HC Deb 30 September 1941 vol 374 cc459-60
51. Mr. Stokes

asked the Chancellor of the Exchequer what part of the trade or business of landlords is subject to Excess Profits Tax?

Sir K. Wood

As I explained in my Reply to my hon. Friend's Question on the 9th instant, the Excess Profits Tax is applicable where the selling or leasing of land constitutes a trade or business. Whether a trade or business is carried on depends in general on the facts of the particular case, but, as I pointed out in my previous Reply, a property holding company is deemed, under a specific provision of the Excess Profits Tax, to be carrying on a business An individual landlord would not normally be regarded as carrying on a business by reason of his ownership of property.

Mr. Stokes

Does the Chancellor mean that a landlord has no business, and will he explain why landlords; should be left in this privileged position?

Sir K. Wood

I do not think a landlord is yet in that position.