Finance Act 1940
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
32 Disallowance, in computing profits, of certain expenses.
(1) In computing the profits of any trade or business for any accounting period, no deduction shall be allowed in respect of expenses in excess of the amount which the Commissioners consider reasonable and necessary, having regard to the requirements of the trade or business, and, in the case of the directors’ fees or other payments for services, to the actual services rendered by the person concerned. (2) Any person who is dissatisfied with a decision of the Commissioners under this section may appeal to the Board of Referees.
32 Disallowance, in computing profits, of certain expenses.
(1) In computing the profits of any trade or business for any accounting period, no deduction shall be allowed in respect of expenses in excess of the amount which the Commissioners consider reasonable and necessary, having regard to the requirements of the trade or business, and, in the case of the directors’ fees or other payments for services, to the actual services rendered by the person concerned. (2) Any person who is dissatisfied with a decision of the Commissioners under this section may appeal to the Board of Referees.
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