I move:—
(1) That in addition to the corporation profits tax otherwise chargeable by law, there shall be charged, levied, and paid on the profits mentioned in the next following paragraph of this Resolution corporation profits tax (referred to in this Resolution as excess corporation profits tax) at the rate of fifty per cent. of those profits.
(2) That the profits on which excess corporation profits tax is made payable by the next preceding paragraph of this Resolution are:—
(a) 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 any accounting period beginning on or after the 1st day of September, 1939, as exceeds the standard profits as defined by statute, and
(b) so much of the profits (being profits to which Part V of the Finance Act, 1920, as amended by subsequent enactments, applies) which have arisen in the part subsequent to the 31st day of August, 1939, of any accounting period which began before and ended on or after the 1st day of September, 1939, as exceeds the standard profits as defined as aforesaid.
(3) That the proviso to sub-section (1) of Section 52 of the Finance Act, 1920, shall not apply or have effect in relation to excess corporation profits tax.
(4) That such provisions, qualifications, exceptions, and reliefs and in particular such provisions in relation to the calculation of standard profits and such provisions in relation to allowances in respect of the remuneration of directors as shall be prescribed by statute shall apply and have effect in relation to excess corporation profits tax.
