Finance Act, 1970
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Amendment of section 35 of Finance Act, 1968. |
58.—(1) Section 35 (3) (b) of the Finance Act, 1968 , is hereby amended— | |
(a) by the insertion in subparagraph (ii) after “so reduced,” of “or”, and | ||
(b) by the insertion of the following subparagraph after subparagraph (ii)— | ||
“(iii) profits arising from exempted trading operations which by virtue of Chapter I of Part XXV of the Income Tax Act, 1967 , or Parts I and II of the Finance (Miscellaneous Provisions) Act, 1958 , are, in relation to the company by which such operations are carried on, not taken into account for any purpose of the Income Tax Acts or for any purpose of Part V of the Finance Act, 1920 , and the enactments amending or extending the said Part V.”. | ||
(2) This section shall have effect in relation to income tax for the year beginning on the 6th day of April, 1970, and subsequent years of assessment and in relation to corporation profits tax for any accounting period beginning on or after the 6th day of April, 1970, and for the unexpired portion of any accounting period current at that date. |