a direction of the Department of the Enviroment for Northern Ireland given under Chapter II of Part VII of the Housing(Northern Ireland) Order 1981 requiring it to do so, a registered Northern Ireland housing association disposes of any of its property, other than land, to another such association,
both parties to the disposal shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land or property disposed of were acquired from the association making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that association.
(2) In subsection (1) above “registered Northern Ireland housing association” means a registered housing association within the meaning of Part VII of the Order referred to in paragraph (b) of that subsection.
(1) If Her Majesty by Order in Council declares that arrangements specified in the Order have been made with the government of any territory outside the United Kingdom with a view to affording relief from double taxation in relation to income tax or corporation tax and any taxes of a similar character imposed by the laws of that territory, and that it is expedient that those arrangements should have effect, then, subject to the provisions of this Part of this Act, the arrangements shall, notwithstanding anything in any enactment, have effect in relation to income tax and corporation tax in so far as they provide—
(a) for relief from income tax, or from corporation tax in respect of income, or
(b) for charging the income arising from sources in the United Kingdom to persons not resident in the United Kingdom, or
(c) for determining the income to be attributed—
(i) to persons not resident in the United Kingdom and their agencies, branches or establishments in the United Kingdom, or
(ii) to persons resident in the United Kingdom who have special relationships with persons not so resident or
(d) for conferring on persons not resident in the United Kingdom the right to a tax credit under section 86 of the Finance Act 1972 in respect of qualifying distributions made to them by companies which are so resident.
(1A) Without prejudice to the generality of subsection (1) above, if it appears to Her Majesty to be appropriate, the arrangements specified in an Order in Council under this section may include provisions with respect to the exchange of information necessary for carrying out the domestic laws of the United Kingdom and the laws of the territory to which the arrangements relate concerning taxes covered by the arrangements including, in particular, provisions about the prevention of fiscal evasion with respect to those taxes; and where arrangements do include any such provisions, the declaration in the Order in Council shall state that fact.
(2) The provisions of Chapter II below shall apply where arrangements which have effect by virtue of this section provide that tax payable under the laws of the territory concerned shall be allowed as a credit against tax payable in the United Kingdom.
(3) For the purposes of this section and, subject to section 503(3) below, of the said Chapter II in its application to relief under this section, any amount of tax which would have been payable under the law of a territory outside the United Kingdom but for a relief to which this subsection applies given under the law of that territory shall be treated as having been payable; and references in this section and that Chapter to double taxation, to tax payable or chargeable, or to tax not chargeable directly or by deduction shall be construed accordingly.
This subsection applies
(a) to any relief given with a view to promoting industrial, commercial, scientific, educational or other development in a territory outside the United Kingdom, being a relief with respect to which provision is made in the arrangements in question for double taxation relief,
(b) to any relief provided under and in accordance with the arrangements, where the latter expressly contemplate that the relief is to fall within this subsection.
(4) Except in the case of a claim for an allowance by way of credit in accordance with Chapter II below, a claim for relief under subsection (1)(a) above shall be made to the Board.
(5) Where, under any arrangements which have effect by virtue of this section, relief may be given, either in the United Kingdom or in the territory with the government of which the arrangements are made, in respect of any income, and it appears that the assessment to income tax or corporation tax made in respect of the income is not made in respect of the full amount thereof, or is incorrect having regard to the credit, if any, which falls to be given under the arrangements, any such assessments may be made as are necessary to ensure that the total amount of the income is assessed, and the proper credit, if any, is given in respect thereof, and, where the income is entrusted to any person in the United Kingdom for payment, any such assessment may be made on the recipient of the income under Case VI of Schedule D.
(6) Any arrangements to which effect is given under this section may include provision for relief from tax for periods before the passing of this Act, or before the making of the arrangements, and provisions as to income which is not itself subject to double taxation, and the preceding provisions of this section shall have effect accordingly.
(7) Any Order in Council made under this section may be revoked by a subsequent Order in Council, and any such revoking Order may contain such transitional provisions as appear to Her Majesty to be necessary or expedient.
(8) Before any Order proposed to be made under this section is submitted to Her Majesty in Council, a draft thereof shall be laid before the House of Commons, and the Order shall not be so submitted unless an Address is presented to Her Majesty by that House praying that the Order be made.
(9) Notwithstanding section 501(2) below, any arrangements made in relation to the profits tax under section 347 of the Income Tax Act 1952 (which this section re-enacts) or any earlier enactment corresponding to the said section 347 shall, except in so far as arrangements made after the passing of the Finance Act 1965 provide otherwise, have effect in relation to corporation tax and income chargeable thereto as they are expressed to have effect in relation to the profits tax and profits chargeable thereto (with the substitution of accounting periods for chargeable accounting periods), and not as they have effect in relation to income tax.
(10) In so far as any arrangements made before 30th March 1971 provide for the exemption of any income from surtax they shall have effect, unless otherwise modified by subsequent arrangements, as if they provided for that income to bear income tax at the basic rate and to be disregarded for the purpose of computing total income, except in so far as the computation affects the matters mentioned in section 34(3) of the Finance Act 1971, but not to be disregarded for the purpose of determining whether that income or any other income is chargeable as investment income.
