HC Deb 12 February 1920 vol 125 cc226-7
59. Mr. LUNN

asked the Chancellor of the Exchequer what was the amount of Excess Profits Duty in respect of periods before 1st January, 1919, which remained unpaid on 1st January, 1920; and what is the approximate amount which would be due to the Exchequer if interest at five per cent. were payable on these outstanding sums?


The estimated amount of Excess Profits Duty and Munitions Levy in assessment, but unpaid, at the 1st January, 1920, in respect of accounting periods ended before the 1st January, 1919, is £175,000,000. Except in so far as duty is being collected by instalments, payment of the greater portion of this amount is in suspense, pending the settlement of appeals and other questions which cannot yet be determined, and it may be anticipated that upon the final adjustment of liabilities the total figure in assessment will be very substantially reduced. Until the outstanding appeals have been disposed of and the amounts of duty finally determined, it is not possible to estimate what amount of interest would be due to the Exchequer if interest were charged on the duty ultimately found to be payable.