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28 The Profits Tax

Volume 463: debated on Wednesday 6 April 1949

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"That the extent and incidence of the profits tax for past, current and future chargeable accounting periods shall be varied so as to give effect to provisions amending the law applicable to income tax allowances or deductions, or charges, in respect of machinery or plant, and to provisions as to the liability to the profits tax of persons, being underwriting members of Lloyd's or of certain other associations, who elect to take advantage of arrangements approved by the Commissioners of Inland Revenue as to special reserve funds."