Clause 14. — (Computation of profits under Case III of Schedule D.)

Part of Orders of the Day — Finance Bill. – in the House of Commons on 13th July 1922.

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Provided that— (ii) where the profits or income first arose on the sixth day of April in the year preceding the year of assessment, or on some day in the year next before the year preceding the year of assessment other than the sixth day of April, the person charged shall be entitled, on giving notice in writing to the surveyor of taxes at any time within twelve months after the end of the year of assessment, to be charged on the amount of the profits or income of that year, and if the tax charged has been paid, any amount overpaid shall be repaid.