Finance Act 1950

[F1 41 Remission in certain cases of interest on tax in arrear by reason of exchange restrictions. U.K.

(1) The provisions of this section shall have effect where the Commissioners of Inland Revenue are satisfied as respects any tax carrying interest under section eight of the Finance (No. 2) Act, 1947,—

(a) that the tax is in respect of profits or income arising in a country outside of the United Kingdom ; and

(b) that, as the result of action of the government of that country, it is impossible for the profits or income to be remitted to the United Kingdom ; and

(c) that having regard to the matters aforesaid and for all the other circumstances of the case it is reasonable that the tax should for the time being remain uncollected,

and the Commissioners allow the tax to remain uncollected accordinly

(2) Interest on the said tax shall, subject to the provisions of subsection (3) of this section, cease to run under the said section eight as from the date on which the Commissioners of Inland Revenue were first in possession of the information necessary to enable them to be satisfied as aforesaid, and, if the said date is no later than three months from the time when the tax became due and payable, the interest thereon under the said section eight in respect of the period before the said date shall be remitted.

(3) Where, under subsection (2) of this section, interest has ceased to run on any tax and thereafter demand is made by the collector or other proper officer for payment of all or any of that tax, interest under the said section eight shall again begin to run from the date of the demand in respect of the amount demanded :

Provided that where all or any part of the amount demanded is paid not later than three months from the date of the demand, the interest under the said section eight on the amount so paid running from the date of the demand shall be remitted.

(4) This section shall apply in relation to all assessments made whether before or after the passing of this Act, and, in relation to any assessment made before the passing of this Act, shall be deemed always to have had effect :

Provided that no sum actually paid before the twenty-seventh day of June, nineteen hundred and fifty, in respect of any interest shall be repaid by virtue of the provisions of this section.]

Textual Amendments

F1 S. 41 repealed so far as relating to income tax carrying interest by Income Tax Act 1952 (c. 10), ss. 527, 529(2)(j), Sch. 25

Modifications etc. (not altering text)

C1 S. 41 extended by Finance Act 1952 (c. 33), s. 62(1)(a)