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Finance Act 1948

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This is the original version (as it was originally enacted).

79Income tax and profits tax in connection with electricity boards

(1)For all the purposes of the Income Tax Acts and the enactments relating to the profits tax—

(a)any trade or business carried on-by any Area Board established by or under the provisions of the Electricity Act, 1947, shall be treated as if it were part of the trade or business carried on by the British Electricity Authority ;

(b)subject to the provisions of paragraph (c) of this subsection, any property, rights or liabilities of any such Board shall be treated as property, rights or liabilities of the said Authority, and anything done by or to any such Board shall be deemed to have been done by or to the said Authority ;

(c)any rights, liabilities or things done—

(i)of, by or to the said Authority against, to or by any such Board ; or

(ii)of, by or to any such Board against, to or by the said Authority or any other such Board,

shall be left out of account,

and income tax and the profits tax shall be charged accordingly.

(2)Section forty-one of the Electricity Act, 1947 (which enables the British Electricity Authority to require an Area Electricity Board to contribute towards the satisfaction of certain obligations of the Authority) shall have effect in relation to obligations of the said Authority as respects income tax and the profits tax, and, accordingly, in subsection (1) of that section (as amended by section one hundred and three of the Local Government Act, 1948) the word " or " where it occurs at the end of paragraph (d) shall be omitted and after paragraph (e) there shall be inserted the words— or

(f)income tax or the profits tax.

(3)This section shall be deemed always to have had effect.

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