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- Point in Time (01/02/1991)
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Version Superseded: 21/07/2008
Point in time view as at 01/02/1991.
There are currently no known outstanding effects for the Finance Act 1961, Part I.
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Textual Amendments
Textual Amendments
Textual Amendments
Textual Amendments
F4S. 4 repealed by Betting Duties Act 1963 (c. 3), s. 6(1), Sch. 3
Textual Amendments
Textual Amendments
F6Ss. 6—8 repealed by Vehicles (Excise) Act 1962 (c.13), s. 25(2), Sch. 8
Textual Amendments
Textual Amendments
F8S. 10 repealed by Statute Law (Repeals) Act 1971 (c. 52)
Textual Amendments
Textual Amendments
F10Ss. 12—29 repealed by Income and Corporation Taxes Act 1970 (c. 10), ss. 538(1), 539(1), Sch. 16
Textual Amendments
As from the beginning of April, nineteen hundred and sixty-one, the rate at which the profits tax is to be charged by virtue of subsection (1) of section twenty-five of the Finance Act, 1958, shall be increased from twelve and a half per cent.to fifteen per cent.
Editorial Information
X1The text of Ss.31, 32 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
(1)Subject to the provisions of this section, no assessment to excess profits tax, the excess profits levy or the special contribution shall be made after the passing of this Act.
(2)The foregoing subsection shall not apply in so far as the assessment is required for the purpose of making good to the Crown any loss of tax, levy or contribution shown to be attributable to fraud or wilful default committed in connection therewith or in relation to income tax.
(3)Subsection (1) of this section shall not apply to—
(a)any assessment to excess profits tax in so far as it relates to tax leviable by virtue of section thirty-nine of the Finance Act, 1950 (enemy debts, etc.,written off during the war);
(b)any additional assessment to the excess profits levy falling to be made by virtue of subsection (2) of section twenty-one of the Finance Act, 1953 (unremittable overseas income).
(4)The Fifth Schedule to the Finance (No. 2) Act, 1945 (relief for error or mistake) so far as it relates to excess profits tax and (by virtue of section sixty-three of the Finance Act, 1952) to the excess profits levy shall have effect as if in paragraph I (time for application for relief) for the words “before such date as Parliament may hereafter determine” there were substituted the words “not later than six years after the making of the assessment” and in paragraph 4 (time for appealing) for the words “twenty-one days” there were substituted the words “thirty days”.
(5)In the case of an assessment to excess profits tax, the excess profits levy or the special contribution made after the end of the year nineteen hundred and sixty and before the passing of this Act, the period within which an appeal may be made shall not expire earlier than thirty days after the passing of this Act, and if on the hearing of such an appeal the appellant elects that this subsection shall have effect the assessment shall be discharged unless it is shown, or to the extent to which it is not shown, that the assessment was required as mentioned in subsection (2) of this section, or relates to such tax as is mentioned in paragraph (a) of subsection (3) thereof, or falls within paragraph (b) of that subsection.
(6)References in this section to an assessment include references to an additional assessment.
Editorial Information
X2The text of Ss.31, 32 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
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