Hansard

Relief For Increase In Stock Values In Financial Year 1973

Volume 887: debated on Tuesday 4 March 1975

Download text
Back to top Previous debate Next debate
The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made:

No. 37, in page 14, line 20, leave out 'three' and insert 'six'.

No. 38, in line 22, at end insert:

'(6A) In any case where—
  • (a) by virtue of subsection (2)(b) above, a company's 1973 accounting period consists of two or more accounting periods and the last of those periods (in this subsection referred to as "the relevant accounting period") coincides with a period of account, and
  • (b) the company makes a claim for relief under this section, and
  • (c) in the relevant accounting period the company incurs a loss in the trade referred to in subsection (1)(a) above,
    • then, notwithstanding that the relevant accounting period is less than 12 months, in relation to so much of the loss referred to in paragraph (a) above as would not have been incurred if the claim for relief under this section had not been made, subsections (2) and (3) of section 177 of the Taxes Act (carry back of losses against profits of preceding accounting periods ending within a specified time) shall have effect as if the time specified in the said subsection (3) comprised—
  • (i) so much of the 1973 accounting period as does not consist of the relevant accounting period; and
  • (ii) the period which ends immediately before the 1973 accounting period and is either equal in length to that period or 12 months, whichever is the shorter'.—[Mr. Joel Barnett].