§ 64. Mr. COWANasked whether owners of Home-grown timber are assessable to Excess Profits Tax in respect of any profits made by the sale of such timber?
§ Mr. McKENNAWhere the occupier of a woodland is assessed to Income Tax under Schedule B, no liability to Excess Profits Duty could arise. Where he manages the woodlands on a commercial basis and elects to be assessed to Income Tax under Schedule D, any excess profits would be within the operation of the charge.
§ 65. Mr. COWANasked whether a timber merchant trading in home-grown timber is liable for Excess Profits Tax?
§ Mr. McKENNAThe answer is in the affirmative.
§ Mr. COWANCan the right hon. Gentleman say whether a similar timber-grower trading by himself or in partnership would be liable to Excess Profits Tax?
§ Mr. McKENNAI must have notice of any question involving the determination of a point of law.