{
  "url": "https://openlegislation.uk/finance-no-2-act-1945/section-48",
  "json_url": "https://openlegislation.uk/finance-no-2-act-1945/section-48.json",
  "legislation": "ukpga/Geo6/9-10/13",
  "legislation_title": "Finance (No. 2) Act 1945",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-1945",
  "path": "section/48",
  "kind": "section",
  "number": "48",
  "heading": "Payment of refunds out of Consolidated Fund.",
  "text": "(1) Such sums as are required by the Commissioners of Inland Revenue for the purpose of making payments of, or on account of, post-war refunds shall be issued to the Commissioners out of the Consolidated Fund of the United Kingdom . . . .\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) Notwithstanding anything in sub-paragraph (2) of paragraph 1 of Part II of the Seventh Schedule to the Finance (No. 2) Act, 1939, in computing the amount of the capital employed in a trade or business for the purposes of excess profits tax no deduction shall be made from the price of any asset on the ground that it was acquired wholly or partly out of a sum paid for or on account of a post-war refund and that that sum was, by virtue of this section, contributed out of the Consolidated Fund.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words repealed by Statute Law Revision Act 1963 (c. 30) Sch."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S.48(2) repealed by National Loans Act 1968 (c. 13), s. 24(2), Sch. 6 Pt. I"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "The text of ss. 34, 35, 36, 38, 46, 47, 48, 50, 51, 58, 59, Schs. 5, 6, 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, save as indicated, does not reflect any amendments or repeals which may have been made prior to 1.2.1991"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/Geo6/9-10/13/section/48",
    "retrieved_at": "2026-10-29T11:26:11.760831+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."
}