The Taxation of Excess Profits in Great Britain; A Study of the British Excess Profits Duty in Relation to the Problem of Excess Profits Taxation in the United States (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ...of unreasonable salaries to relatives, etc. If any such transaction occurred before the commencement of the Act, the taxpayer is directed to inform the Commissioners regarding it. Failure to comply with this provision carries a penalty of a fine not exceeding 100. Penalties.--Failure to give the required notices or to make the 262 Finance (No. 2) Act, 1915, sec. ii (2). required returns subjects the offender to a fine of not more than 100 plus 10 for each day's delay after conviction.253 Collection Procedure.--Since the line between avoidance and evasion is so difficult to draw and since the efforts to avoid the tax are the cause of many of the serious economic consequences of the Duty, the whole treatment of evasion is relegated to Part Three.254 This section, consequently, is devoted to the mere mechanics of collection. As has been seen, the notice of assessment mailed by the surveyor serves as a notice to pay. Remittances must be made to Somerset House255 within two months of the date of service of the notice. The surveyor notifies the Accountant General of the notices issued by him so that he is informed as to the total levies. The surveyor receives a notification of all payments made, files all the correspondence and keeps a record of the exact status of each taxpayer's account. Payment Pending Appeal.--The ordinary rule is that payments must be made notwithstanding any appeal but the Commissioners of Inland Revenue may make exceptions.258 In practice the surveyor is urged to make collections on the basis of agreed tentative assessments which will at least cover the part of the liability not under dispute. Of particular interest to Americans is the injunction included in the statute that "the Commissioners shall make such repayme...