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Additional years of claim and accounting periods for Part III of the Act.
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29.—(1) In relation to a company which has obtained relief under subsection (1) or subsection (3) of section 12 of the Act, subsections (1) to (5) of the said section 12 shall apply as respects the five consecutive years of assessment the first of which is the year of assessment immediately following the company's last year of claim within the meaning of section 10 of the Act as if—
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(a) each of those years were a year of claim, and
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(b) for “shall be reduced to nil” in paragraphs (a) and (b) of the said subsection (5) there were substituted—
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(i) in the case of the first of those years, “shall be reduced by eighty per cent.”,
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(ii) in the case of the second of those years, “shall be reduced by sixty-five per cent.”,
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(iii) in the case of the third of those years, “shall be reduced by fifty per cent.”,
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(iv) in the case of the fourth of those years, “shall be reduced by thirty-five per cent.”, and
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(v) in the case of the fifth of those years, “shall be reduced by fifteen per cent.”
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(2) In relation to a company which has obtained relief under subsection (1) or subsection (3) of section 13 of the Act, subsections (1) to (9) of the said section 13 shall apply as respects any accounting period or part of an accounting period of the company within the period of five years commencing on the expiration of the period comprising the company's accounting periods within the meaning of section 10 of the Act, as if—
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(a) “accounting period”, wherever occurring in those subsections, referred to it, and
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(b) for “shall be reduced to nil” in paragraphs (a) and (b) of the said subsection (9) there were substituted—
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(i) in case it is an accounting period or part of an accounting period within the first of those years, “shall be reduced by eighty per cent.”,
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(ii) in case it is an accounting period or part of an accounting period within the second of those years, “shall be reduced by sixty-five per cent.”,
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(iii) in case it is an accounting period or part of an accounting period within the third of those years, “shall be reduced by fifty per cent.”,
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(iv) in case it is an accounting period or part of an accounting period within the fourth of those years, “shall be reduced by thirty-five per cent.”, and
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(v) in case it is an accounting period or part of an accounting period within the fifth of those years, “shall be reduced by fifteen per cent.”
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