HC Deb 30 May 1933 vol 278 cc1711-2

asked the Chancellor of the Exchequer if he is aware that a number of industrial companies have a liability for unpaid Excess Profits Duty, in some cases equal to their total net liquid assets, and until that liability is removed it is not possible to raise fresh Capttal or to arrange for the necessary credit facilities with the banks; and whether he will consider dealing with all outstanding cases of Excess Profits Duty in such a way as will remove the difficulties referred to with a view to saving such concerns being forced into liquidation?

The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)

As pointed out in the Second Report of the Public Accounts Committee for the year 1928, the Board of Inland Revenue are already authorised to enter into composition settlements with concerns which have fallen into financial difficulties, provided that the sums accepted are not less than could have been recovered from those concerns if recourse had been had to legal action, for example to liquidation. The question whether any relaxation of this condition should he made is at present under consideration.

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