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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Document type:: Monograph

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

Collection:: Economics Books

INCOME TAX 329 When adjustments are made in respect of relief granted to shareholders of Dominion companies by means of a reduced deduction of United Kingdom tax, the gross dividends are recalculated by reference to the actual rate of relief applicable to the shareholders’ dividends in question, and United King- dom tax is charged at the correct rate on the new ‘gross.’ The British Revenue Authorities take the view that in the case of preference shareholders of a Dominion company, if the preference shares are entitled to a dividend at a fixed rate without further participation in profits and the dividends are paid at the full fixed rate without deduction of Dominion income tax, no relief is allowable in respect of any Dominion income tax paid by the company. Shareholders frequently ask officials of companies to explain the basis on which relief is granted, and they are especially puzzled when an Inspector of Taxes sets off against an amount of tax repayable an item termed ‘ Dominion relief over-allowed. Seeing that the individual's ‘appropriate rate’ of United Kingdom tax is the factor which in most cases determines the rate of relief allowable, the two following examples will serve to illustrate the manner in which this rate is arrived at: — Taxable Income. £33 [A ~ - p i -~ pe 7.8 % 5 Uw 426 4. (Appropriate rate say 3s. 7a.) B 1000 Taxable Incom £225 2000 5400d. 960004. I0I400d. Rate of Income Tax ( For the preceling vear ¢* to £87 10s. =.' + 7 Tax rate is th The appre, and 7d. Sur ] Sa == 45'57d. ) 3s. 10d. Assessment Sur Tax amounting « income of f3000. The Sur ar, Pram ~d. (3s. 10d. Income Tax

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