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Finance Act 1958

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25Change of rate, and basis of charge

(1)As from the beginning of April, nineteen hundred and fifty-eight, the profits tax shall be charged on the profits arising in any chargeable accounting period from a trade or business to which section nineteen of the Finance Act, 1937, applies at the rate of ten per cent. on the amount of those profits, subject to the provisions for abatement in section thirty-three of the Finance Act, 1947, but without any relief for non-distribution or any distribution charge for chargeable accounting periods ending after the beginning of that month.

(2)Section sixty-nine of the Finance Act, 1948 (under which certain payments between interconnected companies, though not allowable as deductions in computing the profits of the payer, are to be included in computing profits of the recipient), shall not have effect for the purpose of computing profits or losses for any chargeable accounting period ending as aforesaid.

(3)The transitional provisions contained in the Seventh Schedule to this Act shall have effect in relation to the foregoing provisions of this section.

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