Part I Cases I and II of Schedule D
Finance Act 1995 (1995 c 4) | Legislation

SCHEDULE 22 Prevention of Exploitation of [Schedule 2 to ITTOIA 2005 (so far as Relating to Overlap Profit)]

Section 123

Part I Cases I and II of Schedule D

Increase of profits or gains of transitional period

1

(1)     This paragraph applies where, in the case of a trade, profession or vocation carried on by any person—

(a)     paragraph 2(2) of Schedule 20 to the Finance Act 1994 applies without the modification made by paragraph 2(3) of that Schedule; and

(b)     any amount which is included in the profits or gains of the transitional period would not have been so included if—

(i)     any relevant change made by that person had not been made; or

(ii)     any relevant transaction entered into by that person had not been entered into.

(2)     Subject to sub-paragraph (3) below, the said paragraph 2(2) shall have effect as if the reference to the appropriate percentage of the aggregate of the amounts there mentioned were a reference to the aggregate of—

(a)     that percentage of each of those amounts; and

(b)     1.25 times the complementary percentage of each of the amounts falling within sub-paragraph (1)(b) above.

(3)     Sub-paragraph (2) above does not apply where—

(a)

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