Finance Act 1940
Part I
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2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part II.
11—25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part III. Excess Profits Tax and National Defence Contribution.
26 Raising of rate of excess profits tax
27 Provisions to replace s. 13(7) of Finance (No. 2) Act, 1939.
28 New provisions as to interconnected companies.
29 Investments held by members of groups of bodies corporate.
30 Relief in respect of excess profits tax in dominions, &c
31 Miscellaneous amendments as to standard profits.
32 Disallowance, in computing profits, of certain expenses.
33 Miscellaneous amendments as to computation of profits for excess profits tax.
34 Miscellaneous amendments as to computation of capital.
35 Computation of profits and capital in the case of trades and businesses not falling within Case I of Schedule D.
36 Provisions as to computation losses.
37 Amendments as to deficiencies of profits.
38 Successions and amalgamations.
39 Amendments as to relation of excess profits tax to national defence contribution.
40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41 Definition of ordinary share capital.
42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part IV
43—59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part V Miscellaneous
60 Extension of power of Treasury to attach exemptions from taxation to securities.
61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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65 Short title, construction, extent and repeal.
SCHEDULE 1
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SCHEDULE 2
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SCHEDULE 3
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SCHEDULE 4
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Schedule 5 Provisions as to Excess Profits Tax and National Defence Contribution in the case of Interconnected Companies
Part I Assessment of excess profits tax
1(1) If, for any period after the end of March,...
2Every assessment to excess profits tax made in respect of...
3Paragraph I of Part III of the Fifth Schedule to...
Part II The group standard period and the group standard profits
1(1) This Part of this Schedule shall have effect with...
2(1) If the trade or business of any of the...
3(1) If the group is one to which the last...
4(1) Whether the group is or is not such a...
Part III Ascertainment of standard profits of members and ascertainment of excesses and deficiencies of profits
1The standard profits of a body corporate which is a...
2(1) If the group is such a group as is...
3(1) If the group is not such a group as...
4If by virtue of an election of the principal company...
5(1) If in the case of the trade or business...
Part IV Miscellaneous Provisions
1(1) Subsection (1) of section seventeen of the Finance (No.2)...
2(1) In this paragraph, the expression “the borrowed money rules”...
3(1) This paragraph applies to a subsidiary member of a...
4In this paragraph— the expression “period of charge” means, in...
5If at any time after the thirty-first day of March,...
6(1) Subject to the provisions of sub-paragraph (2) of this...
7(1) Neither section nineteen of the Finance (No.2) Act, 1939...
8For each subsidiary member of a group of companies, there...
9. . . . . . . . . ....
10(1) In the case of a member of a group...
11Any appeal from any assessment to, or determination with respect...
12Any dispute arising between any bodies corporate with respect to...
13(1) In this Schedule, the expression “new subsidiary,” in relation...
Sixth Schedule. Additional provisions as to assessment and collection of excess profits tax and the national defence contribution.
1On an appeal against an assessment to excess profits tax...
2Where an appeal is pending against an assessment to excess...
3The provisions of paragraphs 1 and 2 of this Schedule...
4Where, for any period, excess profits tax would be assessable...
5Any payment made under an assessment to excess profits tax...
6In this Schedule the expression “subsisting assessment” means an assessment...
7Where the chargeable accounting periods for the purposes of excess...
8Any apportionment required to be made by the last preceding...
SCHEDULE 7
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SCHEDULE 8
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Finance Act 1940

1940 c. 29

An Act to grant certain duties of Customs and Inland Revenue (including Excise), to alter other duties, and to amend the law relating to Customs and Inland Revenue (including Excise) and the National Debt, and to make further provision in connection with Finance.

Annotations:
Commencement Information
I1

Act partly in force at Royal Assent, partly retrospective, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991.

Editorial Information
X1

General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act

Extent Information
E1

For the extent of this Act see S. 65(7)

Modifications etc. (not altering text)
C1

Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3