SCHEDULES
SCHEDULE 2Capital gains tax reform
Abolition of “kink” test
65
(1)
Schedule 3 (assets held on 31 March 1982) is amended as follows.
(2)
In paragraph 1—
(a)
in sub-paragraph (1)—
(i)
for “Where—” substitute “
For the purposes of corporation tax, where—
”
, and
(ii)
for “he”
(in each place) substitute “
the person
”
, and
(b)
in sub-paragraph (2), for “enactments specified in section 35(3)(d)” substitute “
no gain/no loss provisions
”
.
(3)
In paragraph 2(1) and (3), omit “58 or”.