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Finance (No. 2) Act 1915

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This is the original version (as it was originally enacted).

1The amount of the capital of a trade-or business shall, so far as it does not consist of money, be taken to be—

(a)so far as it consists of assets acquired by purchase, the price at which those assets were acquired, subject to any proper deductions for wear and tear or replacement, or for unpaid purchase money; and

(b)so far as it consists of assets being debts due to the trade or business, the nominal amount of those debts subject to any reduction which has been allowed in respect of those debts for income tax purposes; and

(c)so far as it consists of any other assets which have not been acquired by purchase, the value of the assets at the time when they became assets of the trade or business, subject to any - proper deductions for wear and tear or replacement. Nothing in this Part of this Schedule shall prevent accumulated profits employed in the business being treated as capital.

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