Finance Act, 1941

Imposition of excess sur-tax.

5.—(1) Notwithstanding anything contained in sub-section (2) of section 1 of this Act, and subject to the provisions of this Part of this Act, where the total income of any individual for the year beginning on the 6th day of April, 1941, exceeds one thousand five hundred pounds and includes profits from any trade or business to which this Part of this Act applies carried on by him either solely or in partnership with another person or other persons, an additional duty of sur-tax (in this Part of this Act referred to as excess sur-tax) shall be charged for that year at the rate of seven shillings and sixpence in the pound in respect of so much of the said income as is equal to whichever of the following amounts is the lesser, that is to say:—

(a) the amount by which the said profits exceed the standard profits calculated in accordance with this Part of this Act, or

(b) the amount by which the said total income exceeds the standard total income calculated in accordance with this Part of this Act.

(2) Excess sur-tax for the year beginning on the 6th day of April, 1941, may be assessed and recovered notwithstanding that sur-tax has already been assessed for that year.

(3) Excess sur-tax shall be a sur-tax, and accordingly all enactments for the time being in force in relation to sur-tax shall, so far as they are not inconsistent with this Part of this Act, apply and have effect in relation to excess sur-tax.