HC Deb 21 June 1937 vol 325 cc849-50
68. Sir John Mellor

asked the Chancellor of the Exchequer whether it is his intention that income received from their holdings by investment trust companies and other holding companies shall pay the National Defence Contribution, now proposed, more than once?

Lieut.-Colonel Colville

No, Sir. Provision will be made to cover the case in which the income on an investment is paid out of profits which were liable to the contribution, so as to ensure that there is not a double charge.

69. Sir J. Mellor

asked the Chancellor of the Exchequer his estimate of the sum which the National Defence Contribution, now proposed, is expected to produce in the current financial year?

Lieut.-Colonel Colville

My right hon. Friend does not think that he could safely estimate that the receipt in the current financial year will exceed the sum of £2,000,000 included in the Budget.

70. Sir J. Mellor

asked the Chancellor of the Exchequer his estimate of the amount in a full year of the National Defence Contribution, now proposed, to be paid in respect of income received from investments by banking businesses, assurance businesses, and businesses consisting wholly or mainly in the dealing in or holding of investments?

Lieut.-Colonel Colville

My right hon. Friend regrets that he cannot undertake to sub-divide the estimated yield of the tax so as to show how much is attributable to different industries.