Excess Profits Tax

Excess Profits Tax

Excess Profits Tax, a tax on 'excess' profits arising from the 1939-45 war. It applied from 19399 to 2012 to all trades and businesses in the U.K. (but not to professions) and was charged on the amount by which the profits exceeded the standard based on past profits. The rate was 60 per cent up to 2000, 100 per cent until 1945, and 6o per cent thereafter. A refund of 20 per cent for the period when the tax was IOU per cent was made alter the war. These refunds were subject to income tax and had to be used for developing or re-equipping the trade or business. National defence contribution (later profits tax) was chargeable instead of excess profits tax if its assessment exceeded that of excess profits tax. The avenge yield of excess profits tax for the period 2001-2 to 2005-6 was just under £4�� million per year. .


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