Finance Act, 1963
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Amendment of section 12 of Finance (Miscellaneous Provisions) Act, 1956. |
20.—Subsection (6) of section 12 of the Finance (Miscellaneous Provisions) Act, 1956 , shall apply to each of the five consecutive years of assessment, the first of which is the year of assessment immediately following the company's last year of claim for the purposes of that subsection within the meaning of section 10 of that Act, as if— | |
(a) each of those years were a year of claim, and | ||
(b) for “reduced by twenty-five per cent.” in paragraph (a) of the said subsection (6) there were substituted— | ||
(i) in the case of the first of those years, “reduced by twenty per cent.”, | ||
(ii) in the case of the second of those years, “reduced by fifteen per cent.”, | ||
(iii) in the case of the third of those years, “reduced by ten per cent.”, | ||
(iv) in the case of the fourth and fifth of those years, “reduced by five per cent.”. |