Finance Act, 1969

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Income Tax Act, 1967

In section 53 (1), in paragraph (b) of Case I, for “the property in the following lands, tenements and hereditaments” there shall be substituted “profits or gains arising out of lands, tenements and hereditaments in the case of any of the following concerns”; in paragraph (a) of Case III, after “periods” there shall be inserted “but not including any payment chargeable under Case V of Schedule D”; in Case IV, for “any of the foregoing Cases” there shall be substituted “any other Case of Schedule D” and after Case IV there shall be inserted “Case V.—Tax in respect of any rent in respect of any premises or any receipts in respect of any easement;”.

In section 83, in subsection (1), for “and the lease is a short lease” there shall be substituted “and the duration of the lease does not exeed fifty years” and in subsection (2), for “section 81 (4)” there shall be substituted “section 81 (5)”.

In section 84 (1), for “a short lease” there shall be substituted “a lease of a duration not exceeding fifty years”.

In section 86, for “(including, where the lease was granted on or after the 6th day of April, 1963, an appropriate sum in respect of any premium payable under the lease)” there shall be substituted “(including in the case of a lease granted on or after the 6th day of April, 1963, the duration of which does not exceed fifty years, an appropriate sum in respect of any premium payable under the lease)”.

In section 89A (inserted by section 7 (1) (b) of the Finance (Miscellaneous Provisions) Act, 1968) in paragraph (b), for “paragraph (f) of section 81 (4)” there shall be substituted “paragraph (e) of section 81 (5)”.

In section 92 (1), for “section 81 (4)” there shall be substituted “section 81 (5)”.

In section 94, after “Case IV” there shall be inserted “or Case V”.

In section 162 (3) (a), for “sections 480 and 481” there shall be substituted “section 480”.

In section 183 (1), for “Schedule A, B, D or E, or under two or more” there shall be substituted “Schedule D or E, or under both”.

In section 184 (1), for from “make an assessment” to the end of the subsection there shall be substituted “, but subject to section 133, make an assessment upon that person of the amount at which he ought to be charged under Schedule E”.

In section 214 (3), for “as to which relief may be claimed or allowed under section 23 or 24” there shall be substituted “which are deductible in computing the profits or gains of the company or bank for the purposes of Case V of Schedule D”.

In section 267 (5) (a) for “Schedule A” there shall be substituted “Case V of Schedule D” and after “structure,” there shall be inserted “or”.

In section 307 (1) for “in respect of which he has elected to be charged to tax under Schedule D” there shall be substituted “managed on a commercial basis and with a view to the realisation of profits”.

In section 316 (2), after “or 435” there shall be inserted “or section 25 (1) of the Finance Act, 1969”.

In section 334 (1), for paragraph (a) there shall be substituted the following paragraph:

“(a) from income tax chargeable under Case I (b) of Schedule D by virtue of section 53 where the profits or gains so chargeable arise out of lands, tenements or hereditaments which are owned and occupied by a charity;”.

In sections 335 and 336, for “Schedules A, C, and D” there shall be substituted “Schedules C and D”.

In section 433, the following subsection shall be added:

“(3) This section shall not apply to any rents or other sums falling due for payment on or after the 6th day of April, 1969, and in respect of which the person entitled to them is chargeable to tax under Case V of Schedule D or would be so chargeable but for any exemption from tax”.

In section 434, the following subsection shall be added:

“(8) Except as provided by section 25 (1) of the Finance Act, 1969, this section shall not apply to any rents or other sums falling due for payment on or after the 6th day of April, 1969, and in respect of which the person entitled to them is chargeable to tax under Case V of Schedule D or would be so chargeable but for any exemption from tax.”.