HC Deb 16 May 1944 vol 400 c38W
Mr. Mort

asked the Chancellor of the Exchequer, in the case of the 20 per cent. Excess Profits Tax, to be made available for re-equipment in industry and the 20 per cent. first year's depreciation to be allowed on new plant, whether these allowances will be credited to firms able to secure new machines in the near future in readiness for full employment when the war ends.

Sir J. Anderson

I am not sure what my hon. Friend has in mind, but I would remind him that the Excess Profits Tax credit is not payable till the end of the war. The initial allowance to which I referred in my Budget speech is to be given as part of the post-war Income Tax policy, and the conditions under which it will be granted have still to be worked out in detail with a view to embodiment in legislation.

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