§ 52. Mr. Jewsonasked the Chancellor of the Exchequer whether, in view of the need of avoiding waste of man-power, he 178 will consider taking steps to simplify or curtail the method of calculation of capital now adopted by the Board of Inland Revenue to comply with the provisions of Section 29 of the Finance Act, 1941?
§ Sir K. WoodI am not aware that Section 29 of the Finance Act, 1941, has introduced any undue complication into the computation of capital for the purposes of E.P.T. The substance of the matter is simply that, subject to certain well defined exceptions, no deduction in respect of borrowed money is made in the computation and borrowed money is treated in the same way as other capital.