Finance Act, 1921
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Deduction for mortgage interest to be allowed in case of certain companies for purposes of corporation profits tax. |
57.—(1) Where not less than one-half of the gross income of any company is derived from the rents or profits of lands or tenements in the United Kingdom then, notwithstanding anything in proviso (b) to subsection (2) of section fifty-three of the Finance Act, 1920 , there shall, in determining the profits of the company for the purposes of corporation profits tax, be allowed a deduction in respect of the interest on any mortgages charged on those lands or tenements, but not including interest on any debentures charged on all the assets of the company. | |
(2) This section shall be deemed to have had effect as from the commencement of the Finance Act, 1920 . |