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SCHEDULES.
FIRST SCHEDULE.
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1. A company which is aggrieved by any direction given under section twenty-one of this Act may appeal to the Special Commissioners against the direction by giving notice of appeal to the Clerk to the Commissioners within twenty-one days after the date of the notice, and the Commissioners shall hear and determine the appeal, subject as herein provided, and the provisions of the Income Tax Acts relating to appeals against assessments shall, with any necessary modification, apply for the purposes of an appeal under this provision.
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2. If either the Company or the Commissioners of Inland Revenue are dissatisfied with the determination of the Special Commissioners on any appeal under the foregoing provisions 6i this schedule, they may, on giving notice to the Clerk to the Special Commissioners within twenty-one days after the determination, require the appeal to he reheard by the Board of Referees and the Special Commissioners shall transmit to the Board any document in then* possession which was delivered to them for the purposes of the appeal.
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The Board shall rehear and determine the appeal and shall have and exercise the same powers and authorities in relation to- the appeal as the Special Commissioners might have and exercise, and the determination of the Board thereon shall he final and conclusive:
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Provided that Bection one hundred and forty-nine of the Income Tax Act, 1918 (which relates to the statement of a case on a point of law), shall apply with the necessary modifications in the case of any such rehearing and determination as it applies in the. case of appeals to the General or Special Commissioners under the said Act.
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3. The provisions of subsection (6) of section seven of the Income Tax Act, 1918, relating to the representation of the Crown on super-tax appeals shall, with the necessary modifications, apply to any appeal under this schedule.
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4. The Special Commissioners may, at any time by notice in writing, require any company which appears to them to be a company to which section twenty-one of” this Act applies, to furnish them with—
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(a) a statement of the actual income oil the company from all sources, together with a copy of the company's accounts for any year or other period for which the company's accounts have been made up and such particulars as the Commissioners may reasonably require as to the income of the company and the manner in which the income has been dealt with; and
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(b) a statement for the same period of the names and addresses and particulars of the respective interests of all members of the company.
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5. Where the Special Commissioners have issued a notice requiring a company to furnish them with particulars under paragraph 4 of this schedule as respects any year or other period, and the auditor of the accounts of the company is a member of an incorporated society of accountants, the directors may, if they think fit, make and submit to the auditor such a statutory declaration as is hereinafter mentioned, and in such case the following provisions shall have effect:
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(a) The directors of the company Bhall make a statutory declaration as to—
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(i) The amount which they regard, or regarded, as proper to be retained in the business out of the income of that year or other period; and
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(ii) The amount (if any) which they propose to recommend for distribution, or which has been distributed;
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setting out the reasons for such retention and giving such information as will enable the auditor to form an opinion whether the amount (if any) proposed for distribution or distributed, having regard to such, requirements as are mentioned in the proviso to subsection (1) of the said section twenty-one, would be, or was, a reasonable part of the income for such year or other period ;
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(b) If the auditor—
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(i) is satisfied that the information disclosed in the declaration is sufficient to enable him to form an opinion as to whether the proposed distribution or distribution (if any) would be or was a reasonable part of the income for such year or other period as aforesaid; and
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(ii) is satisfied that a prima facie case is made out by the reasons and information given in the declaration that the proposed distribution or distribution (if any) would be or was reasonable;
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he may so certify:
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(c) The certificate, together with the statutory declaration, shall be sent to the Special Commissioners who, unless they see reason to the contrary, shall take no further action in the matter.
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6. In computing the actual income from all sources of a company for any year, or period, the income from any source shall be estimated in accordance with the provisions of the Income Tax Acts relating to the computation of income from that source; except that the income shall be computed by reference to the income for such year or period as aforesaid and not according to an average of more than one year or by reference to any year or period other than such year or period as aforesaid.
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7. If any company fails or refuses on being so required in accordance with the provisions of this schedule to furnish a statement of actual income from all sources or renders a statement with which the Special Commissioners are not satisfied, the Commissioners may make an estimate of that income to the best of their judgment.
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8. The apportionment of the actual income from all sources of the company shall be made by the Special Commissioners in accordance with the respective interests of the members, and the income as apportioned to each member shall, for the purposes of super-tax, be deemed to represent his income from his interest in the company for the year or other period and shall be included in the statement of his total income or in an amended statement of total income which the Special Commissioners are hereby authorised to require and shall be deemed to be the highest part of that income.
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9. The income apportioned to a member of a company under section twenty-one of this Act Bhall, for the purposes of super-tax, be deemed to have been received by him at the date to which the accounts of the company for the year or period were made up.
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10. Notice of any apportionment made by the Special Commissioners shall be given by serving on the company a statement showing the amount of the actual income from all sources adopted by them for the purposes of section twenty-one of this Act, and either the amount apportioned to each member or the amount apportioned to each class of shares, as they think fit.
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A company which is aggrieved by any notice of apportion[html]ment shall be entitled to appeal to the Special Commissioners on giving notice to their clerk within twenty-one days after the date of the notice, and those Commissioners shall hear and determine the appeal and all the provisions of the Income Tax Acts and any regulations made thereunder relating to appeals against assessments and to cases to be stated for the opinion of the High Court shall, with any necessary modification, apply for the purposes of any such appeal.
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11. Any person in whose name any shares of a company are registered shall, if required by notice in writing by the Special Commissioners, state whether or not be is the beneficial owner of those shares, and if not the beneficial owner of those shares or any of them shall furnish the name and address of the person or pereons on whose behalf the shares are registered in his name.
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If any person on being so required neglects or fails to comply with the notice within the time limited by the notice, he shall be liable to a penalty of twice the amount of super-tax that would be chargeable at the highest rate in respect of the amount of the income apportioned to such shares.
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12. In this schedule the expression “Board of Referees” means the Board of Referees for the purposes of Rule 6 of the rules applicable to Cases I. and 11. of Schedule D.
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