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Finance Act 1975

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This is the original version (as it was originally enacted).

14(1)Section 31 of that Act shall be amended as follows.

(2)In subsection (1) for the words from "under section 15(2)" to the end there shall be substituted the words

the asset is property falling within paragraph 13(2)(f) of Schedule 6 to the Finance Act 1975 and the Treasury give a direction in relation to it under paragraph 13(1) of that Schedule.

(3)In subsection (3) for the words " the said section 40 applies " there shall be substituted the words

section 31 of the Finance Act 1975 applies or might apply

and for the words " section 48(1) of the Finance Act 1950 " there shall be substituted the words

section 31(2) of the Finance Act 1975.

(4)In subsection (5) for the words from the beginning to " tax on chargeable gains " there shall be substituted the words

If there is a sale of the asset and capital transfer tax is chargeable under section 32(2) of the Finance Act 1975 or would be chargeable if an undertaking under section 31 of that Act as well as under subsection (3) of this section had been given.

(5)For subsection (6) there shall be substituted the following subsection:—

(6)A gain shall not be a chargeable gain if it accrues on the disposal of an object with respect to which an undertaking under subsection (3) of this section or section 31 of the Finance Act 1975 has been given, and the disposal is such as is referred to in section 32(3)(a) of that Act or is a disposal to the Board under paragraph 17 of Schedule 4 to that Act.

(6)In subsection (7) for the words from " until the asset" to " 1930 and " there shall be substituted the words

until the person entitled to the asset dies or it is disposed of, whether by sale or gift or otherwise ; and if the asset subject to the undertaking is disposed of otherwise than on sale, and without a further undertaking being given under that subsection

; and at the end of the subsection there shall be added the words

References in this subsection to a disposal shall be construed without regard to any provision of this Part of this Act under which an asset is deemed to be disposed of.

(7)In subsection (8) for the words " estate duty becomes payable " there shall be substituted the words

capital transfer tax becomes chargeable

and for the words " the estate duty" there shall be substituted the words

that tax.

(8)Subsection (9) shall be omitted.

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