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(1)No relief shall be given and no charge shall be made under Schedule 9 to the [1981 c. 35.] Finance Act 1981 in respect of any period of account beginning after 12th March 1984.
(2)The following provisions of that Schedule shall have effect as if any period of account beginning on or before and ending after 12th March 1984 ended on that date—
(a)paragraph 3(1), (2) and (4) (entitlement to relief from income tax);
(b)paragraph 4(1), (3) and (4) (recovery of income tax relief on cessation of trade etc.);
(c)paragraph 12(1), (2) and (4) (entitlement to relief from corporation tax);
(d)paragraph 13(1) and (3) (recovery of corporation tax relief on cessation of trade etc.);
(e)paragraph 19 (new businesses);
(f)paragraph 20 (successions: transfers between related traders);
and accordingly no relief shall be given or charge made under those provisions in respect of any such period of account by virtue of any event occurring after that date.
(3)Subsection (2) above shall not affect the date on which trading stock is to be valued for the purposes of sub-paragraph (2)(a) of paragraph 19 of that Schedule.
(4)No obligation shall arise under paragraph 1 of that Schedule to prepare and publish the all stocks index for any month after March 1984.
(5)Where there is a change in the persons carrying on a trade, profession or vocation after 12th March 1984 and (apart from this subsection) sub-paragraph (2) of paragraph 21 of that Schedule (successions: changes in persons carrying on trades) would apply—
(a)sub-paragraphs (1) to (4) of that paragraph shall not apply; and
(b)sub-paragraph (5) shall apply with the omission of paragraph (a).
(6)An election for the herd basis made under paragraph 2 of Schedule 6 to the Taxes Act after the passing of this Act but not later than two years after the end of the first period of account of the person making the election commencing on or after 13th March 1984 shall be valid notwithstanding that it is not made within the time required by paragraph 2(3) or 6(2) of that Schedule.
(7)An election which is valid by virtue only of subsection (6) above shall have effect only for the first relevant chargeable period and for subsequent chargeable periods.
(8)For the purposes of subsection (7) above the first relevant chargeable period is—
(a)in a case where the election so specifies, the first chargeable period for which the profits or gains or losses of the trade in question are computed by reference to the facts of the period of account commencing on or before and ending after 12th March 1984, or
(b)in any other case, the first chargeable period for which that computation is by reference to the facts of the first period of account commencing on or after 13th March 1984.
(9)In this section " period of account" means any period for which an account is made up for the trade, profession or vocation in question.
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