Secretarial practice

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

328 Dominion laws in respect of that excess, any shareholder whose ‘appropriate rate’ exceeds the standard rate of United Kingdom income tax may claim further relief, but on the other hand if the shareholder’s ‘appropriate rate’ is less than the standard rate, then he has received excessive relief and inspectors of taxes are acting within their powers in making the necessary adjustments in individual cases. In order to obtain authority for the deduction of United Kingdom income tax at a reduced rate from dividends it is necessary, before payment, to furnish the Revenue Authorities with full particulars regarding the Dominion income tax paid by the company and to produce Dominion revenue receipts as evidence of the payment of such taxes, together with a detailed statement reconciling the amount of the assessment with the figures in the printed accounts. The following is suggested as a suitable form in which to furnish the necessary particulars: — I. Amount of profits assessed. 2. Deductions allowed therefrom. Taxable amount actually charged. Date of end of Dominion year for which taxes charged Rate of Duty. Amount of duty charged. Details of Income exempted from Dominion taxation. Details of Income subjected to Dominion income tax before receipt. Evidence of payment. As it is often found impossible in practice for the revenue authorities to be furnished with particulars of the Dominion taxation in respect of the Dominion year corresponding to the British income tax year of assessment in time to pass on the relief to shareholders by means of a reduced deduction of United Kingdom income tax, the Board of Inland Revenue are usually willing to grant relief on the basis of the Dominion income tax paid for the year preceding the British income tax year of assessment. In the case of Foreign and Colonial Companies United Kingdom income tax is chargeable on the ‘gross’ amount of the dividend, .e. the declared amount of the dividend written up by an amount of Dominion income tax equal to the amount of relief granted, unless the Dominion concerned grants com- plementary relief from Dominion income tax in respect of the payment of United Kingdom income tax when the dividend is written up by reference to the full rate of the Dominion income tax, SECRETARIAL PRACTICE A.

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