§ 26. Mr. Emrys Hughes
asked the Chancellor of the Exchequer if he will seek to make an arrangement with the Canadian Government for the purposes of making subsidiaries of British companies operating in Canada pay Excess Profits Levy on profits made in Canada.
§ Mr. R. A. Butler
I do not see my way to adopt the hon. Member's suggestion, which would involve an amendment of the Excess Profits Levy law affecting overseas companies.
§ Mr. Hughes
Is the Chancellor aware that he is losing a lot of money by not adopting my suggestion? Is he aware that Mr. Sopwith, the Chairman of the Hawker-Siddeley Aircraft Company, stated at the company's annual meeting that the company was paying only £25,000 Excess Profits Levy, and that one of the reasons was that much of their profits was made in Canada and was not 1043 taxed? Does the right hon. Gentleman not think it worth while looking into that matter?
§ Mr. Butler
This Levy is eventually to come to an end. It is not proposed by the Government to make amendments beyond the pledges given in last year's debates, and that governs my answer to this Question.