Parallel Pooling

Orders of the Day — Finance Bill – in the House of Commons at 12:15 am on 10th July 1985.

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20.—(1) Where an election has been made under Schedule 6 to the Finance Act 1983 (parallel pooling) that election may be revoked, by notice in writing to the inspector not later than 31st March 1987 or within such further time as the Board may allow.

(2) At the end of paragraph 2(2)(b) of the said Schedule 6 (elections to be irrevocable) there shall be added the words "except in accordance with Part V of Schedule 17 to the Finance Act 1985".

(3) All such adjustments shall be made, whether by way of discharge or repayment of tax, or the making of assessments or otherwise, as are required in consequence of a revocation under sub-paragraph (1) above.

21.—(1) An election under Schedule 6 of the Finance Act 1983 shall not have effect with respect to any disposal on or after 1st April 1985.

(2) The Treasury may by regulations make such provisions as are referred to in sub-paragraph (3) below in relation to qualifying securities, within the meaning of the said Schedule 6,—

  1. (a) in respect of which an election under that Schedule has been made and not revoked under paragraph 20 above; and
  2. (b) which, immediately before 1st April 1985, were regarded as indistinguishable parts of a single asset by virtue of paragraph 3 of chat Schedule.

(3) The provisions referred to in sub-paragraph (2) above are such as appear to the Treasury to be appropriate to enable section 65 of this Act and the preceding provisions of this Schedule to take full effect in relation to the securities concerned.

(4) Regulations under this paragraph shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.