- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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7In relation to any period of account beginning after 26th March 1980 paragraph 29 of the said Schedule 5 (definition of “trading stock”) shall have effect with the substitution in subparagraph (3) for the words “references to development are references to the contraction or substantial reconstruction of buildings on the land in question ” of the words “references to development are, in relation to land other than a building, references to the construction or substantial reconstruction of buildings on the land and, in relation to a building, references to its construction or substantial reconstruction ”.
8(1)Where at the relevant time, that is to say, the beginning of the first period of account in relation to which paragraph 7 above applies there is unrecovered past relief attributable to assets which by virtue of that paragraph are disqualified from being trading stock (hereafter referred to as “disqualified stock”), charges by way of recovery of relief shall be made—
(a)on the first occasion when at the end of that or a subsequent period of account the value of disqualified stock is less than at the relevant time; and
(b)on any subsequent occasion when at the end of a period of account the value of disqualified stock is less than on the last occasion on which a charge fell to be made under this sub-paragraph;
and the amount of any charge under paragraph (a) or (b) above shall be equal to whichever is the lesser of the reduction in question or the amount of unrecovered past relief attributable to disqualified stock at the beginning of the period of account in which the reduction took place.
(2)In relation to unrecovered past relief attributable to disqualified stock—
(a)the charges under sub-paragraph (1) above shall be instead of those under sub-paragraph (1) of paragraph 2 and subparagraph (1) of paragraph 10 of the said Schedule 5 but shall be treated for the purposes of the other provisions of that Schedule (but not for the purposes of Part I of this Schedule) as if they were charges under those sub-paragraphs;
(b)paragraphs 20 and 21 of that Schedule shall not displace the operation of any charge under paragraph 2(2) or 10(2) of that Schedule ; and
(c)references in paragraphs 2(3) and 10(3) of the said Schedule 5 to unrecovered past relief shall apply as in the case of other unrecovered past relief.
(3)Where the unrecovered past relief at the relevant time is attributable partly to disqualified stock and partly to other stock, the part attributable to disqualified stock shall be arrived at by apportioning the unrecovered past relief between the disqualified stock and the other stock in accordance with the respective values of the stock of each kind held at that time.
9Any expression used in this Part of this Schedule which is also used in the said Schedule 5 has the same meaning as in that Schedule.
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