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Finance Act 1988
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Changes over time for: Paragraph 5
Version Superseded: 01/04/2009
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- 01/02/1991- Amendment
- 01/09/1994
Point in time - 01/04/2009- Amendment
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Point in time view as at 01/09/1994.
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There are currently no known outstanding effects for the Finance Act 1988, Paragraph 5.
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5[F1(1)For any chargeable period in relation to which an election made under paragraph 4(1) above by any person has effect in respect of any commercial woodlands—U.K.
(a)any profits or gains or losses which arise to him before 6th April 1993 from the occupation of those woodlands shall for all purposes be regarded as profits or gains or losses of a trade chargeable under Schedule D;
(b)in computing those profits or gains or losses, no account shall be taken of any relevant grant and no deduction shall be made for any expenditure in respect of which any such grant was made; and
(c)the occupation of those woodlands shall not be taken into account under paragraph 3(3) or (4) above as respects any interest paid before that date.]
(2)In any case where, as respects an accounting period of a company which begins before and ends on or after 6th April 1993, sub-paragraph (1) above has effect in relation to one part of that period but does not have effect in relation to the other part—
(a)the profits or gains or losses arising to the company for that period from the occupation of the woodlands concerned shall be apportioned between those parts; and
(b)such of those profits or gains or losses as are apportioned to the part beginning on 6th April 1993 shall not be regarded as profits or gains or losses arising to the company for that period.
(3)In any case where—
(a)sub-paragraph (1) above, as it applies for income tax purposes, has effect for a year of assessment as respects a person’s occupation of any commercial woodlands;
(b)that year of assessment is the final year of assessment for which that sub-paragraph, as it so applies, has effect as respects that person’s occupation of those woodlands; and
(c)there is an interval between the end of the relevant basis period and the beginning of the next following year of assessment;
then, for the purpose of calculating any capital allowances which fall to be made in taxing his occupation of those woodlands, the interval shall be deemed to form part of that basis period.
(4)In sub-paragraph (3) above—
“basis period” has the meaning given by section 72 of the M1Capital Allowances Act 1968;
“the relevant basis period”, in relation to a year of assessment, means—
(a)except where that year of assessment is in relation to the occupation by the person of the woodlands concerned a year of loss within the meaning of section 383 of the Taxes Act 1988, the basis period for that year of assessment;
(b)in the excepted case, the basis period for the next following year of assessment.
(5)Sub-paragraph (1) above shall be deemed to have come into force on 15th March 1988 and shall cease to have effect on 6th April 1993.
Textual Amendments
F1Sch. 6 para. 5(1) repealed (06.04.1993) by Finance Act 1988 (c. 39, SIF 63:1), s. 148, Sch. 14 Pt. V Note 3.
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