§ 54. Sir J. D. REESasked whether the Government will consider the propriety of giving facilities for the payment of Income Tax in part by the surrender at par of War Loan Stock, and of empowering employers to pay a fixed and not inconsiderable portion of the wages of employés in War Loan vouchers, not negotiable until after the War?
§ Mr. McKENNAAs at present advised, I do not see my way to adopting either of the suggestions made in the question.
§ 55. Sir J. D. REESasked what depreciation is allowed in calculating profits for Income Tax and Excess Profits Tax in the case of businesses, whether or not under control, whose plant, whether in use before or laid down for the War, is subject to excessive strain from extra work in the production of munitions of war?
§ Mr. McKENNAAs regards Income Tax, the General or Special Commissioners are empowered by statute to make such allowance as they may think just and reasonable according to the circumstances of the case. As regards Excess Profits Duty, I would refer the hon. Member to the special provisions of Clause 36 (3) of the Bill.