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15 1946

FINANCE ACT, 1946

PART III.

Corporation Profits Tax.

Assessment of corporation profits tax in respect of accounting periods ending on or after 1st January 1941.

24. —(1) The following provisions shall apply and have effect in respect of every accounting period ending on or after the 1st day of January, 1941, that is to say, an assessment to corporation profits tax may be made by the Revenue Commissioners at any time after the end of the accounting period or part of an accounting period in respect of the profits of which the assessment is made, and in the absence of a satisfactory return or other information on which to make an assessment the Revenue Commissioners may make an assessment according to the best of their judgment.

(2) Subsection (4) of section 56 of the Finance Act, 1920, as amended by subsection (2) of section 35 of the Finance Act, 1941 (No, 14 of 1941), shall cease to have effect in respect of an accounting period ending on or after the 1st day of January, 1941.

(3) In this section, reference to corporation profits tax shall be construed as including reference to excess corporation profits tax and reference to an assessment shall be construed as including reference to an additional assessment.

Amendment of section 37 of the Finance Act, 1941, and section 14 of the Finance Act, 1942.

25. —(1) Section 37 of the Finance Act, 1941 (No. 14 of 1941), is hereby amended in the following respects—

(a) by the insertion, in paragraph (a) of subsection (2), of the words and figures “and ending on or before the 31st day of December, 1946,” after the figures “1941”;

(b) by the insertion, in subsection (2), of the following new paragraph—

“(c) so much of the profits (being profits to which Part V of the Finance Act, 1920, as amended by subsequent enactments, applies) which arise or have arisen in the part prior to the 1st day of January, 1947, of any accounting period beginning before and ending on or after the 1st day of January, 1947, as exceeds the standard profits as defined as aforesaid.”;

(c) by the insertion, in subsection (3), of the following new paragraph—

“(c) the profits arising in any accounting period beginning before and ending on or after the 1st day of January, 1947, shall be apportioned between the part of that accounting period which is prior to the 1st day of January, 1947, and the part thereof which is subsequent to the 31st day of December, 1946, in proportion to the respective lengths of those parts.”.

(2) Subsection (1) of section 14 of the Finance Act, 1942 (No. 14 of 1942), is hereby amended in the following respects—

(a) by the insertion of the words and figures “and ending on or before the 31st day of December, 1946” after the figures “1941”, where those figures first occur; and

(b) by the insertion of the words and figures “and also the portion prior to the 1st day of January, 1947, of an accounting period beginning before and ending on or after the 1st day of January, 1947” after the figures “1941” where those figures secondly occur.

Construction of Part III.

26. —This Part of this Act shall be read and construed together with Part V of the Finance Act, 1920, as amended or extended by subsequent enactments, and, in particular, shall be read and construed together with Part V of the Finance Act, 1941 (No. 14 of 1941), Part IV of the Finance Act, 1942 (No. 14 of 1942), Part III of the Finance Act, 1943 (No. 16 of 1943), and Part II of the Finance Act, 1944 (No. 18 of 1944).