Finance Act, 1977
|
Amendment of section 6 (taxable wealth of private non-trading company) of Wealth Tax Act, 1975. |
50.— Section 6 of the Wealth Tax Act, 1975 , is hereby amended by the substitution for subsection (5) of the following subsection— | |
“(5) (a) A body corporate to which this subsection applies shall not be a private non-trading company for the purposes of this Act. | ||
(b) This subsection applies to a body corporate (in this paragraph referred to as the first body corporate)— | ||
(i) of which a body corporate which is not a private non-trading company has control, or | ||
(ii) in respect of which the market value on the valuation date of the property to which it is beneficially entitled in possession on that date is represented as to not less than 90 per cent. thereof by the market value of shares in or debentures of a body corporate which is not a private non-trading company and of which the first body corporate has control.”. |