Books > Old Books > Poetry Northwest (1959)


Page 162

CHAPTER 14
DIVIDENDS

most effective manner of showing this intention is by passing a resolution to capitalise. Where, however, a company passed no such resolution, but distributed part of its undivided profits among the shareholders stating that the payment " is neither a dividend nor a bonus, but is a capital distribution," it was held that the distribution was in the nature of income and not capital. (29)
Income Tax.-British income tax is payable by a company " residing in " the United Kingdom on the profits or gains of its business whether the business is carried on in the United Kingdom or elsewhere, subject to certain provisions for relief when colonial income tax is paid. (30) A company is a resident in the place from which it is controlled, (31) and therefore a company registered in England may be resident abroad and vice versa. (32) A company not resident in the United Kingdom is liable to pay income tax in respect of the profits of any business it carries on within the United Kingdom.
A company pays income tax on the full amount of its profits or gains computed in accordance with the Income Tax Acts before any dividend is paid; on paying a dividend the company is entitled to deduct the tax appropriate thereto.(33) When a dividend is paid the company must annex to the dividend warrant a statement in writing showing
(a) the gross amount of the dividend;
(b) the rate and amount of the income tax; and
(c) the net amount actually paid. (34)
If a dividend is declared " without deduction of tax," it is, for income tax purposes, deemed to be a net amount after tax has been deducted from the gross amount of the dividend. (35) This means that the shareholder must " gross " it in making his own tax return.
Surtax is not payable by a company. In the case of a company which is under the control of not more than five persons and is not

39 Re Bates, [1928] 1 Ch. 682.
30Income Tax Act, 1918, Sch. I.
31 De Beers v. Howe, [1906] A. C. 455.
32 Egyptian Land Co. v. Todd, [1929] A. C. 1.
33 Income Tax Act, 1918, Sch. I, All Schedules Rules, 20.
34 Finance Act, 1924, s. 33.
35 Finance Act, 1940, s. 20

Page 163

CHAPTER 14
DIVIDENDS

a subsidiary company or a company in which the public are substantially interested, surtax is payable if in any given year the company has not distributed to its members a reasonable amount of its total income. The surtax is payable in the first instance by the members among whom the special commissioners of income tax have apportioned the company's income, but if the members do not pay within twenty-eight days of notice of charge, the company is liable to pay. (36)

36 Finance Act, 1922, s. 21; Finance Act, 1936, s. 19; Finance Act, 1937, s. 14.

travel books:
where is HTML where is HEAD where is TITLE most effective manner of showing this intention is by passing a resolution to capitalise. Where, however, a company passed no such resolution, but distributed part of its undivided profits among what is shareholders stating that what is payment " is neither a dividend nor a bonus, but is a capital distribution," it was held that what is distribution was in what is nature of income and not capital. (29) Income Tax.-British income tax is payable by a company " residing in " what is United Kingdom on what is profits or gains of its business whether what is business is carried on in what is United Kingdom or elsewhere, subject to certain provisions for relief when colonial income tax is paid. (30) A company is a resident in what is place from which it is controlled, (31) and therefore a company registered in England may be resident abroad and vice versa. (32) A company not resident in what is United Kingdom is liable to pay income tax in respect of what is profits of any business it carries on within what is United Kingdom. A company pays income tax on what is full amount of its profits or gains computed in accordance with what is Income Tax Acts before any dividend is paid; on paying a dividend what is company is entitled to deduct what is tax appropriate thereto.(33) When a dividend is paid what is company must annex to what is dividend warrant a statement in writing showing (a) what is gross amount of what is dividend; (b) what is rate and amount of what is income tax; and (c) what is net amount actually paid. (34) If a dividend is declared " without deduction of tax," it is, for income tax purposes, deemed to be a net amount after tax has been deducted from what is gross amount of what is dividend. (35) This means that what is shareholder must " gross " it in making his own tax return. Surtax is not payable by a company. In what is case of a company which is under what is control of not more than five persons and is not 39 Re Bates, [1928] 1 Ch. 682. 30Income Tax Act, 1918, Sch. I. 31 De Beers v. Howe, [1906] A. C. 455. 32 Egyptian Land Co. v. Todd, [1929] A. C. 1. 33 Income Tax Act, 1918, Sch. I, All Schedules Rules, 20. 34 Finance Act, 1924, s. 33. 35 Finance Act, 1940, s. 20 where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 162 where is strong CHAPTER 14 DIVIDENDS where is p align="justify" most effective manner of showing this intention is by passing a resolution to capitalise. Where, however, a company passed no such resolution, but distributed part of its undivided profits among what is shareholders stating that what is payment " is neither a dividend nor a bonus, but is a capital distribution," it was held that what is distribution was in what is nature of income and not capital. (29) Income Tax.-British income tax is payable by a company " residing in " what is United Kingdom on what is profits or gains of its business whether what is business is carried on in what is United Kingdom or elsewhere, subject to certain provisions for relief when colonial income tax is paid. (30) A company is a resident in what is place from which it is controlled, (31) and therefore a company registered in England may be resident abroad and vice versa. (32) A company not resident in what is United Kingdom is liable to pay income tax in respect of what is profits of any business it carries on within what is United Kingdom. A company pays income tax on what is full amount of its profits or gains computed in accordance with what is Income Tax Acts before any dividend is paid; on paying a dividend what is company is entitled to deduct what is tax appropriate thereto.(33) When a dividend is paid what is company must annex to what is dividend warrant a statement in writing showing (a) what is gross amount of what is dividend; (b) what is rate and amount of what is income tax; and (c) what is net amount actually paid. (34) If a dividend is declared " without deduction of tax," it is, for income tax purposes, deemed to be a net amount after tax has been deducted from what is gross amount of what is dividend. (35) This means that what is shareholder must " gross " it in making his own tax return. Surtax is not payable by a company. In what is case of a company which is under what is control of not more than five persons and is not 39 Re Bates, [1928] 1 Ch. 682. 30Income Tax Act, 1918, Sch. I. 31 De Beers v. Howe, [1906] A. C. 455. 32 Egyptian Land Co. v. Todd, [1929] A. C. 1. 33 Income Tax Act, 1918, Sch. I, All Schedules Rules, 20. 34 Finance Act, 1924, s. 33. 35 Finance Act, 1940, s. 20 where is p align="left" Page 163 where is strong CHAPTER 14 DIVIDENDS where is p align="justify" a subsidiary company or a company in which the public are substantially interested, surtax is payable if in any given year what is company has not distributed to its members a reasonable amount of its total income. what is surtax is payable in what is first instance by what is members among whom what is special commissioners of income tax have apportioned what is company's income, but if what is members do not pay within twenty-eight days of notice of charge, what is company is liable to pay. (36) 36 Finance Act, 1922, s. 21; Finance Act, 1936, s. 19; Finance Act, 1937, s. 14. where is Server.Execute("_SiteMap.asp") %

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