Finance Act, 1946

Provisions as to carrying forward of losses under section 14 of the Finance Act, 1929.

4.—(1) This section applies to any case in which—

(a) section 14 of the Finance Act, 1929 (No. 32 of 1929), authorises a loss or any portion of a loss sustained by any person in any trade, profession or vocation carried on by him to be carried forward and, as far as may be, deducted from or set-off against the amount of profits or gains on which he is assessed under Schedule D of the Income Tax Act, 1918, in respect of that trade, profession or vocation for the six following years of assessment (in this section referred to as the six years' period), and

(b) the six years' period includes any one or more of the years of assessment in the period which began on the 6th day of April, 1939, and ended on the 5th day of April, 1946.

(2) The six years' period shall, in any case to which this section applies be extended and be deemed always to have been extended by the addition thereto of such a number of years of assessment immediately following the six years' period as is equal to the number of years of assessment which—

(a) fell within the period which began on the 6th day of April, 1939, and ended on the 5th day of April, 1946, and

(b) were subsequent to the year of assessment in which the loss was sustained.