§ Amendments made: In page 33, line 18, leave out "forming" and insert "which have formed".
In line 19, after "description" insert:
all owned at one time by one person".
§ In line 19, leave out "the same" and insert "that".
§ In line 34, leave out from "property" to end of line 36 and insert:
- (a) in the first instance subsections (1), (2) and (3) of this section shall be applied in relation to the asset as a whole, taking the consideration as including the market value of what remains undisposed of, in addition to the actual consideration,
- (b) where the sum of the actual consideration and that market value exceeds one thousand pounds, the limitation on the amount of tax in subsection (2) of this section shall be to half the difference between that sum and one thousand pounds multiplied by the fraction equal to the actual consideration divided by the said sum, and
- (c) where that sum is less than one thousand pounds any loss shall he restricted under subsection (3) of this section by deeming the consideration to be the actual consideration plus the said fraction of the difference between the said sum and one thousand pounds.—[Mr. MacDermot.]