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Recited Duty in Schedule (D.) and Rules, deemed Part of this Act.
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XCIII. And be it further enacted. That the Duty contained in the Schedule marked (D.) as herein recited, shall be assessed and charged under the following Rules, which Rules shall be deemed and construed a Part of this Act, and to refer to the said last-mentioned Duty, as if the same had been inserted herein under a special Enactment.
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SCHEDULE (D.)
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To what the Duties extend, and by whom to be paid.
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The said last-mentioned Duties shall extend to every Description of Property or Profits, which shall not be chargeable or charged to either of the said Duties contained in Schedules (A.) (B.) or (C.) and to every Description of Employment of Profit, not chargeable or charged to the Duty herein-after mentioned contained in Schedule (E.) and not specially exempted from the said respective Duties, and shall be charged annually on and paid by the Person or Persons, Bodies Politick or Corporate, Fraternities, Fellowships, Companies, or Societies, whether Corporate or not Corporate, receiving or entitled unto the same, his, her, or their Executors, Administrators, Successors, and Assigns, respectively.
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Rules for ascertaining the Duties.
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Rules for ascertaining the said last-mentioned Duties in the particular Cases herein mentioned.
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First Case.—Duties to be charged in respect of any Trade, Manufacture, Adventure, or Concern, in the Nature of Trade.
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Computation of Duty on Trade.
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First. -The Duty to be charged in respect thereof shall be computed on a Sum not less than the full Amount of the Balance of the Profits or Gains of such Trade, Manufacture, Adventure, or Concern, upon a fair and just Average of Three Years, ending on such Day of the Year immediately preceding the Year of Assessment, on which the Accounts of the said Trade, Manufacture, Adventure, or Concern, shall have been usually made up, or on the Fifth Day of April preceding the Year of Assessment, and shall be assessed, charged, and paid, without other Deduction than is herein-after allowed: Provided always, that in Cases where the Trade, Manufacture, Adventure, or Concern, shall have been set up and commenced within the said Period of Three Years, it shall be lawful to make the Computation for One Year on the Average of the Balance of the Profits and Gains from the Period of first setting up the same: Provided also, that in Cases where the Trade, Manufacture, Adventure, or Concern, shall have been set up and commenced within the Year of Assessment, it shall be lawful to make the Computation according to the Rule in the Sixth Case of this Schedule.
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To whom the Duty extends.
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Second. —The said Duty shall extend to every Person or Persons, Bodies Politick or Corporate, Fraternities, Fellowships, Companies, or Societies, and to every Art, Mystery, Adventure, or Concern, carried on by them respectively in Great Britain or elsewhere, as aforesaid, not charged under Schedule (A.)
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Duties on Buildings occupied solely for Trade, to be allowed.
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Third. — The Amount of Duty charged under Schedule (B.) on any Tenements or Buildings whatever, occupied and used wholly and exclusively for the Purpose of Trade, Manufacture, Adventure, or Concern aforesaid, shall be deducted from the Duty charged on the Profits of such Trade, Manufacture, Adventure, or Concern, under this Schedule marked (D.) on due Proof thereof before the Commissioners for executing this Act.
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Deductions not to be allowed.
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No Deduction for Annual Interest.
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Fourth. —In estimating the Balance of Profits and Gains chargeable under Schedule (D.), or for the Purpose of assessing the Duty thereon, no Sum or Sums shall be set against or deducted from, or allowed to be set against or deducted from, such Profits or Gains, on Account of any Sums expended for Repairs of Premises occupied for the Purpose of such Trade, Manufacture, Adventure, or Concern; nor for any Sum expended by them for the Supply or Repairs, or Alterations of any Implements or Utensils or Articles employed for the Purpose of such Trade, Manufacture, Adventure, or Concern, beyond the Sum usually expended for such Purposes, according to an Average of Three Years preceding the Year in which such Assessment shall be made; nor on Account of Loss not connected with or arising out of such Trade, Manufacture, Adventure, or Concern; nor on Account of any Capital withdrawn therefrom; nor for any Sums employed or intended to be employed as Capital, or in Improvement of Premises occupied for the Purpose of such Trade, Manufacture, Adventure, or Concern; nor on Account or under Pretence of any Interest which might have been made on such Sums if laid out at Interest; nor for any Debts except such Debts, or such Parts thereof as shall be proved to the Satisfaction of the Commissioners respectively to be irrecoverable and desperate; nor for any Average Loss beyond the actual Amount of Loss after Adjustment; nor for any Sum recoverable under an Insurance or Contract of Indemnity.
