HC Deb 12 July 1916 vol 84 cc421-2

To Sub-clause four, Part I., of Schedule Four, of the Finance (No. 2) Act, 1915, the following words shall be added at the end, namely:

Whenever Excess Profits Duty or similar duty shall have been paid outside the United Kingdom in respect of any accounting period for which Excess Profits Duty has been paid in the United Kingdom the amount of such excess profits or similar duty so paid shall forthwith be refunded.—[Sir J. D. Rees.]

Clause brought up, and read the first time.

Sir J. D. REES

I beg to move, "That the Clause be read a second time."

In the Fourth Schedule to the principal Act dealing with the computation of profits, it is provided that deductions shall be allowed "for any sum which has been paid in respect of the profits on account of any Excess Profits Duty or similar duty imposed in any country outside the United Kingdom."

There is not, however, any provision for any refund. I do not suggest that the Chancellor of the Exchequer is likely to impound money or use it as Ways and Means and refuse to restore it, but there is a little difficulty in getting back money that has once been paid, especially Income Tax. Firms who are in business, both in the United Kingdom and in foreign possessions, feel that there should be some specific provision for an immediate refund, so that when the Income Tax is as high as it is at present they should not be kept for a long time out of their money. I can hardly imagine that there is any great objection to the addition of this Clause.

Motion not seconded.


The next Clause, standing in the name of the hon. Member for East Nottingham (Sir J. D. Rees)—[Income Tax, Foreign Possessions]—is out of order, because it might increase the charge.