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Finance Act 1942

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This is the original version (as it was originally enacted).

17Higher rate of purchase tax on certain goods

(1)In the case of goods falling within any of the classes specified in the Seventh Schedule to this Act, being goods falling within any of the classes specified in the first column of the Seventh Schedule to the Finance (No. 2) Act, 1940, and not falling within any of the classes specified in the second or third column of that Schedule, purchase tax becoming due on the fifteenth day of April, nineteen hundred and forty-two, or (subject to any order under section twenty of the said Act) thereafter, shall be charged at a rate to be called the " higher rate ", which shall be two-thirds' of the wholesale value of the goods.

(2)Where in respect of goods bought under a purchase made before the said fifteenth day of April, any purchase tax which would have been chargeable at the basic rate if this Act had not been passed becomes chargeable at the higher rate, the seller may, in the absence of agreement to the contrary, recover, as an addition to the consideration, a sum equal to the excess of the amount of the tax chargeable in respect of the goods over what it would have been if this Act had not been passed.

(3)There shall be made in the provisions of the Finance (No. 2) Act, 1940, specified in the first column of the Eighth Schedule to this Act (which relate to the matters specified in the second column thereof) the consequential amendments specified in the third column thereof.

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