Finance Act, 1965

Provisions in connection with Part IX of Finance Act, 1963.

35.—(1) Where under any of the provisions of section 86 , 86A or 86B of the Finance Act, 1963 , any amount falls to be treated for the purposes of income tax as income of a company, the amount shall be treated for the purposes of corporation profits tax as if it had been received by the company, on the date by reference to which it falls to be treated as income for the purposes of income tax, as profits or gains arising from lands, tenements or hereditaments forming part of the assets of the company.

(2) Subsection (1) of this section shall have effect in respect of any accounting period ending on or after the 1st day of January, 1965.