On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 23/11/2001.
2.
—(1) This regulation shall apply for the purposes of ascertaining the chargeable income or the net amount of any gains or profits not chargeable to tax of an approved investment company.
(2) The amount of any gains or profits derived from —
(a)
the disposal of securities (other than transferred securities and equivalent securities) and chargeable to tax shall be determined by reference to the percentage in the second column of the Schedule applicable to the period the securities (other than transferred securities and equivalent securities) are held as specified in the first column;
(b)
the disposal of securities (other than transferred securities and equivalent securities) and not chargeable to tax shall be determined by reference to the percentage in the third column of the Schedule applicable to the period the securities (other than transferred securities and equivalent securities) are held as specified in the first column.
(3) The amount of any loss arising from the disposal of securities (other than transferred securities and equivalent securities) to be deductible —
(a)
against gains or profits chargeable to tax shall be determined by reference to the percentage in the fourth column of the Schedule applicable to the period the securities (other than transferred securities and equivalent securities) are held as specified in the first column;
(b)
against gains or profits not chargeable to tax shall be determined by reference to the percentage in the fifth column of the Schedule applicable to the period the securities (other than transferred securities and equivalent securities) are held as specified in the first column; and any balance thereof shall not be available as a deduction against any other income.
(3A) Where an approved investment company is a transferee which has disposed of its transferred securities or its equivalent securities —
(a)
the whole amount of gains or profits derived from the disposal of such securities shall be chargeable to tax in accordance with section 10N(3) of the Act;
(b)
the whole amount of losses arising from the disposal of such securities shall be deductible in accordance with section 10N(3) of the Act against gains or profits chargeable to tax; and
(c)
the Schedule shall not apply in determining the gains or profits chargeable to tax or the losses deductible, as the case may be, arising from the disposal of such securities.
(4) The Comptroller shall determine the manner and extent to which any expenses, capital allowances, losses and donations are to be deducted.
(5) Where the amount of any expenses, capital allowances, losses or donations exceeds the gains or profits not chargeable to tax, any such excess shall not be available as a deduction against any other income.