Orders of the Day — Amendments of Income Tax Acts

– in the House of Commons at 12:00 am on 28th October 1955.

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Question again proposed, That the Income Tax Acts shall be amended in the following respects—

  1. (a) provision shall be made with respect to the computation of the profits or gains or losses of trades comprising dealings in securities in cases where dividends on shares are received which are to be regarded as paid to any extent out of profits accumulated before the shares were acquired, or out of other past profits, and with respect to the restriction of any right to claim exemption from tax on dividends in cases where the dividends are to be regarded as paid to any extent out of past profits;
  2. (b) the amounts which Lloyd's and other underwriters may pay into special reserve funds shall be increased;
And this Resolution shall authorise the making of provisions supplementary to the foregoing amendments, and the imposition of any charge to income tax or the profits tax arising out of those amendments, including charges for past years of assessment or past chargeable accounting periods.