56 Transitional provisions in connection with section 55
Finance Act 1998 (1998 c 36) | Legislation

56  Transitional provisions in connection with section 55

(1)     Subject to subsection (6) below, subsection (2) below applies if—

(a)     a construction trade is being carried on by a person (“the sub-contractor”) at the end of the year 1997–98; and

(b)     there are receipts of that trade which, but for section 134(5)(c) of the Taxes Act 1988, would have fallen to be treated for the year 1997–98 as the emoluments of an office or employment.

(2)     Where this subsection applies, then, subject to subsections (4) and (5) below—

(a)     the trade shall be deemed to have been permanently discontinued at the end of the year 1997–98; and

(b)     to the extent (if any) that the trade includes activities in addition to the rendering of services falling by virtue of section 55 to be treated as the duties of an office

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