515 Postponement of capital allowances to secure double taxation relief.
(1)—(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) This section applies (with any necessary adaptations) in relation to a profession, employment, vocation or office, and in relation to the occupation of woodlands the profits or gains of which are assessable under Schedule D, as it applies in relation to a trade.
(1) Except as otherwise provided by the following provisions of this section, this Act shall come into force in relation to tax for the year 1970-71 and subsequent years of assessment, and for companies’ accounting periods ending after 5th April 1970.
(2) Except as otherwise provided by the following provisions of this section, such of the provisions of this Act as relate to capital gains tax (including the provisions of Part XVIII of this Act as applied to capital gains tax by section 39 of the Finance Act 1965) shall come into force in relation to that tax for the year 1970-71 and subsequent years of assessment.
(3) The following provisions of this Act, that is—
(a) so much of any provision of this Act as authorises the making, variation or revocation of any Order in Council or regulation or other instrument,
(b) so much of any provision of this Act as relates to the making of a return, the furnishing of a certificate or the giving of any other information, including any such provision which imposes a duty on the Board or an officer of the Board as well as any such provision which imposes a duty on any other person,
(c) so much of any provision of this Act as imposes any penalty,
(d) except where the tax concerned is all tax for years of assessment before the year 1970-71 or accounting periods ending before 6th April 1970, so much of any other provision of this Act as confers any power or imposes any duty the exercise or performance of which operates or may operate in relation to tax for more than one chargeable period,
shall come into force for all purposes on 6th April 1970 to the exclusion of the corresponding enactments repealed by this Act.
(4) This section has effect except as otherwise provided by any other provision of this Act.
537 Savings, transitory provisions and consequential amendments.
(1) Schedule 14 to this Act, which contains savings and transitory provisions, shall have effect, and the repeals made by section 538 below have effect subject to that Schedule.
(2) For the avoidance of doubt it is hereby declared that this Act and the Taxes Management Act 1970 have effect subject to those provisions of the Tax Acts and the enactments relating to chargeable gains which are not repealed by this Act, and, with a view to preserving the existing effect of such enactments and instruments as are mentioned in Schedule 15 to this Act, they shall be amended in accordance with that Schedule.
(3) The provisions of the said Schedule 15, and the other provisions of this Part of this Act, are without prejudice to the provisions of the Interpretation Act 1889 as respects the effect of repeals; and section 38(1) of the Interpretation Act 1889 shall have effect as if the Taxes Management Act 1970 formed part of this Act.
(4) This section and the said Schedules 14 and 15 shall come into force on the passing of this Act.
(1) The enactments mentioned in Schedule 16 to this Act are hereby repealed to the extent specified in the third column of that Schedule.
(2) Subject to the following provisions of this section, the said repeals shall come into force in accordance with subsections (1) and (2) of section 536 above.
(3) Subsection (2) above has effect subject to section 119(1) of the Taxes Management Act 1970, to section 536(3) above and to any other provision of this Act by which any provision is brought into force to the exclusion of the corresponding enactments repealed by this Act.
(4) No provision mentioned in subsection (3) above shall be taken as bringing a repeal into force except to the extent that the repealed enactment is being superseded, and in particular where part of the effect of any repealed enactment is reproduced in this Act, or is not reproduced, nothing in section 119(1) of the Taxes Management Act 1970 shall be taken as bringing the repeal into force except so far as the enactment is reproduced in the Taxes Management Act 1970.
(5) In this section “enactments” includes any statutory instrument mentioned in Schedule 16 to this Act, and references in this Act and the Taxes Management Act 1970 to the enactments repealed by this Act shall be construed accordingly.
539 Continuity and construction of references to old and new law.
(1) The continuity of the operation of the Tax Acts and of the law relating to chargeable gains shall not be affected by the substitution of this Act and of the Taxes Management Act 1970 (in this section referred to as “the new Acts”) for the repealed enactments.
(2) Any reference, whether express or implied, in any enactment, instrument or document (including the new Acts and any enactment amended by Schedule 15 to this Act) to, or to things done or falling to be done under or for the purposes of, any provision of the new Acts shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision in the repealed enactments has or had effect, a reference to, or as the case may be to things done or falling to be done under or for the purposes of, that corresponding provision.
(3) Any reference, whether express or implied, in any enactment, instrument or document (including the repealed enactments and enactments, instruments and documents passed or made after the passing of this Act) to, or to things done or falling to be done under or for the purposes of, any of the repealed enactments shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision of the new Acts has effect, a reference to, or as the case may be to things done or deemed to be done or falling to be done under or for the purposes of, that corresponding provision.
(4) Any reference to Case VIII of Schedule D, whether a specific reference or one imported by more general words, in any enactment, instrument or document shall, in relation to the chargeable periods to which section 536(1) above applies, be construed as a reference to Schedule A, and for the purposes of subsection (2) above Schedule A in this Act shall be treated as corresponding to Case VIII of Schedule D in the repealed enactments, and any provision of the new Acts referring to Schedule A shall be construed accordingly.
