Finance Act, 1933

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Certificate of discharge.

38.—(1) Any person owning (whether beneficially or in a fiduciary capacity) a trade or business in respect of which excess profits duty is or may be charged or chargeable or having a power of sale over any such trade or business may apply to the Revenue Commissioners for such certificate as is hereinafter mentioned, and, if the Revenue Commissioners are satisfied that such person has agreed to sell such trade or business but has not completed such sale or that such person bona fide intends as soon as conveniently may be to sell such trade or business and the Revenue Commissioners are also satisfied that the facts in relation to the charge and payment of excess profits duty in respect of such trade or business for every accounting period justify them in so doing, the Revenue Commissioners shall issue to such person a certificate signed by an officer of the Revenue Commissioners duly authorised in that behalf by them, certifying either (as the case may require) that no excess profits duty is chargeable in respect of such trade or business or that all excess profits duty chargeable in respect of such trade or business has been paid.

(2) A certificate issued under this section shall discharge any purchaser for valuable consideration in money or money's worth of the trade or business to which such certificate relates from the person to whom such certificate was issued and all persons deriving title to such trade or business from or through such purchaser from all claims for excess profits duty in respect of such trade or business, and shall (save in case of fraud by the person to whom such certificate was issued or failure by him to disclose material facts) also discharge such person and all persons deriving title to such trade or business from or through him otherwise than for valuable consideration in money or money's worth from (as the case may be) all claims or any further claim for excess profits duty in respect of such trade or business.