Finance Act, 1964

Amendment of section 52 of Finance Act, 1920.

26.—(1) With effect as on and from the 1st day of January, 1964, subsection (3) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if, in the definition of the word “company” contained in that subsection, the words “nor a private company the liability of whose members is unlimited” were omitted.

(2) For the purpose of giving effect to subsection (1) of this section, where part of an accounting period is before and part after the beginning of the 1st day of January, 1964, the total profits of the accounting period shall be apportioned between the period up to and the period beginning on that date in proportion to the respective lengths of those periods, and corporation profits tax shall be charged only on so much of the profits as are apportioned to the period beginning on that date, and that period shall be deemed to be an accounting period.