Income and Corporation Taxes Act 1988 (c. 1)

PART IV U.K. PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER IV U.K. PROVISIONS SUPPLEMENTARY TO CHAPTERS II AND III

71 Computation of income tax where no profits in year of assessment. U.K.

M1 Where it is provided by the Income Tax Acts that income tax under Schedule D in respect of profits or gains or income from any source is to be computed by reference to the amount of the profits or gains or income of some period preceding the year of assessment, tax as so computed shall be charged for that year of assessment notwithstanding that no profits or gains or income arise from that source for or within that year.

Marginal Citations

M1 SOURCE-1970 s. 126

72 Apportionments etc. for purposes of Cases I, II and VI. U.K.

(1) M2 Where in the case of any profits or gains chargeable under Case I, II or VI of Schedule D it is necessary in order to arrive for the purposes of income tax or corporation tax at the profits or gains or losses of any year of assessment, accounting period or other period, to divide and apportion to specific periods the profits or gains or losses for any period for which the accounts have been made up, or to aggregate any such profits, gains or losses or any apportioned parts thereof, it shall be lawful to make such a division and apportionment or aggregation.

(2) M3 Any apportionment under this section shall be made in proportion to the number of [F1 days] in the respective periods.

Textual Amendments

F1 Word in s. 72(2) substituted (1.5.1995) by Finance Act 1995 (c. 4), s. 121

Modifications etc. (not altering text)

C1 See S.I. 1987 No. 530 (in Part III Vol. 5) regn. 16—payments attributable to non-resident entertainers and sportsmen.

Marginal Citations

M2 SOURCE-1970 ss. 127(1), 129(2)

M3 SOURCE-1970 s. 127(2), 527(4)

73 Single assessments for purposes of Cases III, IV and V. U.K.

F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 S. 73 repealed (with effect in accordance with s. 103(7) of the repealing Act) by Finance Act 1995 (c. 4), ss. 115(09), 162, Sch. 29 Pt. 8(14), Note 2