Finance Act, 1983

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Amendment of section 3 (delivery of goods) of Principal Act.

78.—Section 3 of the Principal Act is hereby amended by the insertion after subsection (6) of the following subsection:

“(7) (i) Where, in the case of a business carried on, or that has ceased to be carried on, by a taxable person, goods forming part of the assets of the business are, under any power exercisable by another person, including a liquidator and a receiver, disposed of by the other person in or towards the satisfaction of a debt owed by the taxable person, or in the course of the winding-up of a company, they shall be deemed to be supplied by the taxable person in the course or furtherance of his business.

(ii) A disposal of goods under this subsection shall include any disposal which is deemed to be a supply of immovable goods under section 4(2).”.