Financial Resolutions, 1944-45. - Financial Resolution No. 7.—Corporation Profits Tax.

I move:—

(1) That where the Revenue Commissioners are of opinion that the main purpose for which any transaction or transactions was or were effected (whether before or after the passing of the enactment giving statutory effect to this Resolution) was the avoidance or reduction of liability to corporation profits tax, they may, if they think fit, direct that such adjustments shall be made as respects liability in respect of any accounting period ending after the 31st day of December, 1943, to corporation profits tax as they consider appropriate so as to counteract the avoidance or reduction of liability to corporation profits tax which would otherwise be effected by the transaction or transactions.

(2) That without prejudice to the generality of the powers conferred by paragraph (1) of this Resolution, the powers conferred by the said paragraph shall extend to—

(a) the charging with corporation profits tax of companies which, but for the adjustments, would not be chargeable with any corporation profits tax or would not be chargeable to the same extent,

(b) the charging of a greater amount of corporation profits tax than would be chargeable but for the adjustments.

(3) That any company aggrieved by a direction of the Revenue Commissioners under this Resolution may appeal to the Special Commissioners, whether on the ground that the main purpose of the transaction or transactions was not the avoidance or reduction of liability to corporation profits tax or on the ground that no direction ought to have been given or that the adjustments directed to be made are inappropriate.

(4) That references in this Resolution to corporation profits tax shall be construed as including references to excess corporation profits tax.

Question put and agreed to.