Finance Act 1940

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Part III. Excess Profits Tax and National Defence Contribution.

26 Raising of rate of excess profits tax

27 Provisions to replace s. 13(7) of Finance (No. 2) Act, 1939.

28 New provisions as to interconnected companies.

29 Investments held by members of groups of bodies corporate.

30 Relief in respect of excess profits tax in dominions, &c

31 Miscellaneous amendments as to standard profits.

32 Disallowance, in computing profits, of certain expenses.

33 Miscellaneous amendments as to computation of profits for excess profits tax.

34 Miscellaneous amendments as to computation of capital.

35 Computation of profits and capital in the case of trades and businesses not falling within Case I of Schedule D.

36 Provisions as to computation losses.

37 Amendments as to deficiencies of profits.

38 Successions and amalgamations.

39 Amendments as to relation of excess profits tax to national defence contribution.

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41 Definition of ordinary share capital.

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Part V Miscellaneous

60 Extension of power of Treasury to attach exemptions from taxation to securities.

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65 Short title, construction, extent and repeal.

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Schedule 5 Provisions as to Excess Profits Tax and National Defence Contribution in the case of Interconnected Companies

Part I Assessment of excess profits tax

1(1) If, for any period after the end of March,...

2Every assessment to excess profits tax made in respect of...

3Paragraph I of Part III of the Fifth Schedule to...

Part II The group standard period and the group standard profits

1(1) This Part of this Schedule shall have effect with...

2(1) If the trade or business of any of the...

3(1) If the group is one to which the last...

4(1) Whether the group is or is not such a...

Part III Ascertainment of standard profits of members and ascertainment of excesses and deficiencies of profits

1The standard profits of a body corporate which is a...

2(1) If the group is such a group as is...

3(1) If the group is not such a group as...

4If by virtue of an election of the principal company...

5(1) If in the case of the trade or business...

Part IV Miscellaneous Provisions

1(1) Subsection (1) of section seventeen of the Finance (No.2)...

2(1) In this paragraph, the expression “the borrowed money rules”...

3(1) This paragraph applies to a subsidiary member of a...

4In this paragraph— the expression “period of charge” means, in...

5If at any time after the thirty-first day of March,...

6(1) Subject to the provisions of sub-paragraph (2) of this...

7(1) Neither section nineteen of the Finance (No.2) Act, 1939...

8For each subsidiary member of a group of companies, there...

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10(1) In the case of a member of a group...

11Any appeal from any assessment to, or determination with respect...

12Any dispute arising between any bodies corporate with respect to...

13(1) In this Schedule, the expression “new subsidiary,” in relation...

Sixth Schedule. Additional provisions as to assessment and collection of excess profits tax and the national defence contribution.

1On an appeal against an assessment to excess profits tax...

2Where an appeal is pending against an assessment to excess...

3The provisions of paragraphs 1 and 2 of this Schedule...

4Where, for any period, excess profits tax would be assessable...

5Any payment made under an assessment to excess profits tax...

6In this Schedule the expression “subsisting assessment” means an assessment...

7Where the chargeable accounting periods for the purposes of excess...

8Any apportionment required to be made by the last preceding...

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Royal arms

Finance Act 1940

1940 CHAPTER 29 3 and 4 Geo 6

An Act to grant certain duties of Customs and Inland Revenue (including Excise), to alter other duties, and to amend the law relating to Customs and Inland Revenue (including Excise) and the National Debt, and to make further provision in connection with Finance.

[27th June 1940]X1