Part IV Excess Profits Tax Post-War Refunds

Miscellaneous.

46 Reliefs given and repayments made after payments have been made by way of post-war refund.
(1) Where any sum has been paid as, or on account of, a post-war refund, any relief from, or repayment of, the excess profits tax in respect of which the sum was paid, being a relief or repayment which falls to be given or made after the payment of that sum, shall be computed as if the rate of excess profits tax had, as respects all relevant chargeable accounting periods, been eighty per cent.:
Provided that, in computing the amount of capital employed in the trade or business, the said tax shall be treated as chargeable at one hundred per cent. for all those periods.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 46(2) repealed by Finance Act 1953 (c. 34), ss. 32(5), 35(7), Sch. 3 Pt. II
(3) References in this section to a repayment of tax do not include references to any payment of, or on account of, a post-war refund.
The text of ss. 34, 35, 36, 38, 46, 47, 48, 50, 51, 58, 59, Schs. 5, 6, 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, save as indicated, does not reflect any amendments or repeals which may have been made prior to 1.2.1991
Pt. IV (ss. 38–50) repealed so far as it relates to income tax by Income Tax Act 1952 (c. 10), s. 527, Sch. 25