Finance Act, 1967

Amendment of Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956.

22.—(1) In section 2 of the Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956 , “thirty years” is hereby substituted for “twenty years” and in section 6 (1) of that Act “two hundred and forty months” is hereby substituted for “forty-eight months”.

(2) Accordingly—

(a) in section 6 of that Act—

(i) “exemption period” is hereby substituted for “first term” in subsection (1);

(ii) the following subsections are hereby substituted for subsections (2) to (6):

“(2) So much, as is referable to the profits, of the corporation profits tax chargeable on the company for an accounting period beginning before the commencement day and ending within the exemption period shall not be payable.

(3) So much of the corporation profits tax chargeable on the company for an accounting period beginning before the end of the exemption period and ending after the exemption period as is referable to the profits and is attributable to the part of the accounting period falling within the exemption period shall not be payable.

(4) For the purpose of giving effect to subsection (3) of this section, the corporation profits tax attributable, by virtue of that subsection, to the respective parts of an accounting period beginning within the exemption period and ending after the exemption period, shall be ascertained by apportionment, and every such apportionment shall be made by reference to the respective lengths of the said parts:

Provided, however, that, if the company has ceased permanently during any such accounting period to carry on the trade of working the mine, then, for the purpose of ascertaining the amounts of the said corporation profits tax which are attributable to the parts of an accounting period beginning within the exemption period and ending after the exemption period, the portion of the accounting period from the beginning thereof up to the date of cessation of the trade of working the mine shall be taken as a separate accounting period.”;

(b) in section 9 (2) of that Act, “exemption period” is hereby substituted for “second term”.