Finance Act, 1926
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PART IV. Corporation Profits Tax. | ||
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Increase of exemption from corporation profits tax. |
30.—(1) In respect of every accounting period beginning before and ending on or after the 1st day of January, 1926, the proviso to sub-section (1) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if the following paragraph were inserted therein in lieu of the paragraph (a) now contained in the said proviso, that is to say:— | |
“(a) in the case of every accounting period beginning before and ending on or after the 1st day of January, 1926, the profits arising in the accounting period shall be apportioned between the part of the period which is before that date and the part of the period which is after the 31st day of December, 1925, in proportion to the respective lengths of those parts, and no tax shall be charged on so much of the profits apportioned to the first-mentioned part of the period as bears to one thousand pounds the same proportion as such first-mentioned part of the period bears to twelve months, and no tax shall be charged on so much of the profits apportioned to the second-mentioned part of the period as bears to ten thousand pounds the same proportion as such second-mentioned part of the period bears to twelve months.” | ||
(2) In respect of every accounting period beginning and ending after the 31st day of December, 1925, paragraph (a) of the proviso to sub-section (1) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if the words “ten thousand pounds” were inserted in lieu of the words “five hundred pounds” wherever the last-mentioned words occur in the said paragraph. | ||
(3) Section 45 of the Finance Act, 1925 (No. 28 of 1925), shall not apply to any accounting period to which this section applies. |