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Finance Act 1963

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This is the original version (as it was originally enacted).

11(1)Section 313 shall be amended as provided by the following sub-paragraphs.

(2)For the words " the owner" there shall be substituted the words

in the case.

(3)For paragraphs (a) and (b) there shall be substituted the following—

(a)the deduction of a sum in respect of payments in the year of assessment for maintenance, repairs, insurance or management of the estate, or in respect of allowances for machinery or plant provided for use or used on the estate, is provided for by section 15(3) of the Finance Act 1963 or section 72 of the Finance Act 1960 ; and

(b)owing to the insufficiency of rents and receipts to which the owner of the estate becomes entitled in the year, whether from the estate or other property, the sum cannot be deducted (other amounts deductible under Case VIII of Schedule D being treated as deductible in priority to that sum),.

(4)In paragraph (i) of the proviso, for the words " of the units of assessment included therein " there shall be substituted the words

parts thereof.

(5)In paragraph (ii) of the proviso, for the words " where units of assessment included in the estate" there shall be substituted the words

payments or allowances in respect of parts thereof which,

and for the word " units " in the third place where it occurs there shall be substituted the word

parts.

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