Post-War Credits

HC Deb 26 January 1943 vol 386 cc387-8W

Mr. Spearman

asked the Chancellor of the Exchequer what is the amount of Income Tax and Excess Profits Tax credits up to date?

Sir K. Wood

It is estimated that the total of the post-war credits in respect of Income Tax for the year 1941–42 will be about £125,000,000. An estimate for the year 1942–43 is not yet available, but the figure is expected to be slightly larger. The total of the post-war credits in respect of Excess Profits Tax does not depend upon the assessments for a particular year but upon the final amount of Excess Profits Tax paid at the 100 per cent. rate for the whole period during which the tax is in force at that rate and after taking into account any repayment due to deficiencies. For this reason no figures of the amount of the Excess Profits Tax post-war credit are available.