§ 52. Mr. Thorneasked the Chancellor of the Exchequer the total amount of arrears of Excess Profits Tax and National Defence Contributions up till the nearest available date?
§ Sir K. WoodAssessments to Excess Profits Tax and National Defence Contribution are based upon the profits of trading concerns for the particular accounting periods for which accounts are made up and accordingly the assessments are made continuously throughout the year and in this respect differ from Income Tax assessments which are usually made en bloc. Moreover, the Excess Profits Tax and National Defence Contribution are not payable like the Income Tax on a fixed date for all businesses but are payable one month after date of assessment. It is not, therefore, practicable to say how much Excess Profits Tax and National Defence Contribution is in arrear at present. It is estimated, however, that at the 31st March last the total amount in assessment was about £215,000,000 of which a considerable sum has since been paid or discharged and the balance would include a considerable amount of duty under assessments that are subject to appeal or adjustment.
§ Mr. ThorneI take it that the Chancellor knows what will happen to me if I do not pay my Income Tax?