Finance Act, 1943

Amendment of certain provisions relating to computation of profits.

13.—(1) The following enactments, that is to say:—

(a) paragraph (b) of sub-section (2) of section 39 of the Finance Act, 1941 (No. 14 of 1941), as amended by sub-section (1) of section 16 of the Finance Act, 1942 (No. 14 of 1942), and

(b) paragraph (a) of sub-section (2) of the said section 16 of the Finance Act, 1942 , and

(c) paragraph (b) of sub-section (3) of section 41 of the Finance Act, 1941 (No. 14 of 1941), as amended by sub-section (1) of section 17 of the Finance Act, 1942 (No. 14 of 1942), and

(d) sub-section (2) of the said section 17 of the Finance Act, 1942 ,

are hereby severally amended, for the purpose mentioned in the next following sub-section of this section, by the substitution of the expression “the rate of nine per cent. per annum” for the expression “the rate of seven and one-half per cent. per annum” wherever the latter expression occurs in the said enactments respectively, and by the substitution of the expression “the rate of ten and one-half per cent. per annum” for the expression “the rate of nine per cent. per annum” wherever the latter expression occurs in the said enactments respectively.

(2) The several amendments made by the foregoing sub-section of this section shall have effect only in relation to any computation for the purposes of excess corporation profits tax made by reference to the following profits, that is to say:—

(a) profits which arise or have arisen in an accounting period beginning on or after the 1st day of January, 1943, and

(b) profits which arise or have arisen in the part subsequent to the 31st day of December, 1942, of an accounting period beginning before and ending on or after the 1st day of January, 1943.

(3) All such apportionments shall be made as may be requisite for the purposes of the foregoing provisions of this section in respect of an accounting period beginning before and ending on or after the 1st day of January, 1943, and every such apportionment shall be made in proportion to the respective lengths of the part of such accounting period prior to the 1st day of January, 1943, and the part thereof subsequent to the 31st day of December, 1942.

(4) This section shall be read and construed together with Part V of the Finance Act, 1920, as amended or extended by subsequent enactments and in particular, shall be read and construed together with Part V of the Finance Act, 1941 (No. 14 of 1941), and Part IV of the Finance Act, 1942 (No. 14 of 1942).