Search Legislation

Coal Industry Nationalisation Act 1946

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As enacted)

Status:

This is the original version (as it was originally enacted). This item of legislation is currently only available in its original format.

Compensation for severance, and refunds of capital outlay

17Compensation for overhead expenses increase caused by severance

(1)Compensation shall be made in respect of any increase in the proportion of the overhead expenses of the business of a company or other person having assets which included (but did not consist solely of) transferred interests to the volume of the business over which those expenses are spread, in so far as such increase is one due to the severance of those interests from the residue of those assets and not reasonably capable of being avoided or mitigated.

(2)The amount of the compensation to be made under this section in the case of any business shall be determined by a District Valuation Board designated by the Minister, by reference to the extent of the loss sustained or likely to be sustained at any time during the five years beginning with the primary vesting date in consequence of such increase as aforesaid by the company or other person whose assets are severed, subject to provision to be made by regulations for review of such determinations by referees in such cases and in accordance with such provisions as may be prescribed.

(3)The provisions of sections fourteen and fifteen of this Act shall apply with requisite modifications to the matters dealt with by the preceding provisions of this section, as they apply to transferred interests and compensation in respect of the transfer thereof.

18Refund of capital outlay made since 1st August, 1945

(1)Apart from the compensation to be made under this Act, but subject to such adjustment as is mentioned in subsection (6) of this section, a payment (in this Act referred to as a " capital outlay refund ") shall be made to a colliery concern in a case in which the transferred interests of the concern include an interest in any thing mentioned in the First Schedule to this Act for the provision or improvement of which the concern has, in accordance with the authorisation given by the Minister in that behalf before the passing of this Act, incurred expense on capital account at any time between the first day of August, nineteen hundred and forty-five, and the date of the vesting of that interest in the Board. In this subsection expense on capital account means expense not allowable as a deduction in computing the profits or gains of the concern for the purposes of the Income Tax Acts.

(2)A capital outlay refund to be paid in respect of any expense incurred as aforesaid shall be of an amount equal to that expense :

Provided that, if the interest that vests in the Board is an interest in part only of the thing for the provision or improvement of which the expense was incurred, the refund shall be of an amount equal to so much of that expense as was attributable to that part.

(3)A capital outlay refund shall be in the form of a payment in money made, by the Minister out of sums to be issued to him out of the Consolidated Fund (in this Act referred to as a " money payment ").

(4)Any question arising between the Minister and a colliery concern whether expense was incurred by the concern as mentioned in subsection (1) of this section, as to the amount of any expense so incurred, or how much of it was attributable as mentioned in the proviso to subsection (2) of this section, shall be determined by arbitration under this Act.

(5)This section shall be deemed to have come into operation on the first day of August, nineteen hundred and forty-five, and any payment made by the Minister to a colliery concern before the commencement of this Act for refunding expense incurred as mentioned in subsection (1) thereof shall be dealt with as if this section had been in operation at the time when the payment was made and the payment had been made on account of sums due or to become due to the concern thereunder with provision for repayment of any excess of payments so made over the amount of those sums.

(6)In the application of section thirteen of this Act to a compensation unit which includes an interest of a colliery concern entitled to a capital outlay refund in respect of expense incurred on the provision or improvement of a thing in which that interest subsisted, that interest shall be treated as having a value less than would otherwise have been assigned to it for the purposes of that section by the amount of the refund.

(7)The preceding provisions of this section shall apply in relation to a subsidiary within the meaning of the First Schedule to this Act of a colliery concern as it applies to such a concern, with the substitution for references to a colliery concern of references to such a subsidiary.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources