HC Deb 28 October 1949 vol 468 c1661

"That the profits tax payable on distributed profits (and sums treated as such) shall be increased by—

  1. (a) substituting as respects any chargeable accounting period ending after the end of September, nineteen hundred and forty-nine—
    1. (i) thirty per cent. for twenty-five per cent, as the rate of any tax not being a distribution charge; and
    2. (ii) twenty per cent. for fifteen per cent. as the rate of any relief for non-distribution and as that of any distribution charge;
  2. (b) dividing for all or any purposes of the profits tax any accounting period of a body corporate, unincorporated society or other body falling partly before and partly after the end of that month into two chargeable accounting periods ending and beginning at the end of that month;
  3. (c) treating dividends declared on or after the twenty-seventh of that month wholly or partly as a distribution for a chargeable accounting period ending after the end of that month;
and that any Act of the present Session giving effect to this Resolution may contain provisions consequential on or incidental to any of the foregoing provisions of this Resolution."

Resolution read a Second time.

Question, "That this House doth agree with the Committee in the said Resolution," put, forthwith, pursuant to Standing Order No. 86 (Ways and Means Motions and Resolutions), and agreed to.

Bill ordered to be brought in upon the said Resolution by the Chairman of Ways and Means, the Chancellor of the Exchequer and Mr. Glenvil Hall.