Finance Act, 1941
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Amendments of enactments relating to corporation profits tax. |
35.—(1) Paragraphs (c), (d), and (e) of sub-section (1) of section 47 of the Finance Act, 1932 (No. 20 of 1932), shall not apply or have effect in respect of any accounting period ending on or after the 1st day of January, 1941, and in lieu thereof the following provisions shall (subject to the next following section) apply and have effect in respect of every accounting period so ending, that is to say:— | |
(a) sub-section (1) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if for the words “five per cent.” contained therein there were substituted the words “ten per cent.”; | ||
(b) section 31 of the Finance Act, 1928 (No. 11 of 1928), shall be construed and have effect as if for the words “seven and one-half per cent.” contained therein there were substituted the words “twelve and one-half per cent.”; | ||
(c) sub-section (2) of section 30 of the Finance Act, 1926 (No. 35 of 1926), shall not apply and in lieu thereof sub-section (2) of section 45 of the Finance Act, 1925 (No. 28 of 1925), shall apply and accordingly the proviso to sub-section (1) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if for the words “five hundred pounds” wherever those words occur in that paragraph there were substituted the words “two thousand five hundred pounds”. | ||
(2) The following provisions shall apply and have effect in respect of every accounting period ending on or after the 1st day of January, 1941, that is to say:— | ||
(a) paragraph (b) of the proviso to sub-section (1) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if for the words “ten per cent.” now contained therein there were substituted the words “fifteen per cent.”; | ||
(b) sub-section (4) of section 56 of the Finance Act, 1920 (as adapted by or under subsequent enactments) shall be construed and have effect as if the words “six years after the end of the accounting period or part of an accounting period” were substituted for the words “three years after the end of the accounting period” now contained therein. |