§ 75. Mr. Lipsonasked the Chancellor of the Exchequer what steps he is taking to give powers to the Income Tax authorities to prevent firms engaged in war work deducting rents for buildings from Income and Excess Profits Tax in cases where the authorities consider these excessive?
§ Sir K. WoodI would invite my hon. Friend's attention to the powers conferred by Sections 15 and 16 of the Finance Act, 1940, for the taxation of excess rents and by Section 32 of the same Act for the disallowance of excessive expenses in computing profits for Excess Profits Tax purposes.
§ Mr. LipsonAre these Sections of the Finance Act being acted upon?
§ Sir K. WoodI think so, Sir, but I will inquire and inform my hon. Friend.
§ Mr. BensonWhat machinery is there for checking up attempts to avoid taxation?
§ Sir K. WoodI will inquire and let the hon. Gentleman know.
§ Mr. BensonIf Members send cases to the right hon. Gentleman of which they are aware, will he have them investigated?
§ Sir K. WoodCertainly.