Finance Act, 1966
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Application of Rule 4 of Rules applicable to Cases I and II of Schedule D. |
5.—(1) Section 7 (a) of the Finance Act, 1961, is hereby amended by the insertion of “ending before the 6th day of April, 1966,” after “any subsequent year of assessment”. | |
(2) In relation to the computation of profits or gains for the purposes of income tax for 1966-67 or for any subsequent year of assessment, Rule 4 (1) of the Rules applicable to Cases I and II of Schedule D shall have effect subject to the following provisions: | ||
(a) references therein to an accounting period shall be construed as references to an accounting period ending on or after the 1st day of April, 1966, and | ||
(b) there shall be disregarded for the purposes thereof so much of the corporation profits tax paid in respect of any such accounting period which began before the 1st day of April, 1966, as is referable to profits apportioned under section 21 (2) of this Act to the part of the accounting period before that day. |