Reg 46(2)

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    Sorry- this is linked to my other post… Reg 46(2) says..(2)Any amount by way of a refund of income tax deducted from profits or emoluments chargeable to income tax under Schedule D or E shall be treated as capital.

    I have been informed, and interweb searches seem to agree that schedule D and E were abolished several years ago. It is apparently this regulation which deems that tax refunds are not taken into account when working out earned income. But if those schedules do not exsist any more and the regulation has not been updates does that mean that tax refunds are taken into account and can be netted out rather than treated as capital?

    (getting rather confused with something that was treated as so simple!)



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    (a) any reference in any other enactment to the enactment so repealed shall be construed as a reference to the provision re-enacted ;

    (b) in so far as any subordinate legislation made or other thing done under the enactment so repealed, or having effect as if so made or done, could have been made or done under the provision re-enacted, it shall have effect as if made or done under that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


    Thanks for that- It still remains effective works for me, and we can happily continue to ignore them… I mean treat them as capital!

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