§ 71. Major Sir EDWARD COATES
asked the hon. Member for Worcestershire (Bewdley Division) whether, in cases of controlled establishments where the managing director or manager has during, or before, the standard period by contract or agreement secured a remuneration based upon the profits, such secured remuneration is chargeable against the profits for the period of assessment; and whether, seeing that such remuneration arising out of increased profits for the period of assessment reduces the profits of the controlled establishment, as apart from Exchequer profit, below those of the standard period, he will provide a remedy for this state of affairs?
§ The PARLIAMENTARY SECRETARY to the MINISTRY of MUNITIONS (Mr. Kellaway)
The answer to the first part of the question is that such remuneration, calculated with reference to the divisible amount of profits allowed to be retained by the controlled owner under Part II. of the Munitions of War Act, 1915, and the Rules thereunder, would, speaking generally be chargeable against the profits of the period of assessment. I am not quite clear what contingencies the hon. Member has in mind in the second part of the question, but I should be happy to consider any illustrative case which he would put before me.
§ Mr. JOYNSON HICKS
Is the hon. Member aware that this whole question is sub judice, and his law is not quite right?