Finance Act, 1922
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Part III. Excess Profits Duty. | ||
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Payment of excess profits duty by instalments. 11&12 Geo. 5. c. 32. 7 & 8 Geo. 5. c. 31. |
34. — (1) Subject to the provisions of this section, the Commissioners of Inland Revenue may, on an application made in that behalf by any person by whom any excess profits duty under the Finance (No. 2) Act, 1915 (in this Part of this Act referred to as “the principal Act”), is payable, authorise the payment of the duty by means of quarterly instalments within the period of five years ending on the thirty-first day of December, nineteen hundred and twenty-six. | |
(2) The Commissioners of Inland Revenue may, as a condition of granting an application under this section, require the applicant to give such security for the due payment of the instalments as they think fit, and may, at their discretion at any time, revoke any authorisation granted under this section, but in any case in which such security as aforesaid has been given, only after three months' notice has been given by the Commissioners of their intention to revoke the authorisation. | ||
(3) If any person is aggrieved by the refusal of the Commissioners of Inland Revenue to grant an application made by Mm under this section or by the revocation of an authorisation granted to him under this section, he may, at any time within fourteen clays after the date on which notice is given to him by the Commissioners of the refusal or revocation, as the case may be, appeal against the refusal or revocation to the Special Commissioners of Income Tax and the decision of the Special Commissioners on the appeal shall be final. | ||
Any person intending to appeal to the Special Commissioners under the foregoing provision shall give notice of his intention to the Commissioners of Inland Revenue. | ||
(4) Simple interest at the rate of four and a half per cent, per annum, without deduction for income tax, shall be chargeable on excess profits duty as from the date on which the duty becomes payable, or in the case of duty which became payable on or before the first day of January, nineteen hundred and twenty-two, as from that date. | ||
Any such interest shall be payable in money and shall be recoverable as a debt due to His Majesty from the person by whom the duty in respect of which the interest is charged is payable. | ||
(5) Any instalments of excess profits duty and any interest on arrears of excess profits duty payable by any person under this section shall be paid on such dates as the Commissioners of Inland Revenue may fix. | ||
(6) For the purposes of this section, any reduction made after the first day of January, nineteen hundred and twenty-two, in the amount of an assessment to excess profits duty shall, subject as hereinafter provided, be deemed to have been made as on that date or as on the date on which the duty under that assessment became payable, whichever date is the later : | ||
Provided that any reduction of the amount of duty payable, made in pursuance of the provisions of Part II. or Part III. of the Second Schedule to the Finance Act, 1921 , shall have effect as from the thirty-first day of August, nineteen hundred and twenty-three, and the thirty-first day of August, nineteen hundred and twenty-five, respectively, or from the date at which the claim under those provisions could have been proved, whichever is the earlier. | ||
(7) In valuing any stock or bonds transferred in satisfaction of excess profits duty under section thirty-four of the Finance Act, 1917, no account shall be taken for the purpose of the deduction to be made under proviso (a) of subsection (4) of the said section of any interest accruing due after the thirty-first day of December, nineteen hundred and twenty-one. | ||
(8) For the purposes of this section, excess profits duty shall be deemed to become payable on the expiration of three months from the date on which the assessment to duty is made. | ||
(9) This section shall, subject to the necessary modifications, apply to munitions exchequer payments as it applies to excess profits duty. | ||
(10) This section shall be deemed to have had effect as from the first day of January, nineteen hundred and twenty-two. |