Part IV Transitional Provisions for Corporation Tax
Finance Act 1998 (1998 c 36) | Legislation

Part IV Transitional Provisions for Corporation Tax

Introduction

65

(1)     This Part of this Schedule makes provision with respect to the application of the provisions of Parts I to III of this Schedule for corporation tax purposes.

(2)     In this Part of this Schedule—

“before commencement†and “after commencement†mean, respectively, before 1st April 1998 and on or after that date; and

“the new rules†means the provisions of the Tax Acts relating to Schedule A taxation or, as the case may be, to the taxation under Case V of Schedule D of income from land outside the United Kingdom, as they have effect after commencement.

Receipts and expenses not to be counted twice

66

(1)     To the extent that receipts or expenses have been taken into account before commencement, they shall not be taken into account again under the new rules after commencement.

(2)     Nothing in section 43 of the Finance Act 1989 (computation of profits: effect of delayed payment of emoluments) shall be construed as affecting the rule in sub-paragraph (1) above.

Receipts and expenses not to be left out of account

67

To the extent that receipts

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