6(1)The substitution of this Act for the corresponding enactments repealed by this Act shall not alter the effect of any provision enacted before this Act (whether or not there is a corresponding provision in this Act) so far as it determines whether and to what extent —U.K.
(a)losses or expenditure incurred in, or other amounts referable to, a chargeable period earlier than those to which this Act applies may be taken into account for any tax purposes in a chargeable period to which this Act applies; or
(b)losses or expenditure incurred in, or other amounts referable to, a chargeable period to which this Act applies may be taken into account for any tax purposes in a chargeable period earlier than those to which this Act applies.
(2)Without prejudice to sub-paragraph (1) above, the repeals made by this Act shall not affect the following enactments (which are not re-enacted) —
(a)section 27(4) of the Finance Act 1952[1952 c. 33.] (restrictions on removal of six year time limit on carry forward of trading losses);
(b)section 29(3) of the Finance Act 1953[1953 c. 34.] (Isles of Scilly);
(c)section 17 of, and Schedule 3 to, the Finance Act 1954[1954 c. 44.] (company reconstructions before corporation tax) so far as in force by virtue of the saving in Part IV of Schedule 22 to the Finance Act 1965[1965 c. 25.] , and section 80(8) of the Finance Act 1965 (which amends Schedule 3 to the Finance Act 1954);
(d)section 82(4) of the Finance Act 1965 (losses allowable against chargeable gains);
(e)section 85 of the Finance Act 1965 (carry forward of surplus of franked investment income: dividends paid out of pre-1966-67 profits) and the enactments amending that section;
(f)paragraph 25 of Schedule 15 to the Finance Act 1965 (continuity of elections for purposes of corporation tax);
(g)paragraph 7 of Schedule 16 to the Finance Act 1965 (overseas trade corporations);
in so far as those enactments may be relevant to tax for any chargeable period to which this Act applies.