Finance Act, 1963
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Allowance of deductions in respect of loan interest, etc. |
69.—(1) With effect as on and from the 1st day of January, 1963, in computing the profits of a society for the purposes of corporation profits tax, deductions shall, notwithstanding anything in paragraph (b) of the proviso to subsection (2) of section 53 of the Finance Act, 1920 , be allowed in respect of share interest and loan interest. | |
(2) For the purpose of giving effect to subsection (1) of this section, to subsection (5) of section 70 of this Act and to the repeal by this Act of part of paragraph (h) of the proviso to subsection (2) of section 53 of the Finance Act, 1920 , and section 53 of the Finance Act, 1921 , where part of an accounting period is before and part after the beginning of the 1st day of January, 1963, the following provisions shall apply: | ||
(a) the profits of the accounting period shall first be computed as if this Act had not been passed and the profits attributable to the part of the accounting period before the 1st day of January, 1963, shall be taken to be the sum which bears to the profits of the accounting period computed as aforesaid the same proportion as the length of that part bears to the length of the accounting period; | ||
(b) the profits of the accounting period shall then be computed as if subsection (1) of this section and subsection (5) of the said section 70 and the said repeal had effect as respects the whole of any accounting period ending on or after the 1st day of January, 1963, and the profits attributable to the part of the accounting period after the 31st day of December, 1962, shall be taken to be the sum which bears to the profits of the accounting period computed as aforesaid the same proportion as the length of that part bears to the length of the accounting period, and | ||
(c) the profits of the accounting period for the purposes of corporation profits tax shall be ascertained by adding together the sums which under the foregoing paragraphs are to be taken to be the profits attributable respectively to the parts of the accounting period before the 1st day of January, 1963, and after the 31st day of December, 1962. |