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Finance Act 1972
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Part VU.K.Taxation of Companies and Company Distributions
84—95.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.
Textual Amendments
F1Ss. 79–95 repealed by Income and Corporation Taxes Act 1988 (c. 1), s. 844, Sch. 31. See 1987 edition for these provisions. And see–Finance Act 1988 (c. 39, SIF 63:1, 2), s. 88–amendment to s. 79 (share incentive schemes) reaquisitions of shares made on or after 26 October 1987. Finance Act 1988 (c. 39, SIF 63:1, 2), s. 61–amendment to s. 87 (income tax on distributions) for years 1986-87 and 1987-88. Finance Act 1988 (c. 39 SIF 63: 1, 2), s. 117(2)–cancellation of repeal of s. 93(6) (investment trust) by Finance (No. 2) Act 1987.
[F296 Mitigation of corporation tax liability of industrial and provident societies, housing associations and building societies.U.K.
(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, [F3the 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an accounting period is its income charged to corporation tax for that period as defined in section 85(6) above [F4as originally enacted].]
Textual Amendments
F2S. 96 repealed by Finance Act 1984 ss. 20(3), 128(6), Sch. 23 Part V for the financial year 1985 et seq.
F3Words inserted by Finance Act 1973 (c. 51), s. 34, Sch. 14 paras. 1, 3
F4Words 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 Repealed by Finance Act 1985 s. 98(6), Sch. 27 Part X in respect of disposals taking place on or after 19 March 1985.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
97—110.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5U.K.
Textual Amendments
F5Ss. 97–110 repealed by Income and Corporation Taxes Act 1988 (c. 1) s. 844, Sch. 31. See 1987 edition for these provisions.
111 Consequential amendments.U.K.
(1)The enactments specified in Schedule 24 to this Act shall have effect with the amendments there specified, being amendments adapting and supplementing those enactments in consequence of the provisions of this Part of this Act.
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6
(3)This section has effect from 6th April 1973 and does not affect the operation of any enactment in relation to any previous time ; and no amendment in the said Schedule 24 adapting an enactment so as to make it apply or refer to a provision of this Act instead of a provision repealed thereby shall be construed as affecting the operation of that enactment in relation to the repealed provision so far as concerns matters occurring before the repeal or otherwise unaffected by it.
Textual Amendments
F6S. 111(2) repealed by Income and Corporation Taxes Act 1988 (c. 1) s. 844, Sch. 31.
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