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Finance Act 1960

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This is the original version (as it was originally enacted).

66Valuation of assets of certain companies

(1)Subject to the provisions of this section, in the case of a person dying after the fourth day of April, nineteen hundred and sixty, the principal value of assets of a company which are used in, and in the case of land or buildings are occupied for the purposes of, a trade or business carried on by the company shall be estimated for the purposes of section fifty-five of the Finance Act, 1940 (valuation, by reference to assets, of shares and debentures of certain companies) on the footing that the sale by reference to which (in accordance with subsection (5) of section seven of the Finance Act, 1894) the value of the assets is to be estimated is a sale of the business where the assets are subject to an enforceable restriction that they are to be used or occupied only for the purposes of that business.

(2)In the case of a company whose business consists wholly or mainly of one or more of the following, that is to say dealing in securities, stocks or shares, land or buildings or making or holding investments, subsection (1) of this section shall not apply to securities, stocks, shares, land or buildings belonging to the business at the time of the death.

(3)Subsection (1) of this section shall not have effect so as to reduce the principal value of shares or debentures below whichever is the lower of—

(a)the amount at which it would have been estimated in accordance with subsection (5) of section seven of the Finance Act, 1894,

(b)the amount at which it would have been estimated (under section fifty-five of the Finance Act, 1940) if this section had not been passed ;

and in section twenty-eight of the Finance Act, 1954 (reduced rate of duty on certain business assets), in subsection (2), after the words " section fifty-five of the Finance Act, 1940 " there shall be inserted the words

or where paragraph (a) of subsection (3) of section sixty-six of the Finance Act, 1960, operates to determine the principal value of any such shares or debentures.

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