§ Major Conantasked the Chancellor of the Exchequer whether, to clear up misapprehensions which exist, he will repeat 867W his assurance that arrangements for the repayment of credits in respect of Excess Profits Tax and Income Tax will be honoured after the war?
§ Sir K. WoodI do not think that there should be any misapprehension in this matter. These post-war credits have been provided by Section 37 of the Finance Act, 1942, and Section 7 of the Finance Act, 1941, and taxpayers have a statutory right to payment of them after the war, subject only, in the case of the E.P.T. credits, to their not being used for distribution to shareholders by payment of dividends or otherwise.