HC Deb 03 December 1919 vol 122 cc411-2W
Lieut.-Colonel POWNALL

asked the Chancellor of the Exchequer whether he is aware of the injustice done to private companies and individuals in trade by their having to pay Super-tax on any profits left in their businesses to be used as extra working capital, while neither limited liability companies nor their shareholders are liable to Super-tax on such sums; and whether, in view of this discrimination against private traders and companies, he will ask the Royal Commission on Income Tax now sitting to report on this question prior to the next Budget in order that it may be rectified?


The difference in the treatment, for Super-tax purposes, of business reserves and other undistributed profits of public and private companies on the one hand, and of private firms and individual traders on the other hand, has already been brought to the notice of the Royal Commission on the Income Tax whose report is expected to be issued early next year.