Clause 25. — (Termination of Corporation Profits Tax.)

Part of Orders of the Day — Finance Bill. – in the House of Commons at on 2 July 1924.

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Photo of Mr Philip Snowden Mr Philip Snowden , Colne Valley

The object which the hon. Member wishes to secure by this Amendment is one of which I completely approve, but the hon. Member is evidently not aware that that object can be attained under the existing law. Section 54 of the original Act, the Finance Act, 1920, provides that where the accounts have been made up for a greater or smaller period than 12 months the accounting period shall be such period not exceeding twelve mouths as the Commissioners of Inland Revenue may determine. Of course, under that provision, where the accounts are made up to the 30th June, 1924, to determine the accounting period ending on that date, it is the intention of the Commissioners that the date in question should be accepted. I think the hon. Member may take my assurance that his object will be attained under the present law.