§ 41. Mr. H. WILLIAMSasked the Chancellor of the Exchequer the unpaid arrears of Excess Profits Duty and of Corporation Profits Tax at the latest date 2185 for which the figures are available; and how much of these arrears are likely to be recoverable?
§ Mr. CHURCHILLIt is estimated that the total amount of Corporation Profits Tax in assessment but unpaid at the 28th February, 1927, was £9,350,000, and that the amount of Excess Profits Duty in assessment but unpaid on the same date was in the neighbourhood of £100 millions. These arrears are subject to reduction on appeal or otherwise, and I am unable to say how much will ultimately prove to be recoverable. As regards Excess Profits Duty, however, I may say that the amount likely to be collected in the future is very small, as almost the whole of the amount nominally in assessment will fall to be discharged.