HC Deb 14 April 1953 vol 514 cc70-1

24. Excess profits levy (miscellaneous charges)

Resolved, That it is expedient to authorise all such charges to the excess profits levy (including charges for past chargeable accounting periods) as may result—

  1. (a) from excluding from paragraph 10 of the Ninth Schedule to the Finance Act, 1952 (which enables deductions to be spread over more than one accounting period), any deduction for expenditure incurred more than twelve months after the end of the period of charge;
  2. (b) from amendments of the law relating to the computation of profits or gains or losses for income tax purposes or to allowances, deductions or charges for income tax purposes;
  3. (c) from any provision as to the treatment for taxation purposes of overseas profits or income not freely remittable to the United Kingdom (including profits or income chargeable to income tax for the year 1952–53 or to the profits tax or the excess profits levy for a past chargeable accounting period);
  4. (d) from the repeal of proviso (a) to subsection (2) of section three hundred and forty-eight of the Income Tax Act, 1952, or of paragraph 2 of Part II of the Seventeenth Schedule to that Act, or from the repeal applying to past profits for purposes of the profits tax or the excess profits levy where it applies to them for the purposes of income tax;
  5. (e) from any provision enabling a person claiming double taxation relief in respect of income tax, the profits tax or the excess profits levy to postpone the whole or part of any capital allowances.

25. Excess profits levy (iron and steel companies)

Resolved, That, if under any Act of the present session a body corporate is set up having the function of returning to private ownership the iron and steel undertakings of companies which become its subsidiaries under the Act, then for the purposes of the excess profits levy the standard profits of any such company shall be computed as if the amount or value of such distributions made by it as may be determined under any Act giving effect to this Resolution were sums paid by it in cash by way of repayment of its share capital.—[Mr. Butler.]

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