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Finance Act 1965

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15(1)In section 72 of the Finance Act 1960 (business or estate management expenditure) the references to management expenses claims shall be amended in accordance with the following sub-paragraphs.

(2)In subsection (3) for the words from "be made", where secondly occurring, to " as the case may be " there shall be substituted the words

for purposes of Case VIII of Schedule D be made in computing his profits or gains,

and there shall be omitted in the proviso the words from

whetheronwards.

(3)In subsection (7) for the words from " in a management expenses claim " to " may be made " there shall be substituted the words

by notice in writing to the inspector,

and for the words from " effect" to " business " there shall be substituted the words

an assessment in respect of the business for that or a subsequent chargeable period has been finally determined without such an election.

(4)In subsection (8) for the words " on a management expenses claim", where first occurring, there shall be substituted

under section 56(8) of the Finance Act 1965

and for the words " any management expenses claim or assessment under Case VIII of Schedule D " there shall be substituted the words

any assessment to tax.

(5)In subsection (11) for the words " on a management expenses claim in respect of the business " there shall be substituted the words

within the meaning of section 57 of the Finance Act 1965.

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