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22 1965

FINANCE ACT, 1965

PART V.

Corporation Profits Tax.

Continuance of certain exemptions from corporation profits tax.

32. —The exemptions from corporation profits tax specified in subsection (1) of section 33 of the Finance Act, 1929 , shall be given in respect of the period beginning on the 1st day of January, 1965, and ending on the 31st day of December, 1967.

Exports relief.

33. —(1) In this section “the Act” means the Finance (Miscellaneous Provisions) Act, 1956 .

(2) In subparagraph (b) of the definition of “accounting period” substituted in subsection (2) of section 28 of the Finance Act, 1960 , “the 6th day of April, 1970” shall be substituted for “the 6th day of April, 1965”.

(3) Where, apart from the provisions of this section, a company is entitled to claim relief under Part III of the Act, by virtue of subsection (2) of section 29 of the Finance Act, 1960 , in respect of any accounting period or part of an accounting period ending before the 6th day of April, 1975, the company may, in lieu of such relief, claim relief under subsection (1) or subsection (3) of section 13 of the Act as if that accounting period or part of an accounting period were an accounting period within the meaning of section 10 of the Act.

(4) Where a company has obtained relief under Part III of the Act by virtue of subsection (3) of this section and is subsequently entitled to relief under subsection (2) of section 29 of the Finance Act, 1960 , the last-mentioned relief shall be granted as if any accounting period or part of an accounting period in respect of which relief has been given by virtue of subsection (3) of this section was within the period comprising the company's accounting periods within the meaning of section 10 of the Act:

Provided that no relief shall be given in respect of any accounting period or part of an accounting period beginning later than fifteen years after the day as from which the company first was entitled to claim relief under Part III of the Act or in respect of any accounting period or part of an accounting period beginning after the 5th day of April, 1980.

Cesser of section 14 of Finance Act, 1944.

34. Section 14 of the Finance Act, 1944 , shall not apply or have effect in relation to any accounting period ending after the 31st day of December, 1964.

Provisions in connection with Part IX of Finance Act, 1963.

35. —(1) Where under any of the provisions of section 86 , 86A or 86B of the Finance Act, 1963 , any amount falls to be treated for the purposes of income tax as income of a company, the amount shall be treated for the purposes of corporation profits tax as if it had been received by the company, on the date by reference to which it falls to be treated as income for the purposes of income tax, as profits or gains arising from lands, tenements or hereditaments forming part of the assets of the company.

(2) Subsection (1) of this section shall have effect in respect of any accounting period ending on or after the 1st day of January, 1965.