§ 54. Mr. WADDINGTON
asked the Chancellor of the Exchequer if he is aware of the opinion held in Lancashire commercial circles that many cotton spinning mills are changing ownership in a manner which evades the liability to Income Tax and Excess Profits Duty; and will the Treasury take urgent and special action to secure for the State the correct amount of taxes, in view of the dissatisfaction felt among all classes in Lancashire at the present inadequate methods?
My attention has been drawn to the type of transactions mentioned in these questions. Possible sources of new revenue will be carefully considered in connection with my forthcoming Budget proposals.