Colonel BURNasked the Chancellor of the Exchequer whether he has been fully aware of the losses which will be inevitable to certain firms more severely affected by reconstruction during the transition period from abnormal to normal conditions; whether an investigation will be held to ascertain the facts in cases of this character; and whether facilities will be afforded to such firms whose claims have been proved to retain, for a limited period, a portion of the sums due for Excess Profits Duty, or, in the alternative, authorise loans to enable such firms to pay Excess Profits Duty, to allow for the additional capital expenditure necessitated by Reconstruction?
§ Mr. BALDWINMy right hon. Friend is fully aware of the facts stated in the first part of the question. As regards the first of my hon. and gallant Friend's suggestions, he does not see his way to go beyond the Statutory powers already vested in the Board of Inland Revenue, under which they can allow payment of the Excess Profits Duty to be made by instalments spread over a period of two years where they consider the circumstances of the case justify the adoption of this course. As regards the second proposal, it is open to firms or companies in circumstances such as those described to make application to the Capital Issues Committee for an issue of capital for the purposes referred to. I can assure my hon. and gallant Friend thatbonâ fide applications of this nature will receive sympathetic consideration from the Committee.