HC Deb 13 October 1915 vol 74 c1288W

asked the Chancellor of the Exchequer if the Excess Profits Tax is intended to apply in the case of a gold mining company which, after making substantial profits for many years, has been working in low grade ore since 1911, and in 1915 passed into a higher grade with largely increased profits, and which, if included for Excess Profits Tax over the datum line, will be subject to the following taxes in the £: British Income Tax 3s. 6d., British Excess Profits Tax 10s., proposed Australian War Income Tax 5s., proposed French taxes, the shares being quoted on the Paris Bourse, 3s., a total of £1 1s. 6d. in the £, making it more profitable to leave the ore in the mine?


The hon. Member has now supplied me with more precise details of the case to which I understand him to refer. I cannot be taken as admitting that the combined taxes would stand in the suggested relation to the income of the company. As regards the Excess Profits Tax, with which the hon. Member is primarily concerned, I may say that the special tribunal will be competent to deal with any question of increasing the rate for the percentage standard as regards any trade or industry for which, as a class, 6 per cent, isprima facieinadequate.