HC Deb 16 May 1928 vol 217 cc1042-3
67. Mr. R. MORRISON

asked the Chancellor of the Exchequer the profits of British brewers and distillers for the year 1913–14 and for last year?

The FINANCIAL SECRETARY to the TREASURY (Mr. Arthur Michael Samuel)

The profits of brewing concerns for accounting years ended in the Income Tax year 1926–27 are estimated at £24,500,000. As regards the year 1913–14 an investigation made in 1923 resulted in an estimate of the profits of the year 1913–14 as £9,970,000. The estimates given in reply to previous questions as to the profits in post-War years call for revision in the light of the fuller information now available as regards those years, and the profits of the years 1920 to 1923 are now estimated as follow:

£
1920–1921 … … 29,000,000
1921–1922 … … 19,750,000
1922–1923 … … 22,250,000
1923–1924 … … 23,250,000
In all cases the figures include, in addition to brewing profits, any profits arising from the carrying on of any trade ancillary to the main business. The figures represent the profits as computed for the purpose of Income Tax without any deduction in respect of Excess Profits Duty and Corporation Profits Tax paid, but less the amounts allowed in respect of the wear and tear of machinery and plant. I regret that I am not in a position to furnish any information regarding the profits of distilleries.

Mr. MORRISON

In view of the fact that these figures reveal that the profits of the brewers and distillers have risen from £9,000,000 in 1913 to £24,500,000 last year, is this considered a suitable productive enterprise for the Government recommendation that three-quarters of the rates on the industry should not be paid?

Mr. SPEAKER

That point can be raised in debate later.