§ 50. Mr. THURTLEasked the Chancellor of the Exchequer the estimated amount of profits of public and private companies which were undistributed for the last two financial years, respectively?
§ Mr. CHURCHILLI have no information as to the amount of undistributed profits of companies in the last two years. As the hon. Member is no doubt aware, the Report of the Colwyn Committee gives, as the result of a special inquiry, the figure of £217½ millions as the amount of undistributed profits for the year 1923–24. I could not authorise such an inquiry for every year; it involves a great deal of labour.
§ Mr. THURTLEDo I understand that, on this sum of £217,000,000, no Income Tax or Super-tax is paid?
§ Mr. CHURCHILLCertainly; the hon. Member is perfectly entitled to understand that that figure, under the existing law, is immune from Super-tax.