HC Deb 23 October 1945 vol 414 c1905

Resolved: That, subject to the provisions of any Act of the present Session making further provision in connection with finance—

  1. (a) sums received under schemes certified by the Board of Trade under Section twenty- five of the Finance Act, 1935, or under schemes for the elimination or reduction of redundant works, machinery or plant, or for other similar purposes, to which effect is given by or under any Act (whether passed before or after the passing of this Resolution) shall be treated for the purposes of income tax as if they were trading receipts;
  2. (b) where any sums so received are not so treated, contributions paid under the scheme shall, to a corresponding extent, not be allowed to be deducted in computing profits;
  3. (c) where a contribution paid under any such scheme as aforesaid is allowed to be deducted in computing profits and the whole or part thereof is subsequently repaid, the deduction of the contributionor of so much thereof as is repaid shall be deemed to be an unauthorised deduction; and
  4. (d) where a certificate granted with respect to a scheme under the said Section is cancelled or a scheme to which effect is given as aforesaid comes to an end, any funds held for the purposes of the scheme shall be chargeable to income tax."