§ (1) The amount of the National Defence Contribution payable in respect of the profits arising from a trade or business in any chargeable accounting period shall be allowed to be deducted as an expense in computing for the purpose of Income Tax the profits and gains arising from that trade or business in that period.
§ (2) Where an amount is allowed to be deducted as an expense by virtue of this Section, any Income Tax overpaid in consequence thereof by any person shall be repaid to him.—[Sir J. Simon.]
§ Brought up, and read the First and Second time, and added to the Bill.