I move:—
(1) That paragraphs (c), (d), and (e) of sub-section (1) of Section 47 of the Finance Act, 1932 (No. 20 of 1932), shall not apply or have effect in respect of any accounting period ending on or after the 1st day of September, 1939, and in lieu thereof the following provisions shall (subject to the subsequent paragraphs of this Resolution) apply and have effect in respect of every accounting period so ending, that is to say:—
(a) sub-section (1) of Section 52 of the Finance Act, 1920, shall be construed and have effect as if for the words "five per cent." contained therein there were substituted the words "ten per cent.";
(b) Section 31 of the Finance Act, 1928 (No. 11 of 1928), shall be construed and have effect as if for the words "seven and one-half per cent." contained therein there were substituted the words "twelve and one-half per cent.";
(c) sub-section (2) of Section 30 of the Finance Act, 1926 (No. 35 of 1926), shall not apply, and in lieu thereof sub-section (2) of Section 45 of the Financial Act, 1925 (No. 28 of 1925), shall apply and accordingly the proviso to Section 52 of the Finance Act, 1920, shall be construed and have effect as if for the words "five hundred pounds" wherever those words occur in that paragraph there were substituted the words "one thousand pounds".
(2) That the following provisions shall apply and have effect in respect of every accounting period ending on or after the 1st day of September, 1939, that is to say:—
(a) paragraph (b) of the proviso to sub-section (1) of Section 52 of the Finance Act, 1920, shall be construed and have effect as if for the words "ten per cent." now contained therein there were substituted the words fifteen per cent.";
(b) sub-section (4) of Section 56 of the Finance Act, 1920, (as adapted by or under subsequent enactments) shall be construed and have effect as if the words "six years after the end of the accounting period or part of an accounting period" were substituted for the words "three years after the end of the accounting period" now contained therein.
(3) That special provision may be made by statute in respect of accounting periods which began before and ended on or after the 1st day of September, 1939, for the purposes of the foregoing provisions of this Resolution.
(4) That in ascertaining, for the purposes of a charge to corporation profits tax (other than excess corporation profits tax) the profits arising in an accounting period ending after the 31st day of December, 1940, in the case of a company the directors whereof have a controlling interest therein, no deduction in excess of an amount calculated at the rate of one thousand pounds per annum shall be allowed in respect of the remuneration of any director, other than a director who is required to devote substantially the whole of his time to the service of the company in a technical or managerial capacity and is not the beneficial owner of or able (directly or through the medium of other companies or by any other indirect means) to control more than five per cent. of the ordinary stock or share capital of the company.
(5) That paragraph (g) of the proviso of sub-section (2) of Section 53 of the Finance Act, 1920, shall not apply or have effect in relation to the ascertainment of profits arising in an accounting period ending on or after the 1st day of April, 1939.