§ 47. Mr. SMITHERSasked the Chancellor of the Exchequer how many bona fide commercial companies have had their undivided profits assessed for surtax by the Inland Revenue since 1st October, 1929, under Section 21 of the Finance Act, 1922, and Sections 31 and 33 of the Finance Act, 1927; and, in cases of appeal, how many appeals have been decided in favour of the company and how many in favour of the Inland Revenue?
§ Mr. P. SNOWDENAs this answer is somewhat long and contains a number of figures, I will, with the hon. Member's permission, circulate it in the OFFICIAL. REPORT.
§ Mr. SMITHERSMay I ask whether the Chancellor of the Exchequer will make it clear that the undivided profits of these companies will not be unduly attacked or depleted—
§ Mr. SPEAKERThat is a different question altogether.
§ Following is the answer:
§ The number of directions made under the Sections in question since 1st October, 1929, on all companies other than investment-holding companies and landed estate companies was 256. No appeal was lodged by the company in the ease of 82 of these directions, and appeals, which had been lodged, were subsequently withdrawn in the case of 34. In the case of a further 14, against which appeals had been lodged, the directions were discharged without a formal hearing on the receipt of further information from the company. Of the remaining 126 appeals, 56 are awaiting decision, 27 have been decided in favour of the Crown, 33 have been decided in favour of the company and 10 have been decided partly in favour of the Crown and partly in favour of the company.