BBNBRAL LIBRARY U.S. Gou. U.S. DEPARTMENT OF COMMERCE HARRY L. HOPKINS, Secretary US. BUREAU OF FOREIGN AND DOMESTIC COMMERCE JAMES W. YOUNG, Director Business Regulation, Price Control. - Bills of Exchange, Protest-.-. - Bills of Lading, Decree.---- - Business Regulation, Small Business STRAITS SETTLEMENTS War Measures, Trading with Enemy U. S. DEPARTMENT OF COMMERCE HARRY L. HOPKINS, secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE JAMES W. YOUNG, Director A comprehensive analysis of the British income-tax system is contained in Trade Promotion Series No. 147, entitled "Company Law and Business Taxes in Great Britain" (1933) which may be purchased from the U. S. Superintendent of Documents, Washington, D. C., or from the nearest District Office of the Bureau for 15 cents. Although the rates of tax have been changed from year to year, the principles of the income tax law affecting ordinary business companies and foreign investors have undergone only minor modifications since the issuance of the afore-mentioned publication in 1933. The majority of the amendments in recent Finance Acts have had as their object the closing of various loopholes for tax evasion such as family settlements, transfers of income to persons abroad, security Trash-sales", and personal holding and investment companies. In 1937 a new tax, the National Defense Contribution, was imposed on the income of trades and businesses, and in October 1939 an excess profits tax was enacted as a war measure, superseding the armament profits duty enacted by the Finance Act of July 28, 1939. The National Defense Contribution will remain in operation, but only as an alternative to the excess profits tax, so what is collected from a particular business will in effect be whichever of the two is the higher. INCOME TAX The Finance Act of July 28, 1939, reenacted for the year April 6, 1939 to April 5, 1940, the standard rate of the prior year, i. e., 5 shillings and 6 pence, but Finance Act (No. 2) of October 12, 1939, provides in section 7 that: 1. The standard rate of income tax for the year 1939-40 shall, as respects the last three quarters of the year, be increased by two shillings to seven shillings and sixpence in the pound. 2. The said increase shall be averaged over the whole of the said year, and acco cordingly for the purposes of any enactment referring to the standard rate for the year (including any enactment contained in this Act), and for the purposes of any assessment and any other proceeding or document relating to income tax, the standard rate for the year shall, in relation to the year and every part thereof, be taken to be the rate of five shillings and sixpence in the pound increased by three quarters of two shillings in the pound, that is to say, a rate of seven shillings in the pound. 1 |
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