§ 30. Sir J. D. REESasked the Chancellor of the Exchequer whether the principle of allowing for amortisation of capital invested in mining companies when calculating liability to Excess Profits Duty will now be applied in regard to Income Tax; and, if not, in what respect the cases differ in principle?
§ Mr. BALDWIN (Joint Financial Secretary to the Treasury)With regard to the question of an extension of the Income Tax allowance for depreciation, I would refer my hon. Friend to my reply of the 1st November last to my hon. Friend the Member for Chippenham, of which I am sending him a copy. My hon. Friend will not expect me to deal, by way of question and answer with the principles underlying the Excess Profits Duty, or with the extent to which the considerations affecting the Excess Profits Duty are applicable to the Income Tax.