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Finance Act 1995

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This is the original version (as it was originally enacted).

Increase of trade etc. profits or gains arising in 1995-96 and 1996-97

6(1)This paragraph applies where, in the case of any income derived by any person from the carrying on by him of a trade, profession or vocation—

(a)paragraph 6(2)(a) of Schedule 20 to the [1994 c. 9.] Finance Act 1994 applies; and

(b)any amount which is included in the income arising within the years 1995-96 and 1996-97 would not have been so included if—

(i)any relevant change made by that person had not been made; or

(ii)any relevant transaction entered into by that person had not been entered into.

(2)Subject to sub-paragraph (3) below, the said paragraph 6(2)(a) shall have effect as if the reference to 50 per cent. of the aggregate of the amounts there mentioned were a reference to the aggregate of—

(a)50 per cent. of each of those amounts; and

(b)62.5 per cent. of each of the amounts falling within sub-paragraph (1)(b) above.

(3)Sub-paragraph (3) of paragraph 1 above shall apply for the purposes of this paragraph as it applies for the purposes of that paragraph but subject to the following modifications, namely—

(a)the reference to the said paragraph 2(2) shall have effect as a reference to the said paragraph 6(2)(a); and

(b)the reference to the appropriate percentage of the turnover of the transitional period shall have effect as a reference to 50 per cent. of the turnover of the years 1995-96 and 1996-97.

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