I move:—
That Section 53 of the Finance Act, 1921, from the beginning of the section down to the words "Finance Act, 1920, and" (being so much of the said section as enacts that the interest received by a company on certain British Government securities shall not form part of the profits of the company for the purposes of corporation profits tax) be repealed as regards any accounting period ending after the 31st day of March, 1924.
It is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.
This Resolution practically explains itself. At the present time there are certain British securities, the income from which is not taken into account when assessing. Corporation profits tax on a company. This is one of the things which probably should have been dealt with in last year's Finance Act, but was overlooked. It is desirable to do it now. There is absolutely no reason why we should take no account of income which a company derives from these securities when levying Corporation Tax.
