§ 48. Mr. W. THORNEasked the Chancellor of the Exchequer the amount of excess of War Profits Tax that was budgeted 1125 for in the financial year 1916–17; and the amount that the Excess Profits Tax has realised?
§ Mr. BONAR LAWThe Budget Estimate of the yield of Excess Profits Duty (including Munitions Levy) in the year 1916–17 was £86,000,000, and the actual receipt amounted to £139,920,000. It will be remembered that the provision of the Finance Act, 1916, allowing interest on payments of duty made in advance of the due date was inserted after the Budget Estimate had been framed, and a sum of from £30,000,000 to £40,000,000 of the excess may be attributed to this provision.
§ Mr. THORNEMay I ask whether the right hon. Gentleman, when he is framing his new Budget, will make serious propositions to dip further into these excess profits?
§ Mr. BONAR LAWThat is one of the points I am not likely to forget.
§ Mr. BILLINGIn view of the fact that the Government fix prices, why are prices fixed which permit these enormous profits?