Finance Act, 1946
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Amendment of section 37 of the Finance Act, 1941, and section 14 of the Finance Act, 1942. |
25.—(1) Section 37 of the Finance Act, 1941 (No. 14 of 1941), is hereby amended in the following respects— | |
(a) by the insertion, in paragraph (a) of subsection (2), of the words and figures “and ending on or before the 31st day of December, 1946,” after the figures “1941”; | ||
(b) by the insertion, in subsection (2), of the following new paragraph— | ||
“(c) so much of the profits (being profits to which Part V of the Finance Act, 1920 , as amended by subsequent enactments, applies) which arise or have arisen in the part prior to the 1st day of January, 1947, of any accounting period beginning before and ending on or after the 1st day of January, 1947, as exceeds the standard profits as defined as aforesaid.”; | ||
(c) by the insertion, in subsection (3), of the following new paragraph— | ||
“(c) the profits arising in any accounting period beginning before and ending on or after the 1st day of January, 1947, shall be apportioned between the part of that accounting period which is prior to the 1st day of January, 1947, and the part thereof which is subsequent to the 31st day of December, 1946, in proportion to the respective lengths of those parts.”. | ||
(2) Subsection (1) of section 14 of the Finance Act, 1942 (No. 14 of 1942), is hereby amended in the following respects— | ||
(a) by the insertion of the words and figures “and ending on or before the 31st day of December, 1946” after the figures “1941”, where those figures first occur; and | ||
(b) by the insertion of the words and figures “and also the portion prior to the 1st day of January, 1947, of an accounting period beginning before and ending on or after the 1st day of January, 1947” after the figures “1941” where those figures secondly occur. |