Finance Act 1974

Amendments of the [1970 c. 9.] Taxes Management Act 1970

5 (1) The Taxes Management Act 1970 shall have effect subject to the following provisions of this paragraph.

(2) In section 28 of that Act (non-resident companies and trusts)—

(a) the references to sections 41 and 42 of the [1965 c. 25.] Finance Act 1965 shall be construed as including references to those sections as they have effect by virtue of paragraphs 2 and 3 of Schedule 8 to this Act; and

(b) the references to chargeable gains and to capital gains tax shall be construed as including respectively references to development gains and to income or corporation tax in respect of development gains.

(3) In section 47 of the said Act of 1970 (special jurisdiction relating to tax on chargeable gains) the reference to an appeal against an assessment to tax on chargeable gains shall be construed as including a reference to an appeal against an assessment to income tax or corporation tax in respect of development gains.

(4) The power of the Board to make regulations under section 57 of the said Act of 1970 shall include power to make regulations entitling persons, in addition to those who would be so entitled apart from the regulations, to appear on appeals against assessments to capital gains tax, income tax or corporation tax made by virtue of Chapter II of Part III of this Act.

(5) In subsection (1)(d) of the said section 57 (power to enable any of two or more persons whose liability to capital gains tax may be affected by any matter to have the matter determined), the reference to capital gains tax shall be construed as including a reference to income tax or corporation tax in respect of development gains.

(6) In section 98 of the said Act of 1970 (penalties for failure to furnish particulars etc.) there shall be added in the first column of the Table the words " Paragraph 4 of Schedule 10 to the Finance Act 1974 ".