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Finance Act 1948

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This is the original version (as it was originally enacted).

59Provisions as to certain companies

(1)The following provisions of this section shall have effect where an individual is assessed to contribution by reference to the undistributed income of a company (hereinafter referred to as " the apportioned income ") which by virtue of a direction and apportionment under section twenty-one of the Finance Act, 1922, was deemed to be his income for the purposes of sur-tax.

(2)If any part of the contribution remains unpaid at the expiration of twenty-eight days from the time when it became due, the Special Commissioners may by notice in writing addressed to the company require the company to pay it up to an amount which bears to the whole of the contribution the same proportion as the apportioned income bears to the aggregate investment income of the said individual, ascertained without any such deduction being made as is allowable under subsection (4) of section fifty-one of this Act.

(3)Any sum required to be paid by a company in pursuance of a notice under the last foregoing subsection shall be payable on the day next following the giving of the notice, and the provisions of this Part of this Act and of regulations thereunder shall apply to any such sum as they apply to contribution payable by an individual.

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