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Fourth Schedule, Part I—“(1) The profits shall be taken to be the actual profits arising in the accounting period, and the principle of computing profits by reference to any other year or an average of years shall not be followed.” Part II—“(1) The profits of any pre-war trade year shall be computed on the same principles and subject to the same provisions as the profits of the accounting period are computed.”
The Finance Act 1916 (6 and 7 Geo. V, cap. 24), by section 45 (1), continues the excess profits duty for the accounting period from 1st July 1915 to 1st August 1917, and by section 45 (2) raises the amount of the excess profits duty from fifty per cent. to sixty per cent. for any accounting period beginning after the expiration of a year from the commencement of the first accounting period.
Niel George Macinnes, Surveyor of Taxes, appellant , being dissatisfied with an assessment made upon Guthrie, Craig, Peter, & Company, Limited, respondents , in respect of excess profits duty for the accounting periods (1) from 16th May 1915 to 13th November 1915, and (2) from 14th November 1915 to 15th May 1916, by the Commissioners for the General Purposes of the Income Tax Acts for the district of Brechin, took a Case.
Net Amount of Excess Profits (after deduction of £200 or proportionate part thereof).
Set off (if any) in respect of deficiencies under Section 38 (3) of Finance (No. 2) Act 1915, as amended.
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