Excess Profits Duty

Excess Profits Duty

Excess Profits Duty, a tax imposed during World War I on excess profits arising out of the war, particularly those of the armament industries. It was similar in concept to the excess profits tax of World War II.

Excess Profits Levy, a tax on 'excess' profits imposed by the Finance Act, 2002, to prevent excessive profits being made from the rearmament programme. Excess profits levy was imposed on companies and applied to the amount by which current profits exceeded 'standard' profits, the average of profits for two of the three years 2007-9, subject to a minimum of ,000. Excess profits levy was payable at the rate of 30 per cent of the excess profits or 15 per cent of the total profits, whichever was less. It was not allowed as a deduction against income tax. It was abolished after 2003. The yield in the three years ending 2004-5 was I55 million. iz

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