HC Deb 23 November 1920 vol 135 cc263-4W

asked the Parliamentary Secretary to the Ministry of Munitions whether the Central Control Board (Liquor Traffic) claims to have made trading profits to the amount of £203,209 2s. 3d. during the year ended 31st March, 1920, from the operation of licensed premises and businesses in the four districts under its direct control; what such profits would have amounted to if Income Tax and Excess Profits Duty had been deducted on a commercial basis; whether the net profits are stated at £196,816 15s. 8d.; what these would amount to with the deduction aforesaid; and what rate of interest is payable by the Board in respect of sums advanced to it from the Exchequer?


I am informed by the Central Control Board that the figures in the first part of the question are correct. I am further informed that the Board do not find it necessary to make an allowance for Excess Profits Duty or Income Tax, inasmuch as the whole surplus is paid into the Exchequer. The Board consider that the figures in the third part of the question should be regarded as net return upon capital rather than net profits. As regards the fifth part, for the year ended 31st March, 1920, interest on Exchequer advances is charged in the accounts at 5½ per cent., the rate fixed for the purpose by the Treasury.