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Finance Act 1963

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This is the original version (as it was originally enacted).

18(1)Section 72 shall be amended as provided by the following sub-paragraphs.

(2)In subsection (2)(b), for the words from " the owner " to the end there shall be substituted the words

a person entitled to rents or receipts falling within Case VIII of Schedule D for the maintenance, repair or management of premises in respect of which those rents or receipts arise.

(3)In subsection (3), for the words " or his maintenance claim in respect of the land or houses referred to in paragraph (b) thereof " there shall be substituted the words

or in computing his profits or gains for the purposes of Case VIII of Schedule D.

(4)In subsection (4)(b)(ii), for the words from " on a maintenance claim " to the end there shall be substituted the words

in computing profits or gains for purposes of Case VIII of Schedule D, means expenditure on maintenance, repairs and management of the premises which under Schedule 4 to the Finance Act 1963 is deductible in computing those profits or gains.

(5)In subsection (7), for the words " or a maintenance claim, as the case may be " there shall be substituted the words

in the case mentioned in paragraph (a) of subsection (2) of this section and by notice in writing to the surveyor in the case mentioned in paragraph (b) thereof

; for the words " land or houses " where they first occur, there shall be substituted the words

premises

; and for the words " or of the land or houses in question " there shall be substituted the words

or, as the case may be, payments made in that or a subsequent year of assessment for the maintenance, repair or management of the relevant premises have been taken into account in an assessment or claim to repayment of tax which has been finally determined.

(6)In subsection (8), after the word " claim " where first occurring, there shall be inserted the words

or in computing profits or gains for the purposes of Case VIII of Schedule D

; and for the words " the said section one hundred and seventy-six " there shall be substituted the words

Case VIII of Schedule D.

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