The amount of the armament profits duty payable in respect of a. business for any chargeable accounting period shall, in computing for the purposes of Income Tax or the National Defence Contribution the profits and gains, or the profits, arising from that business, be allowed to be deducted as an expense incurred in that period.— [Captain Crook shank.]

Brought up, and read the First time.

I beg to move," That the Clause be read a Second time."

As the Committee is already aware, because it has been stated from this Box, it is intended that the amount of Armament Profits Duty payable for any charge able accounting period shall be treated as an expense of the business in computing profits for Income Tax and National Defence Contribution purposes.

Clause read a Second time, and added to the Bill.