(1)No notification shall be issued after 5th April 1970 under section 28(4) of the [1960 c. 44.] Finance Act 1960 (which is re-enacted in section 460(6) above) and this Chapter, including the said section 460(6), shall have effect (for all purposes and by reference to all chargeable periods, times and occasions on or before the said date or later) to the exclusion of the enactments re-enacted in this Chapter except in relation to matters and proceedings consequent upon a notification issued (on or before the said date) under the said section 28(4).
(2)Subject to subsection (1) above, in relation to tax advantages related to corporation tax this Chapter shall apply (without prejudice to any general provision of this Act or the Finance Act 1965 for the continuity of income tax and corporation tax) to transactions taking place before the charge to corporation tax became effective.
(3)The provisions of this Chapter specified in subsection (4) below shall not apply to a person in respect of any transaction or transactions in securities if they were carried out before the relevant date, and if any change in the nature of any activities carried on by any person, being a change necessary in order that the tax advantage should be obtainable in consequence of the transaction or transactions, was also effected before that date, but nothing in those provisions shall be taken to prejudice the operation of this Chapter, without those provisions, in any such case.
In this subsection " the relevant date " is—
(a)in relation to the provisions in column 1 in subsection (4) below, 10th April 1962, and
(b)in relation to the provisions in column 2 of that subsection, 3rd May 1966.
(4)The said provisions are—
| Relevant date: 10th April 1962 Section 460(2)(5) | Relevant date: 3rd May 1966 Section 460(4)(8) |
| In section 461 paragraph B(1)(b) | In section 461 paragraph E |
| In section 467(1)paragraph(6)of the definition of " securities " | Section 466(2) |
| Subsection (5) below. |
(5)Subject to subsections (3) and (4) above, paragraphs A and B(2) of section 461 above shall have effect as if the references to group relief included references to relief under section 20 of the [1953 c. 34.] Finance Act 1953 (which related to subvention payments and was superseded by group relief).
(6)As respects any period before the coming into force of paragraph 15 of Schedule 15 to the [1965 c. 25.] Finance Act 1965, paragraph D(3) of section 461 and the proviso to section 467(3) of this Act (which re-enact part of the said paragraph 15) shall not apply, and the relevant provisions of the [1960 c. 44.] Finance Act 1960 as originally enacted which were replaced by the said paragraph 15 shall be applied instead.