Part 3Income tax, corporation tax and capital gains tax

Chapter 2Other provisions

Miscellaneous

F17102 Distributions: reasonable commercial return for use of principal secured

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103 References to accounting practice and periods of account

F191

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F42

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3

In section 288(1) of the Taxation of Chargeable Gains Act 1992 (interpretation), at the appropriate place insert—

“period of account” has the meaning given by section 832(1) of the Taxes Act;

4

In the following provisions for “normal accounting practice” or “normal accountancy practice”, wherever occurring, substitute “ generally accepted accounting practice ”

a

in the Taxes Act 1988, sections F5...F7..., F20..., 798B(1) F20..., F6...;

b

in the Finance Act 1993 (c. 34), sections F2... 150(6)(c) and (11)(c), 154(11)(c), (12)(d), (13)(b), (13A)(d) and (13B)(d), 155(7), (11)(d) and (12)(b), 156(2)(e) and (4)(b) and 159(1)(b);

c

in the Finance Act 1994 (c. 9), section 156(3)(a) and (4)(a);

F12d

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F23F18e

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f

in the Finance Act 2000 (c. 17), F1... in Schedule 15, paragraph 29(4), F13...;

g

in the Capital Allowances Act 2001 (c. 2), sections 179(1)(f), 219(1) F8...;

F11h

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F145

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6

The amendments made by subsections (1) to (3) above have effect for the purposes of provisions of this Act using the expressions mentioned (including provisions inserted by amendment in other enactments) whenever those provisions are expressed to have effect or to come, or to have come, into force.

This is without prejudice to the general effect of those amendments.

F3104 Discounted securities etc

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105 Financial trading stock

F151

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2

In Schedule 12 to the Finance Act 1988 (c. 39) (building societies: change of status)—

a

in paragraph 1 (which provides that paragraphs 2 to 7 apply where there is a transfer of the whole of a building society’s business to a successor company in accordance with section 97 etc of the Building Societies Act 1986 (c. 53)) for “2” substitute “ 3 ”; and

b

omit paragraph 2 (which relates to gilt-edged securities and other financial trading stock and is superseded by Chapter 2 of Part 4 of the Finance Act 1996).

F16106 Valuation of trading stock on transfer of trade

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F22F21107 Banks etc in compulsory liquidation

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F9108 Manufactured dividends and interest

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F10109 Venture capital trusts

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