§ 53. Mr. Peter Smithersasked the Chancellor of the Exchequer whether he will waive payment of United Kingdom taxes upon the profits of British companies operating in Latin America, so long as such profits are frozen in the countries in which they are earned.
§ Sir S. CrippsNo, Sir, I could not adopt the hon. Members' suggestion. I should explain, however, that in cases of this nature it is the practice of the Inland Revenue authorities, where payment of the tax in question cannot be made at the due date without serious hardship, to allow payment to stand over until funds to meet it become available. If the hon. Member has a particular case in mind, I will have it examined if he will send me the facts.
§ Mr. SmithersWill the right hon. and learned Gentleman bear in mind that 1006 there are outstanding hard cases, and unless they are settled fairly soon this. country may lose a permanent source of revenue? Has he seen the Press reports. to the effect that the United States Government have adopted the practice suggested in the Question, which would be much simpler.
§ Sir S. CrippsThe United States have rather a different system, and they may often adopt methods different from us.
§ Mr. Walter FletcherIs interest charged by the Government during the delay in paying?
§ Sir S. CrippsPerhaps the hon. Gentleman will put down that question.