§ Sir JOHN FLEMINGasked the Chancellor of the Exchequer, in view of the fact that compensation has been refused to owners of feeding stuffs where stocks in terms of the Cattle Feeding Cake and Millers Offals (Maximum Prices) Order, 1917, dated 1st November, 1917, cannot be realised except at a loss, whether he will be prepared to authorise the Board of Inland Revenue to permit owners whose financial year terminated on or before 31st October to value these stocks for purposes of Income Tax and Excess Profits Duty at the prices fixed by the Food Controller less the allowance to be made to dealers?
§ Mr. BONAR LAWIf I understand the hon. Member's question aright, the ordinary principles governing the computation of liability to Income Tax and Excess Profits Duty would appear fully to meet these cases. As regards sales only, the prices actually realised would, of course, come into the trader's account; and as regards stock on hand at the date of making up the account, it is open to the trader to value upon the basis of the then market price as an alternative to actual cost price.