§ 54. Mr. KINGasked the Chancellor of the Exchequer whether he can give a revised estimate of the proceeds of the Excess Profits Tax for the current financial year; whether the indications are that the estimate of yield of this taxation will be 649 largely exceeded; and, if so, can he say which trades or industries have received increased profits to account for the increase in revenue?
§ The CHANCELLOR of the EXCHEQUER (Mr. McKenna)If my Budget Estimate is exceeded, the excess would not be due to an underestimate of the profits of businesses liable to duty, but to an underestimate of the rate at which the duty payable could be collected. This rate has been much accelerated by the system of deposits in advance of assessment, which was introduced after the Budget Estimate was announced.
§ Mr. BILLINGWill the right hon. Gentleman consider the advisability of introducing an audit of the accounts and of the profits of the coal owners in South Wales?
§ Mr. McKENNAI must ask for notice of that.