Finance Act, 1977
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Amendment of sections 13 and 37 (chargeable gains of companies) of Corporation Tax Act, 1976. |
16.—(1) Sections 13 (1) and 37 (3) (a) of the Corporation Tax Act, 1976 , shall have effect as if “twelve-twenty-fifths” were substituted for “48 per cent.”. | |
(2) The said sections 13 (1) and 37 (3) (a), as amended by subsection (1), are hereby amended as respects the financial year 1977 and each subsequent financial year as if for “twelve-twenty-fifths” there were substituted “nineteen-forty-fifths”. | ||
(3) Where, under the said section 13 (1), as amended by the preceding subsections, different fractions are in force in different parts of an accounting period— | ||
(a) the amount of the chargeable gains for the accounting period (computed in accordance with the said section 13 (1), but without making the fractional reduction specified therein) shall be apportioned between those parts, and | ||
(b) the portion for each part shall be reduced under the said section 13 (1) by the fraction in force in that part. |