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There are currently no known outstanding effects for the Finance Act 1972, Section 96.
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(1)Where in any accounting period of a body to which this section applies the rate of corporation tax exceeds such special rate as Parliament may fix for the purposes of this section, [F2the body may claim that] the corporation tax charged on the income of that body for that period shall be calculated as if the rate of corporation tax were equal to that special rate.
(2)The bodies to which this section applies are—
(a)any registered industrial and provident society as defined in section 340 of the Taxes Act and any such co-operative association as is mentioned in subsection (8) of that section;
(b)any housing association for the time being approved for the purposes of section 341 of that Act;
(c)any building society as defined in section 343 of that Act and any company to which that section applies by virtue of subsection (9) of that section.
not being a society, association or company under the control (within the meaning of section 302 of that Act) of one or more companies which are not themselves bodies to which this section applies.
(3)For the purposes of this section the income of a company for an accounting period is its income charged to corporation tax for that period as defined in section 85(6) above [F3as originally enacted].]
Textual Amendments
F1S. 96 repealed by Finance Act 1984 ss. 20(3), 128(6), Sch. 23 Part V for the financial year 1985 et seq.
F2Words inserted by Finance Act 1973 (c. 51), s. 34, Sch. 14 paras. 1, 3
F3Words added by Finance Act 1974 (c. 30), s. 44, Sch. 7 para. 3(2). Repealed by Finance Act 1985 s. 98(6), Sch. 27 Part X in respect of disposals taking place on or after 19 March 1985.
Modifications etc. (not altering text)
C1See Finance Act 1984 s. 20(4) for apportionment where s. 96 applies to part of an accounting period of a body but not to the other part by virtue of Finance Act 1984 s. 20(3)
C2See Finance Act 1973 s. 34, Sch. 14 paras. 1, 4— inspector's powers under Finance Act 1972 Sch. 16 para. 19 may be exercised for purposes of ss. 95, 96
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