Mr. G. Whiteasked the Chancellor of the Exchequer whether Excess Profits Tax refunds can be used to defray expenditure incurred prior to the cessation of hostilities in preparation for the post-war trading period.
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§ Sir J. AndersonI would refer my right hon. Friend to Section 37 of the Finance Act, 1942, from which he will see that the E.P.T. post-war credit is payable after the end of the war, subject to such conditions as Parliament may impose relating to distribution for the benefit of share holders. I would also refer to the assurance which I gave during the Budget Debate on 26th April, 1945, in reply to a question by my hon. Friend the Member for Edgbaston (Sir P. Bennett) that the post-war credit would be regarded as available to cover expenditure on post-war development which firms were already beginning to incur.