Schedule 15
Finance Bill
12:15 pm
Jimmy Hood (Lanark and Hamilton East, Labour)
With this it will be convenient to discuss the following amendments: No. 76, in schedule 15, page 231, line 6, at end insert—
‘(4) This paragraph shall not apply where an election under section 161(3) of the Taxation of Chargeable Gains Act 1992 is made, and instead the market value of the asset at the time of the appropriation shall, in computing the profits of the trade for the purposes of tax, be treated as reduced by the amount of the chargeable gain or increased by the amount of the loss referred to in subsection (1) of section 161 of the Taxation of Chargeable Gains Act 1992, and where that subsection and this paragraph do not apply by reason of such an election, the profits of the trade shall be computed accordingly.’.
No. 77, in schedule 15, page 231, line 22, leave out ‘paragraph 7 does not apply’ and insert
‘neither paragraph 7 nor section 173 of the Taxation of Chargeable Gains Act 1992 applies’.