§ 61. Mr. Kirkwoodasked the Chancellor of the Exchequer whether, in view of the excessive profits which were made in the shipping industry during the Great War, he will differentiate between ships that are built and/or purchased to replace ships that have been lost at sea, and shipping companies which purchase and sail ships for the purpose of making profits on such transactions; and whether he will see that all transactions coming under the second category shall be subjected to the Excess Profits Tax?
§ Captain CrookshankThe distinction which the hon. Member suggests appears to correspond broadly to the distinction between capital and revenue gains, which was explained in the replies which I gave on 4th October, and which my right hon. Friend the Chancellor of the Exchequer gave on 17th October to questions asked by the hon. Member for Plaistow (Mr. Thorne) and by the right hon. Member for East Edinburgh (Mr. Pethick-Lawrence). Revenue gains will be subject to Excess Profits Tax. I do not think I can usefully add anything to those replies.