Finance Act, 1960
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Amendment of section 14 of Finance Act, 1929, and section 2 of Finance Act, 1945. |
3.—(1) In relation to losses to which this section applies— | |
(a) section 14 of the Finance Act, 1929 , is hereby amended by the substitution of “any subsequent year of assessment” for “the six following years of assessment” in subsection (1) and by the deletion of “for any year within the said six following years” and “such” in subsection (3); and | ||
(b) section 2 of the Finance Act, 1945 , is hereby amended by the substitution of “any subsequent year of assessment” for “the six following years of assessment” in subsection (1) and the deletion of “for any year within the said six following years” and “such” in subsection (3). | ||
(2) This section applies to losses sustained after the beginning of the year 1960-61 and to so much of any loss sustained before the beginning of that year as could, apart from this section, be carried forward to that year. |