§ 71. Mr. PETHICK-LAWRENCEasked the Chancellor of the Exchequer what was the estimated total amount of the Corporation Profits Tax unpaid on 31st March, 1928, and of the unpaid Excess Profits Duty on the same date?
§ Mr. CHURCHILLThe gross amount of Corporation Profits Tax in assessment but unpaid at the 31st March, 1928, was approximately £6,740,000, but this figure is subject to reductions and discharges and must not be taken as representing duty that will ultimately be collected. The gross amount of Excess Profits Duty in assessment but unpaid at the same date 602 was about £77,500,000, but as has already been explained on more than one occasion this figure cannot be taken as representing the amount of duty remaining to be collected, which will fall far short of the duty on assessment by reason of reductions and discharges due to be made.
§ Mr. PETHICK-LAWRENCEDoes the right hon. Gentleman think that any further money will be collected on either of these accounts?
§ Mr. CHURCHILLYes, I think so; I expect so. But up to the present the Excess Profits Duty shows a loss, not a profit.