HC Deb 06 February 1945 vol 407 cc1892-3
58. Mr. Higgs

asked the Chancellor of the Exchequer when he intends to distribute the 20 per cent. refund on Excess Profits Tax.

Sir J. Anderson

I would refer my hon. Friend to the provisions of Section 37 of the Finance Act, 1942, from which he will see that the Excess Profits Tax post-war credit is not payable until after the end of the war, and that the date of the payment has still to be prescribed by Parliament.

Mr. Higgs

Is the Chancellor aware that the control of the purchase of commodities, particularly machine tools, has been relaxed, and that the release of this money would give considerable assistance to manufacturers in preparing for post-war production?

Sir J. Anderson

That is as may be; but, as has been pointed out, no change can be made without a departure from the conditions under which these post-war credits are to be given.

Mr. De Chair

Will my right hon. Friend consider the case of farmers in relation to this rebate, because many of them are in need of this capital for replacements on the farms?

Sir J. Anderson

I will take note of my hon. Friend's point.

Mr. Woodburn

Has there been any change of principle in connection with the repayment? The assumption seems to be that this is an automatic payment. I thought it was conditional on the amount required in the particular industry.

Sir J. Anderson

No, Sir; no change has been made.