§ 60. Mr. LUNNasked the Chancellor of the Exchequer whether, in view of the considerable advantages derived by companies from the retention of arrears of Excess Profits Duty owing to the delay in adjusting the accounts and appeals, he will take an early opportunity of asking the House to impose interest on outstanding obligations in accordance with his suggestion?
Mr. CHAMBERLAINIn the cases to which the hon. Member refers, it is the practice of the Commissioners of Inland Revenue to require substantial payments of duty on account where it is evident that liability will arise. Subject to this, I have nothing to add to the reply I made to the hon. Member on the 25th of November.
§ Mr. LUNNDoes the right hon. Gentleman realise that this means that we are contributing some millions per year of 5 per cent. interest to those companies which have failed to settle their accounts?
Mr. CHAMBERLAINIf the hon. member will look at the answer which I returned some time ago or even at the earlier statement I made in the course of the Financial Debate, he will see that my attention was directed to this matter before he put any questions on the subject, and that I indicated that if I found there were any unnecessary or improper delays, I might find it necessary to ask Parliament to impose interest.