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Relief from corporation profits tax.
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6.—(1) So much of the corporation profits tax chargeable on the company for an accounting period beginning on or after the commencement day and ending within a period (hereinafter in this Act referred to as the first term) of forty-eight months beginning on the commencement day as is referable to the profits shall not be payable.
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(2) One-half of so much of the corporation profits tax chargeable on the company for an accounting period beginning after the first term and ending within a period (hereinafter in this Act referred to as the second term) of forty-eight months beginning on the day next following the last day of the first term as is referable to the profits shall not be payable.
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(3) So much, as is referable to the profits, of the corporation profits tax chargeable on the company for an accounting period beginning before the commencement day and ending within the first term shall not be payable.
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(4) So much of the corporation profits tax chargeable on the company for an accounting period beginning within the first term and ending within the second term as is referable to the profits and is attributable to the part of the accounting period falling within the first term shall not be payable, and one-half of the corporation profits tax which is referable to the profits and is attributable to the part of the accounting period falling within the second term shall not be payable.
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(5) One-half of so much of the corporation profits tax chargeable on the company for an accounting period beginning before the end of the second term and ending after the second term as is referable to the profits and is attributable to the part of the accounting period falling within the second term shall not be payable.
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(6) For the purpose of giving effect to subsections (4) and (5) of this section, the corporation profits tax attributable, by virtue of those subsections, to the respective parts of an accounting period beginning within the first term and ending within the second term or, as the case may be, beginning before the end of the second term and ending after the second term, shall be ascertained by apportionment, and every such apportionment shall be made by reference to the respective lengths of the said parts:
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Provided, however, that, if the company has ceased permanently during any such accounting period to carry on the trade of working the mine, then, for the purpose of ascertaining the amounts of the said corporation profits tax which are attributable to the parts of an accounting period beginning within the first term and ending within the second term or, as the case may be, to the parts of an accounting period beginning before the end of the second term and ending after the second term, the portion of the accounting period from the beginning thereof up to the date of cessation of the trade of working the mine shall be taken as a separate accounting period.
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