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Finance Act 1939
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9In the case of a business carried on in any chargeable accounting period by a company the directors whereof have a controlling interest therein,—
(a)if the standard profits for the company are computed by reference to a standard period, no deduction shall be allowed in respect of directors' remuneration in excess of the amount paid for directors' remuneration in respect of the standard period or, if the standard period is longer than the chargeable accounting period, in excess of so much of the sum paid for directors' remuneration in respect of the standard period as bears to the total amount thereof the like proportion as the length of the chargeable accounting period bears to that of the standard period;
(b)if the standard profits are not computed by reference to a standard period, no deduction shall be allowed in respect of the remuneration of the directors.
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