HC Deb 09 July 1940 vol 362 cc1096-7W
Sir G. Gibson

asked the Chancellor of the Exchequer whether any action can be taken to accelerate the making of assessments to Excess Profits Tax?

Sir K. Wood

The assessment to Excess Profits Tax is made by reference to the trader's accounting year and the determination of the liability for any accounting year must necessarily await the production of the accounts for that year and the due examination of any questions affecting liability that may arise on the taxpayer's return. It is therefore important that taxpayers and their advisers should make every effort to render returns and accounts as early as possible. Where the returns or accounts throw up questions that call for investigation it is proposed to make provisional assessments on which an agreed amount of duty could be paid forthwith. Many trading concerns have already been assessed provisionally at their own request to cover the amount of liability that can be seen to be certain and their public-spirited action in thus accelerating the flow of revenue to the Exchequer is deserving of the highest praise. I hope that in the present time of national crisis their example will be followed generally and that all concerns liable to Excess Profits Tax will co-operate with the Inland Revenue authorities in ensuring the early payment of the tax.