Finance Act, 1942

Amendment of section 43 of the Finance Act, 1941.

18.—(1) Section 43 of the Finance Act, 1941 (No. 14 of 1941), is hereby amended by the insertion in paragraph (a) thereof of the following sub-paragraph (ii) in lieu of the sub-paragraph (ii) now contained in that paragraph, that is to say:—

“(ii) the amount of the remuneration which was allowed in determining the standard profits of such company or which would have been so allowed if in determining the said standard profits all references to the sum of two thousand five hundred pounds had been deleted from the provisions in this Part of this Act relating to the determination of standard profits;”.

(2) The amendment of the said section 43 made by the foregoing sub-section of this section shall apply and have effect in relation to every accounting period ending after the 31st day of December, 1941.