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Fifth. —In estimating the Amount of the Profits and Gains arising as aforesaid, no Deduction shall be made on Account of any annual Interest, or any Annuity, or other annual Payment, payable out of such Profits or Gains, except the Interest of Debts due to Foreigners not resident in Great Britain.
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Second Case.—The Duty to be charged in respect of Professions, Employments, or Vocations.
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Computation of Duty on Professions.
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First. —The Duty to be charged in respect thereof shall be computed at a Sum not less than the full Amount of the Balance of the Profits, Gains, and Emoluments of such Professions, Employments, or Vocations, (after making such Deductions and no other as by this Act are allowed) within the preceding Year, ending as in the First Case, to be paid on the actual Amount, of such Profits or Gains, without any Deduction, subject to the like Provisions as are made in the First Case, in respect of the Period of Average in the Cases of setting up and commencing such Profession, Employment, or Vocation, within the Period herein limited. The Third, Fourth, and Fifth Rules in the First Case shall also extend to the Profits arising under the Second Case.
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Deductions not to be allowed on First and Second Cases.
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In estimating the Balance of the Profits or Gains to be charged according to either of the First or Second Cases, no Sum or Sums shall be set against, deducted from, or allowed to be set against or deducted from, such Profits or Gains, for any Disbursements or Expences whatever, not being Money wholly and exclusively laid out or expended for the Purposes of such Trade, Manufacture, Adventure, or Concern, or of such Profession, Employment, or Vocation; nor for any Disbursements or Expences of Maintenance, of the Parties, their Families, or Establishments; nor for Rent, or Value of any Dwelling House or domestick Offices, or any Part of such Dwelling House or Offices, although used for the Purposes of such Trade or Concern nor for any other domestick or private Purposes, distinct from the Purposes of such Profession, Employment, or Vocation.
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Third Case.—The Duty to be charged in respect of Profits of an uncertain annual Value not charged In Schedule (A.)
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Computation of Duty on uncertain Profits.
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First. —The Duty to be charged in respect thereof shall be Computed at a Sum not less than the full Amount of the Profits or Gains arising therefrom within the preceding Year, ending as in the First Case, to be paid on the actual Amount of such Profits or Gains, without any Deduction.
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On Interest not being annual.
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Second. —The Profits on all Exchequer Bills, and other Securities bearing Interest payable out of the publick Revenue, and on all Discounts, and on all Interest of Money not being annual Interest, payable or paid by any Persons whatever, shall be charged according to the preceding Rule in this Case.
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Computation of Duty from Securities in Ireland, &c.
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Fourth Case.—The Duty to be charged in respect of Interest arising from Securities in Ireland or in the British Plantations in America, or in any other of His Majesty’s Dominions out of Great Britain, and Foreign Securities.
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The Duty to be charged in respect thereof shall be computed on a Sum not less than the whole and just Sum and Sums (so far as the same can be computed) which have been or will be received in Great Britain in the current Year, without any Deduction or Abatement.
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Computation of Duty from Possessions in Ireland, &c.
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Fifth Case.—The Duty to be charged in respect of Possessions in Ireland, or in the British Plantations in America, or in any other of His Majesty’s Dominions out of Great Britain, and Foreign Possessions.
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The Duty to be charged in respect thereof shall be computed at not less than the full Amount of the actual Sums annually received in Great Britain, either for Remittances from thence payable in Great Britain, or from Property imported from thence into Great Britain, or from Money or Value received in Great Britain, and arising from Property which shall mot have been imported into Great Britain, or from Money or Valve so received on Credit, or on Account in respect of such Remittances, Property, Money, or Value, brought or to be brought into Great Britain, computing the fame on an Average of the Three preceding Years, as directed in the First Case, without Deduction or Abatement.
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Computation of Duty on undescribed Profits.
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Sixth Case.—The Duty to be charged in respect of any annual Profits or Gains not falling under any of the foregoing Rules, and not charged by virtue of any of the other Schedules contained in this Act.
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The Nature of such Profits or Gains, and the Grounds on which the Amount thereof shall have been computed, and the Average taken thereon (if any) shall be stated to the Commissioners; and the Computation shall be made on the Amount of the full Value of the Profits and Gains received annually, or according to such Average, as aforesaid as shall be directed by the said commissioners, to the best of the Knowledge and Belief of the Person or Persons in Receipt of the same or entitled thereto.
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