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Finance Act 1965

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36Superannuation funds

(1)A gain shall not be a chargeable gain if accruing to a person from his disposal of investments held by him as part of a fund approved under section 379 of the Income Tax Act 1952 (approved superannuation funds) but so that where part only of a fund is approved under that section the gain shall be exempt from being a chargeable gain to the same extent only as income derived from the assets would be exempt under that section.

(2)A gain shall not be a chargeable gain if accruing to a person from his acquisition and disposal of assets held by him as part of a fund of which income is exempt from tax under any of the following enactments (which relate to superannuation and similar funds), that is to say.—

(a)in the Income Tax Act 1952 sections 381, 382 and 385 ;

(b)in the Finance Act 1956 section 22(5) and section 40(3) ;

(c)in the Finance Act 1961 section 21 ;

(d)section 4(5) of the Ministerial Salaries and Pensions Act 1965.

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