(5) The repeals made by this Act shall not affect any instrument made or other thing done under the repealed enactments and, if it was made or done under an enactment reproduced in the new Acts, the new Acts shall have effect as if it had also been made or done under the corresponding provision in the new Acts.
(6) In this section “the repealed enactments” means the enactments repealed by this Act, and such of the enactments repealed by the Income Tax Act 1952 or the Capital Allowances Act 1968 as correspond to the provisions of those Acts of 1952 and 1968 so repealed.
(1) This Act may be cited as the Income and Corporation Taxes Act 1970.
(2) This Act, so far as it relates to capital gains tax, shall be construed as one with the Capital Gains Tax Act 1979 and any reference in this Act to the Taxes Act 1988 is a reference to the Income and Corporation Act 1988.
(3) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.
Section 537.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Friendly societies and trade unions
3 (1) In section 26(2) of the Finance Act 1956, for the words from the beginning to “ ceases to be paid" substitute—
(2) If, in the event of a dissolution of any registered friendly society or registered trade union, any approved annuity as defined in section 226(13) of the Income and Corporation Taxes Act 1970 ceases to be paid,.
(2),(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Post-war credits
4 In the Income Tax (Repayment of Post-War Credits) Act 1959, after section 1(6) insert—
(6A) Notwithstanding any other enactment relating to summary jurisdiction, proceedings for an offence under subsection (6) above may be commenced at any time within three years from the time when the offence was committed.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6, 7.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8, 9.
General powers of amendment in Acts relating to overseas countries
10 Where under any Act passed before this Act and relating to a country or territory outside the United Kingdom there is a power to affect Acts passed or in force before a particular time, or instruments made or having effect under such Acts, and the power would, but for the passing of this Act or the Taxes Management Act 1970, have included power to change the law which is reproduced in, or is made or has effect under, this Act or the said Taxes Management Act, then that power shall include power to make such provision as will secure the like change in the law reproduced in, or made or having effect under, this Act or the said Taxes Management Act, notwithstanding that neither Act is an Act passed or in force before that time.
Translation of references to enactments repealed and re-enacted
11 In the enactments specified in column 1 of the following Table, for the words in column 2 substitute the words in column 3, adding, except as otherwise indicated—
(a) for those in Part I of the Table, “ of the Taxes Management Act 1970", and
(b) for those in Part II, “ of the Income and Corporation Taxes Act 1970", or, in the case of enactments contained in the Capital Allowances Act 1968, “ of the principal Act",
(but in all cases saying “ to", instead of “ of", if the substituted words refer to a Schedule rather than a section).
Table Part I
Enactmen t amended | Words to be replaced | Corresponding provision of the Taxes Management Act 1970
. . . | . . . | . . .
. . . | . . . | . . .
. . . | . . . | . . .
The Finance Act 1966 (1966 c. 18)
In the Finance Act 1966 Schedule 6 paragraph 23(3) | Section 50 of the Finance Act 1960. | Section 99.
23(4) | Sections 47(3) and 48(3) of the Finance Act 1960. | Subsections (1) and (2) of section 97.
23(5) | Section 58 of the Finance Act 1960. | Section 88.
. . . | . . . | . . .
The Finance Act (1968 c. 44)
In the Finance Act 1968 section
43(11) | Part III of the Finance Act 1960. | Part X.
column 2 of Schedule 6 to that Act. | column 1 of the Table in section 98 of that Act (without adding more words).
the said Part III. | the said Part X (without adding more words).
46(4) | section 9 of the Income Tax Management Act 1964. | section 42.
50(4) | Part III of the Finance Act. 1960. | Part X.
column 2 of Schedule 6 to that Act. | column 1 of the Table in section 98 of that Act (without adding more words).
the said Part III. | the said Part X (without adding more words).
Part II
Enactment amended | Words to be replaced | Corresponding provision of this Act
The Finance Act 1952 (1952 c. 33)
In the Finance Act 1952 section
30(4) | section one hundred and fifty-seven of the Income Tax Act 1952 (or section one of the Income Tax (Employments) Act 1943). | section 204.
. . . | . . . | . . .
The Finance Act 1965 (1965 c. 25)
. . . | . . . | . . .
93(6) | section 43 of the Finance Act 1963. | section 341.
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The Land Commission Act 1967 (1967 c. 1)
In the Land Commission Act 1967 Schedule 13 paragraph
5(8)(b) | Chapter III of Part XVIII of the Income Tax Act 1952. | section 454(3).
5(8)(c) | paragraph 3 of Schedule 18 to the Finance Act 1965. | section 302.
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The Provisional Collection of Taxes Act 1968 (1968 c. 2)
In the Provisional Collection of Taxes Act 1968 section
5(1)(c) | section 49(6) of the Finance Act 1965. | section 243(6).
5(2) | the said section 49(6) and section 492 of the Income Tax Act 1952. | the said section 243(6) and section 522.
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The Trustee Savings Banks Act 1969 (1969 c. 50)
In the Trustee Savings Banks Act 1969 section
82(3) | section 384 of the Income Tax Act 1952. | section 210.
12 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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13