Finance Act 1967

7 (1) In paragraph 7(1) of Schedule 18 to the Finance Act 1965 for the words

“(b) any franked investment income, less the amount of any relief given against it for management expenses or charges on income”

there shall be substituted the words

“(b) any franked investment income, less the amount of any relief given against it under subsection (1) or subsection (7) of section 62 of this Act”

so that paragraph (b) refers to all relief under the said section 62, and not only to relief given under that section against management expenses or charges on income.

(2) For the purposes of the said paragraph 7 as it applies to any company in any accounting period the amount on which corporation tax falls finally to be borne (but not the amount of that tax) shall be computed as if the said section 62 did not include subsection (5) of that section (which, as extended by subsection (6) of that section, makes an adjustment where in any year of assessment distributions exceed franked investment income so as to allow losses, allowances, management expenses or charges on income against which franked investment income arising in an earlier year of assessment has been set off to be carried forward).

(3) This paragraph shall have effect as respects franked investment income arising in the year 1966-67 or in subsequent years of assessment.