As of 6 April 1997 this text has repealed
(1) Section 39 of the Finance Act, 1982, is hereby amended by the insertion after subsection (3) of the following subsection:
(a) Subject to the following provisions of this subsection, subsection (1) shall not apply to consideration obtained for a relevant disposal where -
(i) throughout a period of five years ending with the time of disposal, the old assets, and
(ii) the new assets within the meaning of section 28 of the Principal Act,
are assets of an authorised racecourse.
(b) Section 28 of the Principal Act shall apply in relation to assets of an authorised racecourse as if -
(i) references in subsections (1) and (2) of that section to new assets ceasing to be used for the purposes of a trade included a reference to new assets ceasing to be assets of an authorised racecourse, and
(ii) paragraph (b) of section (8) had not been enacted.
(c) In this subsection -
‘assets of an authorised racecourse’ means assets of a race-course whic
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