Search Legislation

Finance Act 1940

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1940. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

  1. Introductory Text

  2. Part I

    1. 1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    7. 7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    8. 8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    9. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    10. 10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  3. Part II.

    1. 11—25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  4. Part III. Excess Profits Tax and National Defence Contribution.

    1. 26. Raising of rate of excess profits tax

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

    3. 28. New provisions as to interconnected companies.

    4. 29. Investments held by members of groups of bodies corporate.

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

    6. 31. Miscellaneous amendments as to standard profits.

    7. 32. Disallowance, in computing profits, of certain expenses.

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

    9. 34. Miscellaneous amendments as to computation of capital.

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

    11. 36. Provisions as to computation losses.

    12. 37. Amendments as to deficiencies of profits.

    13. 38. Successions and amalgamations.

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

    15. 40.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    16. 41. Definition of ordinary share capital.

    17. 42.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  5. Part IV

    1. 43—59.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  6. Part V Miscellaneous

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

    2. 61.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 62.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 63.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 64.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 65. Short title, construction, extent and repeal.

    1. SCHEDULE 1

      1. . . . . . . . . . ....

    2. SCHEDULE 2

      1. . . . . . . . . . ....

    3. SCHEDULE 3

      1. . . . . . . . . . ....

    4. SCHEDULE 4

      1. . . . . . . . . . ....

    5. Schedule 5

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

      1. Part I Assessment of excess profits tax

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

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

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

      2. Part II The group standard period and the group standard profits

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

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

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

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

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

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

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

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

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

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

      4. Part IV Miscellaneous Provisions

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

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

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

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

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

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

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

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

        9. 9.. . . . . . . . . ....

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

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

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

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

    6. Sixth Schedule.

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

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

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

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

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

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

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

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

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

    7. SCHEDULE 7

      1. . . . . . . . . . ....

    8. SCHEDULE 8

      1. . . . . . . . . . ....

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources