Orders of the Day — Excess Profits Duty.

Part of the debate – in the House of Commons on 28th April 1920.

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Corporation Profits Tax.21. That there shall be charged on the profits or gains arising in any period of account which includes any time after the thirty-first day of December, nineteen hundred and nineteen, from any trade, manufacture, concern in the nature of trade, or business carried on in any place whatsoever by a corporate body incorporated by or under the laws of the United Kingdom, or carried on in the United Kingdom by a corporate body incorporated otherwise than as aforesaid and on any income (other than any such profits or gains as aforesaid) accruing from sources in any place whatsoever in any such period of account as aforesaid to a corporate body incorporated by or under the laws of the United Kingdom, or any such income accruing from sources in the United Kingdom in any such period of account as aforesaid to a corporate body incorporated otherwise than as aforesaid, a tax of five per cent. of the profits, gains, or income.