HC Deb 20 August 1940 vol 364 cc1143-4W
Major Procter

asked (1) the Under-Secretary of State for Dominion Affairs whether his attention has been called to the position of base metal mining companies in the Dominions with a life of not more than approximately 20 years, who are unable economically to increase their production at the present time by reason of the levy of 100 per cent. Excess Profits Tax on them; and whether he can arrange for the cases of such companies to be considered, having regard to the best interests of the Dominions;

(2) The Secretary of State for the Colonies whether his attention has been called to the position of base metal mining companies in the Colonies with a life of not more than approximately 20 years, who are unable economically to increase their production at the present time by reason of the levy of 100 per cent. Excess Profits Tax on them; and whether he can arrange for the cases of such companies to be considered having regard to the best interests of the Colonial Empire?

Sir K. Wood

I have been asked to reply. Provision has already been made to meet the case of the companies referred to by my hon. and gallant Friend, as they will be able to apply to the Board of Referees, if Clause 13 of the present Finance Bill becomes law, for an increase not exceeding 4 per cent. in the rates of percentages on capital allowed for certain purposes of the Excess Profits Tax.