§ Mr. D. Marshall
asked the Chancellor of the Exchequer in view of the fact that the time-limit within which repairs deferred from the Excess Profits Tax period can be done and still qualify for relief from Excess Profits Tax will expire on 31st March, 1954, and that some such repairs have still not been carried out, whether he is prepared to recommend an extension of the time-limit.
§ Mr. R. A. Butler
I have carefully considered the point to which my hon. Friend refers. This time-limit would originally have expired at the end of 1949, 189W and has already been extended twice. By the end of next March taxpayers liable to E.P.T. will have had more than seven years from the end of 1946, when E.P.T. ceased to be charged, to carry out any repairs which were deferred during the E.P.T. period. It is most important to settle all E.P.T. liabilities as soon as possible, and any extension of the deferred repairs time-limit would involve further delay in clearing up the tax. In these circumstances, I regret that I cannot entertain the suggestion that the time-limit for carrying out such repairs should be extended beyond 31st March next.