Reply To: Reg 46(2)

#162658
d-stainsby
Participant

I think that tax refunds still coount as capital because f or income tax purposes the Schedule D rules in the Income and Corporation Taxes Act 1988 have been rewritten in Part 2 of the Income Tax (Trading and Other Income) Act 2005.

Section 17(2) of the Interpretation Act 1978 provides:

2) Where an Act repeals and re-enacts, with or without modification, a previous enactment then, unless the contrary intention appears,-

(a) any reference in any other enactment to the enactment so repealed shall be construed as a reference to the provision re-enacted ;

(b) in so far as any subordinate legislation made or other thing done under the enactment so repealed, or having effect as if so made or done, could have been made or done under the provision re-enacted, it shall have effect as if made or done under that provision.

Regulation 46(2) therefore remains effective, and its still so simple to use your turn of phrase