# Finance (No. 2) Act 1945, Paragraph 7


So much of the provisions of Part IV of this Act relating to income tax on sums paid as or on account of post-war refunds as provides that the right to elect that sums so paid shall be chargeable as profits and gains of a trade for the year 1947-48 in lieu of being chargeable to tax for the year 1946-47 shall be restricted to cases where the person to whom the sum is paid is carrying on the trade during the whole or some part of the year 1947-48 shall not apply where, during the whole or part of the year 1947-48, the trade is being carried on by a subsidiary member of a group of companies of which the person to whom the sum was paid is then the principal company.

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Source: https://www.legislation.gov.uk/ukpga/Geo6/9-10/13/schedule/SIXTH/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-1945/schedule-SIXTH/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.