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Finance Act 1963

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This is the original version (as it was originally enacted).

1The relief shall be computed in accordance with the following provisions of this Schedule, and in those provisions—

  • " chargeable sum " means an amount to which, under subsection (1), (2), (3) or (4) of section 22 of this Act, the claimant is treated as becoming entitled in the year of assessment, or in respect of which he is, by virtue of subsection (5) of that section or section 23 or 24 of this Act chargeable to tax for the year under Case VI of Schedule D ;

  • " relevant period", in relation to any chargeable sum, means the period treated in computing the amount of the sum as being the duration of the lease in respect of which it arises or, where it arises (by virtue of the said section 24) in connection with the sale of an estate or interest in land, means the period mentioned in subsection (1) of that section;

  • " yearly equivalent", in relation to any chargeable sum, means the amount which bears to that sum the same proportion as one bears to the number of years and fractions of years in the relevant period.

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