|
Date: |
|
Description: | These files comprise accounts and correspondence primarily dealing with the calculation and assessment of Joseph Sankey & Sons Ltd's liability for Excess Profits Duty, Munitions Levy and Corporation Profits Tax during the First World War years and immediately afterwards, and the company's appeal against the initial settlement calculated by the Inland Revenue. Some of the accounts are duplicates of those represented in other annual accounts sub-series in this collection, but they have been used in these files for tax computation purposes. The sub-series also contains two files dating from the Second World War period which contain material relating to the calculation of Excess Profits Tax and Armaments Profits Duty.
This material provides evidence about the method of calculation of profit figures of the company to assess its liability for Excess Profits Duty which was imposed on business profits from 1915 to 1921 and was replaced by Corporation Profits Tax between 1921 and 1924, when it was abolished. These taxes were a response to the dramatic rise of business profits during the First World War period as a result of the demands of the conflict. Tax assessment took into consideration pre-war profits and wartime capital expenditure, and these records help to explain how Joseph Sankey & Sons Ltd profit figures for the period were calculated. Excess Profits Tax was introduced prior to the outbreak of war in 1939 in the Finance Act (No.2) while Armaments Profits Duty had been imposed in early 1939. There is comparatively little material in the collection that relates to these duties, however. | License: | http://creativecommons.org/licenses/by/2.0/uk/ | Publisher: | Wolverhampton Archives | Rights holder: | Wolverhampton Archives | Temporal: | 1912-1951 | Source: | Black Country History | Identifier: | http://www.blackcountryhistory.org/colle... | Go to resource |
|
|