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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Investment Trusts and Venture Capital Trusts (Definition of Capital Profits, Gains or Losses) Order 2006 No. 1182 URL: https://www.bailii.org/uk/legis/num_reg/2006/20061182.html |
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Made | 26th April 2006 | ||
Laid before the House of Commons | 27th April 2006 | ||
Coming into force | 18th May 2006 |
(2) In this Order "the specified provisions" means—
Meaning of "capital profits, gains or losses"
3.
—(1) For the purposes of the specified provisions "capital profits, gains or losses" means profits, gains or losses where the circumstances fall within Case A, B or C.
(2) Case A is where, in the case of an investment trust or a venture capital trust, the profits, gains or losses are accounted for through the capital column of the income statement in accordance with the Statement of Recommended Practice.
(3) Case B is where, in the case of an investment trust, the profits, gains or losses would have been accounted for through the capital column of the income statement if the Statement of Recommended Practice had been applied correctly.
(4) Case C is where, in the case of a venture capital trust, the profits, gains or losses would have been accounted for through the capital column of the income statement if the venture capital trust had been an investment trust and the Statement of Recommended Practice had been applied correctly.
(5) For the purposes of this Order the Statement of Recommended Practice is, in relation to an accounting period for which it is required or permitted to be used—
Tom Watson
Joan Ryan
Two of the Lords Commissioners of Her Majesty's Treasury
26th April 2006
[2] 2002 c. 23. Paragraphs 38 and 38A of Schedule 26 were added by paragraph 63 of Schedule 10 to the Finance Act 2004, and amended by paragraph 36 of Schedule 4 to the Finance Act 2005 (c. 7).back
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