{
  "url": "https://openlegislation.uk/finance-act-1940/schedule-5/paragraph-1",
  "json_url": "https://openlegislation.uk/finance-act-1940/schedule-5/paragraph-1.json",
  "legislation": "ukpga/Geo6/3-4/29",
  "legislation_title": "Finance Act 1940",
  "legislation_url": "https://openlegislation.uk/finance-act-1940",
  "path": "schedule/5/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) If, for any period after the end of March, nineteen hundred and thirty-nine, a body corporate is a member of a group of companies, assessments shall be made in respect of its excess profits for all chargeable accounting periods during that period in accordance with the provisions of this Schedule.\n(2) Such assessments shall be made in respect of any trade or business carried on by a subsidiary member of a group of companies whether or not the trade or business is carried on in the United Kingdom and whether or not the subsidiary member is ordinarily resident in the United Kingdom.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/Geo6/3-4/29/schedule/5/paragraph/1",
    "retrieved_at": "2026-10-29T11:31:12.189827+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}