Finance Act, 1970
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Amendment of section 48 of Finance Act, 1963. |
50.—(1) Section 48 of the Finance Act, 1963 , is hereby amended— | |
(a) by the substitution in subsection (3) (b) (i) of “£1,000” for “£750”, and | ||
(b) by the substitution in subsection (3) (e) of “£1,000” for “£750”. | ||
(2) Every person who on the day immediately preceding the day on which this section comes into operation was an accountable person but who, if the said section had been in force on the earlier of those days, would not, in the absence of an election in accordance with section 48 (3) (b) (i) of the Finance Act, 1963 , be an accountable person, shall be deemed to have made such an election and shall continue to be accountable for tax on the moneys received by him in relation to the activities in which he engages until the end of the month during which his registration is cancelled in accordance with regulations. | ||
(3) This section shall come into operation on the first day of the month immediately following that in which this Act is passed. |