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Finance Act 1963

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This is the original version (as it was originally enacted).

13(1)Subject to the provisions of this Schedule, where the sum to which a person becomes entitled in the year of assessment is a sum other than rent payable under a lease there shall be deducted from that sum such amounts (if any) as are expressed to be deductible under the following sub-paragraph.

(2)There shall be deductible—

(a)so much of any payment made by that person as was made in respect of maintenance, repairs, insurance or management of premises to which the said sum relates and constituted an expense of the transaction under which he became entitled to that sum ;

(b)so much of any rent, rentcharge, ground annual, feu duty or other periodical payment made by that person as was reserved in respect of, or was charged upon or issued out of, premises to which the sum relates and constituted an expense of that transaction ;

(c)so much of any other payment made by that person as constituted an expense of that transaction, not being an expense of a capital nature ;

(d)where, in or before the year, that person entered into any like transaction, any amount which, under the foregoing sub-paragraphs, is deductible from a sum to which he is entitled under that like transaction in the year, or was deductible from a sum to which he was so entitled in a previous year of assessment but has not been deducted.

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