§ 53. Mr. Keeling
asked the Chancellor of the Exchequer what annual revenue he hopes to obtain from Clauses 13, 14, and 15 of the Finance Bill, respectively; 1102 and what sums he hopes to obtain from the retrospective provisions of each of these Clauses respectively?
§ Sir J. Simon
My hon. Friend will understand that the provisions to which he refers are mainly protective of the existing yield of taxation and that the Surtax involved includes not only the tax at stake in existing cases but also the tax at stake if the law is not amended so as to prevent the extended use of devices for avoidance. So far as existing cases are concerned, I am advised that the amount of tax involved exceeds £1,000,000 annually; but as their provisions interact, I am unable to divide this figure between the respective Clauses. As regards Clause 13, it is estimated that the retrospective application of the Clause for the years 1936-37 and 1937-38 involves a sum of over £500,000 for the two years together.