13 NOVEMBER 1920, Page 22

The Corporation Profits Tax. By Raymond W. Needham_ (Parsons. 7s.

6d. net.)—This commentary on Part V. of the Finance Act, imposing the new tax on the profits of limited companies, sets a new fashion in legal handbooks by being almost sprightly in style. Mr. Needham warns all concerned that the tax is likely to be increased, and he reminds them that no good purpose is served by abusing the Commissioners of Inland Revenue who have to administer the law as they find it. His commentary is well arranged and exceptionally clear. It shows that the Act provides for various exemptions which need careful study on the part of boards of directors. Thus, interest on debentures and preference stock is to be deducted from the gross profit in order to determine the " profits " on which the tax is charged.