HC Deb 15 July 1981 vol 8 c1339

Amendments made: No. 225, in page 72, line 3, at end insert— '(2A) The fact that the whole or part of a benefit is by virtue of section 44(2)(b) above treated as the recipient's income for a year of assessment after that in which it is received—

  1. (a) shall not prevent the benefit or that part of it being treated for the purposes of sections 77 to 79 above as a capital payment in relation to any year of assessment earlier than that in which it is treated as his income; but
  2. (b) shall preclude its being treated for those purposes as a capital payment in relation to that or any later year of assessment.'.

No. 152, in page 72, line 14, leave out 'otherwise' and insert 'is otherwise paid or applied'.

No. 153, in page 72, line 16, leave out from 'direction' to end of line 18.

No. 154, in page 72, line 18, at end add— '(5) Section 29(3) of the Capital Gains Tax Act 1979 (losses accruing to non-residents not to be allowable losses) shall not prevent losses accruing to trustees in a year of assessment for which section 77 above or section 17 of that Act applied to the settlement from being allowed as a deduction from chargeable gains accruing in any later year beginning after 5 April 1981 (so far as they have not previously been set against gains for the purposes of a computation under either of those sections or otherwise).'.—[Mr. Peter Rees.]

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