HC Deb 29 September 1939 vol 351 cc1649-50

Resolution reported: Charge of Excess Profits Tax.

" That—

  1. (a)where the profits of any trade or business arising in so much of any accounting period as falls after the thirty-first day of March, nineteen hundred and thirty-nine, exceed a certain standard, there shall be charged on the excess a tax of sixty percent.;
  2. (b)armament profits duty shall in no case be chargeable and the national defence contribution shall only be chargeable if it is higher than the tax chargeable under this Resolution;
  3. (c)the tax chargeable under this Resolution in respect of a trade or business for any 1650 period shall be allowed as an expense for income tax purposes incurred in that period but any repayment of the said tax allowed by reason of a deficiency of profits in a subsequent period shall be taken into account for income tax purposes as if it were a profit of the trade or business arising in that subsequent period;
  4. (d) special provision may be made as to the tax payable in the case of interconnected companies."

Bill ordered to be brought in upon the said Resolutions by the Chairman of Ways and Means, the Chancellor of the Exchequer, and Captain Crookshank.