§ 44. Mr. Priceasked the Chancellor of the Exchequer on what basis it is proposed to assess Excess Profits Tax on farmers, since, in a majority of cases, accurate costings accounts are difficult to obtain on most farms?
§ Sir K. WoodFarmers, like all other traders, are assessable to Excess Profits Tax on the amount by which the profits arising in any chargeable accounting period exceed the standard profits. It will, therefore, be necessary for them to furnish accounts. I would point out, however, that it is only the farmers making substantial profits who will be affected. The working farmer can claim a minimum standard of £1,500 and will not be liable to Excess Profits Tax unless his profits exceed that figure.