§ Flight-Lieutenant Ethertonasked the Chancellor of the Exchequer whether any provision exists requiring that a separate banking account shall be kept or otherwise for ensuring that money received as Purchase Tax shall in fact reach the Treasury and not be carried as part of an individual's or company's general account; what preference the Government have in a winding-up or bankruptcy to ensure that money held for their account is not lost; and how many cases now exist where money received in payment of Purchase Tax is more than four weeks overdue?
§ Sir K. WoodThe answer to the first part of the Question is in the negative. As regards the second part, I am advised that Purchase Tax does not rank as a preferential debt in such circumstances. In answer to the third part of the Question, I am glad to be able to say that in the case of the period which ended on 30th June last, over 95 per cent. of registered persons had paid their Purchase Tax in full within four weeks of the prescribed date.
858W
§ Mr. Barnesasked the Chancellor of the Exchequer whether he is now able to state the amount of revenue received from the operation of the Purchase Tax for the first three months of the financial year.
§ Sir K. WoodThe first accounting period for Purchase Tax in this financial year was for the four months ended 30th June and the yield for this period was about £37,000,000.