Valid from 01/05/1995
[F165A Case V income from land overseas etc.U.K.
(1)Notwithstanding anything in section 21(4), subsection (2A) of section 65 shall require the rules referred to in that subsection to be applied separately in relation to—
(a)any business which is treated for the purposes of that subsection as if it were a Schedule A business, and
(b)any actual Schedule A business of the person chargeable,
as if, in each case, that business were the only Schedule A business carried on by that person.
(2)Section 21(3), so far as applied by virtue of section 65(2A) for the purposes of the computation of the amount of any income chargeable to tax under Case V of Schedule D, shall have effect as if it required sections 80 and 81 to be disregarded in the computation of the amount of any profits or gains, or losses, of a Schedule A business.
(3)Sections 503 and 504 of this Act and section 29 of the 1990 Act (furnished holiday accommodation) shall be disregarded in the computation in accordance with section 65(2A) of any income chargeable to tax under Case V of Schedule D.
(4)Section 65(2A) and this section shall not apply for the purposes of corporation tax.]
Textual Amendments
F1S. 65A inserted (with effect in accordance with s. 41(5)-(10) of the amending Act) by Finance Act 1995 (c. 4), s. 41(2)