1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
2—4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
11, 12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
13, 14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
17, 18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
21—35.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
37
The following subsection shall be substituted for subsection (1) of section twenty-eight of the Finance Act, 1941:—
“(1)After the termination of hostilities in the present war, there shall be ascertained and recorded, as respects every person who has paid any excess profits tax for any of the periods in respect of which the tax is chargeable at the rate of a hundred per cent. the amount (if any) by which the total sum paid by him by way of excess profits tax and the national defence contribution (less any sum repaid or payable on account of any deficiency of profits or otherwise) would have been decreased if the rate of excess profits tax had been eighty per cent. in respect of all those periods, and the amount so ascertained and recorded as aforesaid shall, . . . , be repaid at such date as Parliament may hereafter determine:
Provided that, in ascertaining the said amount, the capital employed in the trade or business shall be computed on the basis that the rate of tax during the said periods was a hundred per cent.”
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38
Neither excess profits tax . . . shall be chargeable in respect of the interest on tax reserve certificates issued by the Treasury.
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39
The right of appeal to the Board of Referees conferred by the proviso to subsection (4) of section thirty-eight of the Finance Act, 1940 (which subsection enables the Commissioners to modify the enactments relating to the computation, for the purposes of excess profits tax, of profits and capital in certain cases of succession or amalgamation) shall extend to cases where the Commissioners refuse to make any modification requested by the person carrying on the trade or business, and accordingly for the said proviso the following proviso shall be substituted:—
“ Provided that if the Commissioners make any such modifications and the person carrying on the trade or business is dissatisfied with the modifications so made, or if the Commissioners refuse to make any modifications requested by the person carrying on the trade or business and he is dissatisfied with the refusal, he may appeal to the Board of Referees. ”
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40
It is hereby declared that the provisions of Part III of this Act as to the certification for the purposes of subsection (1) of section eighteen of the Finance Act, 1941, of arrangements for the concentration of industry or business in the hands of fewer persons have effect also for the purposes of section thirty-seven of that Act (which relates to the treatment for purposes of excess profits tax of trades and businesses affected by arrangements to which the said section eighteen applies) and for the purposes of the said section thirty-seven as applied by section forty-three of that Act to the national defence contribution.
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41
The enactments relating to excess profits tax and the national defence contribution shall be deemed always to have had effect as amended and extended by this Part of this Act.
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42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
Part VU.K. Miscellaneous and General
44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.
47 Transfer and registration of Government stock.U.K.
(1)The Treasury may by regulations provide—
(a)for the transfer in law by instrument in writing [or otherwise] of stock and registered bonds of the descriptions specified in Part I of the Eleventh Schedule to this Act;
(b)for the keeping by the Banks of England and Ireland of registers of the holders of such stock and bonds and as to the matters to be entered in the registers, and for enabling the registers to be closed in such circumstances as may be prescribed by the regulations;
[(bb)for the redemption of such stock and bonds;]
(c)as to the issue [except in such cases as appear to the Treasury to be appropriate] of documents of title relating to such stock and bonds and as to evidence of title thereto;2
(d)as to the transfer of such stock or bonds from England to Ireland and from Ireland to England;
(e)for any incidental, supplementary or transitional matters relating to such stock and bonds, and to transactions connected therewith, for which it appears to the Treasury to be necessary or expedient to provide.
[(1A)Regulations under subsection (1) of this section may make provision authorising the Bank of England, in such circumstances and subject to such conditions as may be prescribed in the regulations, to transfer stock and bonds standing in their books in the name of a deceased person into the name of another person without requiring the production of probate, confirmation or letters of administration.]
(2)As from the date on which the first regulations made under this section come into operation, all such stock and bonds as aforesaid shall be transferable in law in manner provided by regulations so made, and in no other manner, and accordingly the enactments and Order in Council set out in Part II of the Eleventh Schedule to this Act shall be amended to the extent specified in the third column of that Part, and the enactments and Order in Council set out in Part III of the said Schedule shall be repealed to the extent specified in the third column of that Part.
(3)When the Treasury propose to make any regulations under this section, they shall lay a draft thereof before Parliament, and if either House of Parliament within the period of forty days beginning with the day on which the draft of the regulations is laid before it resolves that the regulations shall not be made, no further proceedings shall be taken thereon, but without prejudice to the laying of new draft regulations before Parliament.
In reckoning any such period of forty days as aforesaid no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.
(4)Nothing in this section shall affect—
(a)any stock in respect of which a stock certificate issued under Part V of the National Debt Act 1870, is for the time being outstanding, or any other bearer security;
(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)the [National Savings Stock Register], or any stock or securities for the time being . . . registered therein.
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48†Amendment of ss. 53 and 55 of National Debt Act 1870.U.K.
(1)Section . . . fifty-five of the National Debt Act 1870 (which relate to the transfer and re-transfer of unclaimed stock) shall, in relation to the Bank of England, have effect as if the references to the deputy accountant general of the Bank included references to the assistant accountant general of the Bank, and as if the references to the secretary or deputy or assistant secretary of the Bank were omitted, and any enactment applying those sections or either of them shall have effect accordingly.
(2)Nothing in the last foregoing subsection shall affect the validity of anything done before the passing of this Act.
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49†Short title, construction, extent and repeal.U.K.
(1)This Act may be cited as the Finance Act 1942.
(2)—(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)Any reference in this Act to any other enactment shall, except in so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.
(7)Such of the provisions of Parts I and V of this Act as relate to matters with respect to which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.
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