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Finance Act 1944
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- UK Public General Acts
- 1944 c. 23
- PART VI
- Computation of net income...
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Computation of net income of company.
39Computation of net income of company.
In determining under section forty-nine of the Finance Act, 1940, the net income of a company for any accounting year, no deduction from the income of the company shall be made in respect of—
(a)the amount of any liability, deduction or set-off for which allowance has already been made in computing the amount of the income of the company; or
(b)the amount of any loss sustained before the beginning of that year, or of any payment which, under section nineteen of the [18 & 19 Geo. 5. c. 17.] Finance Act, 1928, would be treated as a loss sustained before the beginning of that year ; or
(c)the amount of any deduction representing the diminished value by reason of wear and tear during any previous year of any machinery or plant.
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