HC Deb 09 April 1957 vol 568 cc1006-7

17. Profits tax (miscellaneous charges)

Motion made, and Question, That it is expedient to authorise all such charges to the profits tax (including charges for past chargeable accounting periods) as may result—

  1. (a) from amendments of the law relating to allowances, -deductions or charges for income tax purposes;
  2. (b) from amendments of the enactments relating to the profits tax the main purpose of which is to afford special treatment for companies operating overseas and companies with subsidiaries operating overseas;
  3. (c) from any provision that, in computing the profits of the South of Scotland Electricity Board for the purposes of the profits tax for any chargeable accounting period (including a past chargeable accounting period) no deduction shall be made for payments made by the Board by way of interest on any sum treated as a loan to the Board under subsection (3) of section seven of the Electricity Reorganisation (Scotland) Act. 1954, or by way of interest on any borrowings of the Board which directly or indirectly replace that sum or any part of it.—[Mr. P. Thorneycroft.]

put and agreed to.

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