PART IV U.K. PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER V U.K. COMPUTATIONAL PROVISIONS

Modifications etc. (not altering text)

C1 See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.

Treatment of regional development and other grants and debts released etc. U.K.

92 Regional development grants. U.K.

(1) M1 A regional development grant which, apart from this subsection, would be taken into account as a receipt in computing the profits of a trade, profession or vocation which are chargeable under Case I or II of Schedule D, shall not be taken into account as a receipt in computing those profits.

(2) M2 A regional development grant which is made to an investment company—

(a) shall not be taken into account as a receipt in computing its profits under Case VI of Schedule D; and

(b) shall not be deducted, by virtue of section 75(2), from the amount treated as expenses of management.

(3) In this section “regional development grant” means a payment by way of grant under Part II of the M3 Industrial Development Act 1982.

Marginal Citations

M1 SOURCE-1984 s. 54(1), (4)

M2 SOURCE-1984 s. 54(2), (3)

M3 1982 c. 52.