§ CAPITAL GAINS
§
Amendments made: No. 66, in page 81, line 32, at end insert:
(3) A person who is a lessor of tied premises shall be treated as if he occupied (as well as used) those tied premises only for the purposes of the relevant trade.
This sub-paragraph shall be construed in accordance with section 26(2) of the Finance Act, 1952 (income tax and corporation tax on tied premises).
§ No. 58, in page 83, line 31, after 'assessment', insert' or accounting period of a company'.
§ No. 59, in line 33, leave out from 'allow' to end of line 35.
§ No. 60, in line 43, at end insert:
§ Land in Great Britain: election excluding valuation at current use value
§ 6. In section 33(3) of the Finance Act, 1967 after 'end of the year of assessment', there shall be inserted ' or accounting period of a company, and the definition of 'year of assessment' shall be repealed.
§ No. 61, in line 20, leave out 'only' and insert 'not'.
§
No. 62, in line 21, leave out from 'if' to end of line 22 and insert:
'the person, or any of the persons, to whom any gain accrues on the transfer is a company'.
§ No. 63, in page 91, line 5, after ' transaction ', insert ' on or after 6th April 1965'.
§
No. 64, in line 7, at end insert:
(4) If, under sub-paragraph (2) 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
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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 sub-paragraph may be made at any time. —[Mr. Taverne.]