Paragraph 5 F1

In paragraph 10(8) of Schedule 16 to the Finance Act 1972 (order in which different descriptions of company’s income are to be treated as reduced by allowable deductions)—

(a)

in paragraph (b), for the word “and” there shall be substituted the words “other than estate or trading income attributable to development gains”;

(b)

in paragaph (c), for the words “chargeable gains” there shall be substituted the words “development gains; and”;

C1(c)

after paragraph (c) there shall be inserted as paragraph (d)—

“(d)
fourthly, so far as it cannot be made under (a), (b) or (c) above, from the amount included in the company’s profits in respect of chargeable gains.”

Annotations

Textual amendments

F1: Sch. 7repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch.27 Part Xin relation to disposals of interests in land taking place on or after 19March Finance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch.5 para. 9 (5)

Modifications

C1: The text of ss. 50, 54(1)(2), 56, Sch. 7 paras. 5(c), 6, 7(3), 8, 9(3)(a)(c)(4), Sch.14 Pts. I–IV, VI, VII is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.