Finance Act, 1929
|
PART IV. Corporation Profits Tax. | ||
|
Continuance of certain exemptions from corporation profits tax. |
33.—(1) During the period beginning on the 1st day of January, 1929, and ending on the 31st day of December, 1931, Part V of the Finance Act, 1920 , as amended or adapted by or under subsequent legislation shall not apply— | |
(a) in the case of a public utility company which, by or by virtue of any Act, is precluded in respect of the whole of the trade or business carried on by it either from charging any higher price or from distributing any higher rate of dividend than that authorised by or by virtue of such Act, to any of the profits of such company, or | ||
(b) in the case of a public utility company which, by or by virtue of any Act, is precluded in respect of part only of the trade or business carried on by it either from charging any higher price or from distributing any higher rate of dividend than that authorised by or by virtue of such Act, to so much of the profits of such company as are derived from the part of its trade or business to which such preclusion applies, or | ||
(c) in the case of a company which owns a controlling interest in and directs or is entitled to direct the management of any public utility company, the profits derived by the first-mentioned company from such public utility company, or | ||
(d) in the case of a company which carries on, either solely or in conjunction with any other business, the business of a building society, to so much of the profits of such company as are derived from its trade or business as a building society. | ||
(2) In this section the expression “public utility company” means such a company as is mentioned in paragraph (i) of the proviso to sub-section (2) of section 52 of the Finance Act, 1920 . |