Finance Act, 1960
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Extension of periods for relief under Part III of the Act. |
28.—(1) Subsection (2) of section 56 of the Finance Act, 1958 shall, except in relation to subsection (6) of section 12 of the Act, have effect as if the following paragraph were substituted for paragraph (b): | |
“(b) in relation— | ||
(i) to a company which exports goods on or after the 6th day of April, 1960, and has not exported goods before that date, the following definition shall be substituted for the definition of ‘year of claim’: | ||
‘year of claim’ means each of ten consecutive years of assessment of which the first is either the earliest year of assessment for which income tax under Case I of Schedule D in respect of the company's trade is finally computed on the profits or gains of a period in which the company exports goods or the next succeeding year of assessment, as the company elects, or, in default of election, the said succeeding year of assessment, but the year 1975-76 or any subsequent year of assessment shall in no case be a year of claim, and | ||
(ii) to a company which— | ||
(I) exports goods, | ||
(II) is not a company referred to in subparagraph (i) of this paragraph, | ||
(III) has not made and would not have been entitled to make a claim under section 12 of the Act in respect of the year 1959-60 or any earlier year of assessment, and | ||
(IV) would not, but for the provisions of section 27 of the Finance Act, 1960, be entitled to make a claim under section 12 of the Act, | ||
the following definition shall be substituted for the definition of ‘year of claim’: | ||
‘year of claim’ means each of ten consecutive years of assessment of which the first is either the year 1960-61 or the year 1961-62, as the company elects, or in default of election, the year 1961-62.” | ||
(2) Except in relation to subsection (10) of section 13 of the Act, the following definition is hereby substituted in section 10 of the Act for the definition of “accounting period”: | ||
“‘accounting period’ means an accounting period or part of an accounting period of a company within the period of ten years from the later of the two following days, that is to say: | ||
(a) the 1st day of October, 1956, or | ||
(b) the first day of the basis period for the year of assessment which, for the purposes of relief under section 12 of the Act, is the company's first year of claim or the 6th day of April, 1965, whichever of those days is the earlier;”. |