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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Photo of Mr Godfrey Locker-Lampson Mr Godfrey Locker-Lampson , Wood Green

After paragraph (ii), insert a new paragraph: (iii) Where in any year of assessment any income or profits in respect of which a person has been charged or is chargeable under Case III of Schedule D finally cease to arise to that person he shall, if he so elect, be charged for that year 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.