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Finance Act 1963

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This is the original version (as it was originally enacted).

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17(1)Subject to the provisions of this paragraph, where a sum or part of a sum deductible under the foregoing provisions of this Schedule can be deducted for the year of assessment in which the sum is paid it shall be so deducted, and where it cannot it shall be deducted for the earliest year of assessment for which it can be deducted.

(2)Where for any year of assessment the amount from which deductions can be made under the foregoing provisions of this Schedule is sufficient to allow the' deduction therefrom of some, but not all, of different sums or parts of sums deductible under those provisions, the sum or parts to be deducted for that year shall in the aggregate be equal to the said amount, and subject to that requirement shall be such as the person whose liability to tax is in question may choose.

(3)No deduction shall be made under this Schedule in respect of a payment made by a person—

(a)to the extent to which the payment has been or will be balanced by the receipt of insurance moneys, or recovered from or in any other manner borne by some other person, otherwise than by means of an amount on the profits or gains arising from which the first-mentioned person would be chargeable under Case VIII, or

(b)if the payment is payable under deduction of tax.

(4)An amount or pant of an amount shall not be deducted under this Schedule more than once from any sum or from more than one sum, and shall not in any case be deducted thereunder if it has been otherwise allowed as a deduction in computing the income of any person for purposes of income tax.

(5)Where, on account of a payment made in any year of assessment, a deduction falls to be made under this Schedule from any rents or receipts to which the person making the payment became entitled in a previous year, all such adjustments of liability to tax shall be made, by repayment or otherwise, as may be necessary to give effect to the deduction.

18This Schedule has effect subject to the provisions of sections 476 and 477 of the Act of 1952.

19In this Schedule references to a lease extend only to a lease conferring a right, as against the person whose interest is subject to the lease, to the possession of premises;

" premises " includes any land ;

" rent " includes a payment made by the tenant to defray the cost of work of maintenance of or repairs to the demised premises, not being work required by the lease to be carried out by the tenant; and

" tenant's repairing lease " means a lease where the lessee is under an obligation to maintain and repair the whole, or substantially the whole, of the premises comprised in the lease,

and for the purposes of this Schedule a lease shall be taken to be at a full rent if the rent reserved under the lease (including an appropriate sum in respect of any premium under the lease) is sufficient, taking one year with another, to defray the cost to the lessor of fulfilling his obligations under the lease and of meeting any expenses of maintenance, repairs, insurance and management of the premises subject to the lease which fall to be borne by him.

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