HZ 8 Retrospective transitional provision for market valuation under section HB 4
When this section applies

(1)

This section applies for the 2017–18 income year if section HB 4 (General provisions relating to disposals) has applied for a person before the start of the 2017–18 income year.

Income

(2)

The person has an amount of income for the 2017–18 income year calculated using the formula—

retrospective amount – current amount.

Definition of items in formula

(3)

In the formula,—

(a)

retrospective amount is the amount of income, for the person’s owner’s interest in financial arrangements as debtor, that would result from the application of section HB 4 for income years before the 2017–18 income year, treating that section as amended, for the purposes of this definition, as provided by section 130 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 for those income years:

(b)

current amount is the amount of income, for the person’s owner’s interest in financial arrangements as debtor from the application of section HB 4, for income years before the 2017–18 income year.

Section HZ 8: inserted, on 1 April 2017, by section 146 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).