Electricity Act 1957

24 Provisions as to income tax and profits tax

(1) For the purposes of the enactments relating to income tax, and of the enactments relating to the profits tax, the Electricity Council shall be treated as carrying on a trade or business ; and, subject to the following provisions of this section, those enactments—

(a) shall have effect, and shall be deemed always to have had effect, as if the trade or business carried on by the Central Authority at any time before the vesting date had been the trade or business of the Electricity Council;

(b) shall have effect, and shall be deemed always to have had effect, as if any reference in those enactments to the Central Authority were a reference to the Electricity Council; and

(c) shall have effect, in relation to any time on or after the vesting date, as if any reference in those enactments to an Area Board included a reference to the Generating Board.

(2) For the purposes of the enactments relating to income tax, the trade carried on by the Central Authority shall not be treated as permanently discontinued on the vesting date, nor shall a new trade be treated as set up and commenced on that date by the Generating Board or the Electricity Council.

(3) For the avoidance of doubt it is hereby declared that nothing in paragraph (b) of subsection (1) of this section shall be taken to affect the construction, in section forty of the Finance Act, 1947 (which relates to profits tax in respect of nationalised undertakings), of any reference to the principal Act; but the said paragraph (b) shall apply in relation to any reference in the said section forty to the Authority constituted by the principal Act, as it applies in relation to other references to the Central Authority in the enactments relating to the profits tax.

(4) For the purposes of the operation of the enactments relating to income tax and to the profits tax respectively in accordance with the preceding provisions of this section, the Electricity Council shall be deemed to have been in existence as from the first day of April, nineteen hundred and forty-eight, and anything done by, to or in relation to the Central Authority, whether before or after the passing of this Act, shall be treated as if it had been done by, to or in relation to the Electricity Council.