Finance (No.2) Act 1987

1 (1) This Part of this Schedule has effect in the circumstances set out in subsection (3)(a) of the principal section.

(2) In this Part of this Schedule—

(a) “the principal section” means section 63 of this Act;

(b) “the straddling period” means the accounting period of the dual resident investing company which begins before and ends on or after 1st April 1987; and

(c) “dual resident investing company” has the same meaning as in the principal section.

(3) It shall be assumed for the purposes of subsections (1) and (2) of the principal section, the enactments relating to group relief and Part II of this Schedule,—

(a) that an accounting period of the company ends on 31st March 1987; and

(b) that a new accounting period begins on 1st April 1987, the new accounting period to end with the end of the straddling period.

(4) In this Part of this Schedule “the component accounting periods” means the two accounting periods referred to in sub-paragraph (3) above.