(1) That, notwithstanding anything contained in the Finance Act, 1940 (No. 14 of 1940), and subject to the provisions of this Resolution, where the total income of any individual for the year beginning on the 6th day of April, 1940, exceeds one thousand five hundred pounds and includes profits from any trade or business to which this Resolution applies carried on by him either solely or in partnership with another person or other persons, an additional duty of surtax (in this Resolution referred to as excess surtax) shall be charged for that year at the rate of seven shillings and sixpence in the pound in respect of so much of the said income as is equal to whichever of the following amounts is the lesser, that is to say:—
(a) the amount by which the said profits exceed the standard profits as defined by statute, or
(b) the amount by which the said total income exceeds the standard total income as defined by statute.
(2) That this Resolution applies to every trade or business carried on (whether continuously or discontinuously) in the State, either solely or in partnership with another person or other persons, by an individual resident in the State, excepting and excluding husbandry and any office or employment, and also excepting and excluding any profession the profits of which are dependent wholly or mainly on the personal qualifications of the person or persons by whom the profession is carried on and in which either no capital expenditure or only capital expenditure of a comparatively small amount is required, but including the business of a person taking commissions in respect of transactions effected or services rendered, and also including the business of an agent of any description other than a commercial traveller or other agent whose remuneration consists wholly of a fixed and definite sum not depending on the amount of business done or any other contingency.
(3) That the profits from a trade or business to which this Resolution applies shall, for the purposes of excess surtax, be computed without regard to the provisions of paragraph (3) of Rule 6 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, or the provisions of Section 14 of the Finance Act, 1929 (No. 32 of 1929).
(4) That in this Resolution the expression "total income" means the total income from all sources computed without having regard to the provisions of Section 34 of the Income Tax Act, 1918, but with due regard, as respects the profits from a trade or business to which this Resolution applies, to the provisions of the next preceding paragraph of this Resolution.
(5) That such provisions, qualifications, exceptions, and reliefs and in particular such provisions in relation to the calculation of standard profits as shall be prescribed by statute shall apply and have effect in relation to excess surtax.