Corporation Profits Tax.

Part of Oral Answers to Questions — Peace Treaties. – in the House of Commons on 16th February 1922.

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Photo of Sir Robert Horne Sir Robert Horne , Glasgow Hillhead

The Corporation Profits Tax is imposed upon the profits of a company carrying on any trade or business or any undertaking of a similar character, where the liability of the members is limited. The tax is not limited in its conception to those cases in which the profits are distributed to the members; and in so far as the institutions to which my hon. Friend refers enjoy the privilege of limited liability, they are properly subject to the Corporation Profits Tax.