HC Deb 20 April 1937 vol 322 c1651

Resolved, That, in the case of any trade or business of any description (including agencies and, in the case of bodies corporate, the holding of investments or other property), there shall be charged, on the sum by which the profits arising in any period of account ending after the fifth day of April, nineteen hundred and thirty-seven, exceed such standard as Parliament may determine, a tax not exceeding one-third of the said sum.