Secretarial practice

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Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXVI. Income tax in its application to trading companies

Collection:: Economics Books

INCOME TAX 323 [The deductions include a special allowance, which is generally to the greater advantage of the company—uide Deductions (1).] (2) Rates, repairs and insurance of properties in the United Kingdom let to tenants of the company. (3) All royalties on patents, mortgage, debenture and other annual interest and annuities charged. The company has the right of deduction of tax therefrom, and in having this included in its liability is acting, so to speak, as the agent of the revenue. (But special considerations arise on Interest Accounts dealt with later on.) (4) All reserves for leasehold redemption, debenture redemption, preliminary expenses, and anything of the nature of the gradual amortisation of capital. (5) Provision for wear and tear of plant, etc. (specially dealt with as a deduction from the assessment itself, see below). Renewals of plant and machinery and capital assets (see Depreciation or Wear and Tear Allowance). (6) Income tax charged as an expense in the accounts. (7) All sums employed as capital, or capital withdrawn or lost. (8) Any sums expended in improvements of premises or written off as depreciation of land, buildings, or leases. (9) Any losses not connected with, or arising out of, the trade. These are discussed at greater length below. DEDUCTIONS FROM TRADING PROFIT (x) The net Schedule A assessment on all property owned and occupied for the purposes of the business (in lieu of No. 1 above) because duty has already been paid upon this sum. In the case of mills, factories, or similar premises, the deduction allowed is the gross and not the net assessment —so that the company gets, in addition to any actual repairs charged in the accounts, the one-sixth of the Schedule A (upon which no duty has been paid) to allow for depreciation and obsolescence. In the case of premises abroad no duty has been paid under Schedule A, and so no deduction is allowable for a Schedule A assessment, but for mills, factories, etc., a sum is deductible equivalent to one-sixth of the annual value arrived at as though a Schedule A assessment could be or had been made. (2) In the case of obsolete machinery which is disposed of and other machinery acquired in its place, a deduction may be made from the profits of the vear in which the replacement

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