Transport Act 1968

161 Income tax, etc.

(1) In relation to the Railways Board, paragraph; 10(1)(a) of Schedule 8 to the [1968 c. 3.] Capital Allowances Act 1968 (which relates to capital allowances in respect of assets transferred to the Boards by the Act of 1962) shall have effect, and that paragraph and section 42(1)(a) of the Act of 1962 (being the provision re-enacted by that paragraph) shall each be deemed always to have had effect, as if for the words from " as shown " onwards there were substituted the words " as at 1st January 1963 as shown in the first accounts of the Railways Board, and ".

(2) In section 55(6) of the [1965 c. 25.] Finance Act 1965 (which relates to chargeable gains of companies) after the figures " 1962 " there shall be inserted the words " and the new authorities within the meaning of the Transport Act 1968 established under that Act of 1968 " ; and Part I of Schedule 13 to that Act, except in so far as it relates to recovery of tax, shall have effect in relation to the Executive for a designated area within the meaning of section 9(1) of this Act as if that Executive were a company within the meaning of the said Part I.

(3) In section 83(4) of the Capital Allowances Act 1968 and, in relation to chargeable periods ending on or before 5th April 1968, in section 35(3) of the [1966 c. 18.] Finance Act 1966 (which specify certain grants the making of which in respect of any expenditure disentitles the grantee to investment allowances or initial allowances in respect of that expenditure) at the end of paragraph (b) there shall in each case be inserted the words “or

(c) a grant made under section 32, 34(1) or 56(1), or a payment made under section 56(2), of the Transport Act 1968”.

(4) In the [1966 c. 32.] Selective Employment Payments Act 1966, in Part I of Schedule 1 (which sets out the bodies to which section 3 of that Act applies)—

(a) in paragraph 14, after the words " paragraphs 9 to 13 " there shall be inserted the words " or paragraphs 23 to 25 ";

(b) at the end there shall be added the following paragraphs—

“23 The National Freight Corporation.

24 The National Bus Company.

25 The Scottish Transport Group”;

and in subsection (3) of the said section 3 after the words " paragraphs 9 to 13 " there shall be inserted the words " and 23 to 25 ".