Finance Act, 1963
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Amount of assessment under Rule 21 to be allowed as a loss for certain purposes. |
10.—(1) Subject to the provisions of this section, where a person has been assessed to tax for the year 1963-64 or a subsequent year of assessment under Rule 21 of the General Rules, in respect of a payment made wholly and exclusively for the purposes of a trade, profession or vocation, the amount on which tax has been paid under that assessment shall, for the purposes of section 14 of the Finance Act, 1929 , and section 4 of the Finance Act, 1960 , be treated as though it were a loss sustained in that trade, profession or vocation and relief in respect thereof shall be allowed accordingly: | |
Provided that no relief shall be allowed under this section in respect of any such payment or any part of such payment which is not ultimately borne by the person assessed or which is charged to capital. | ||
(2) This section shall not apply to any sum assessed under the said Rule 21 by virtue of section 13 of the Finance Act, 1950 , Part V of the Finance Act, 1958 , or section 50 of the Finance Act, 1959 , or section 8 or paragraph (b) of subsection (3) of section 71 of this Act. |