§ Mr. Osborneasked the Chancellor of the Exchequer whether he is now in a position to make a further statement in regard to the committees which he proposes to set up in connection with the question of the treatment of taxed stocks on a reduction of Purchase Tax and with the question of valuation of goods for Purchase Tax purposes.
§ Mr. R. A. ButlerYes. I am now in a position to announce the setting up of a Committee on the question of taxed 61W stocks, under the Chairmanship of Sir Maurice Hutton, C.M.G. Members of the Committee will be:
- Mr. Basil Blackwell, J.P.,
- Mr. C. Eustace Davies,
- Mr. J. Lawrie,
- Mr. W. K. M. Slimmings,
- Mr. A. Whittaker,
- Mr. G. D. N. Worswick.
The terms of reference of the Committee will be:
To examine the position of traders holding stocks of goods on which Purchase Tax or other duties of Customs and Excise have been paid, on an alteration of those rates of tax or duty; to consider how far there is a case in principle for the payment of compensation at the expense of the Crown for loss occasioned by a reduction of tax; in so far as the Committee consider that there is a case in principle for such compensation, to report what detailed arrangements can be recommended as being practicable and equitable as between one trader and another and as between the trade and the Revenue—and to make such supplementary or alternative recommendations as they may think fit.The Committee to consider the question of Purchase Tax valuation will be under the Chairmanship of Mr. Frederick Grant, Q.C., M.C. Members of the Committee will be:
- Sir Daniel Fennelly, C.B.,
- Mrs. Robert Hall,
- Mrs. Douglas Jay,
- Mr. W. H. Lawson, C.B.E.
- Sir Rolande Wall, M.C.
The terms of reference of this Committee will be:
To examine the representations of traders as to the principle of assessing Purchase Tax at a common value level; and to make recommendations as to the manner in which this or any alternative principle should be applied in valuation for Purchase Tax, having regard to the different points in distribution at which the tax has to be levied.I hope that both Committees will be able to start work very shortly.