§ Mr. GILBERTasked the Chancellor of the Exchequer whether a firm who makes up its accounts for the year at the 31st March, 1919, would have to pay excess profit tax at the rate of 80 per cent. for three-quarters of the period, and 40 per cent. for the last quarter?
Mr. CHAMBERLAINIf the proposal relating to Excess Profits Duty, which are contained in the Budget Resolutions, receive statutory sanction in the forthcoming Finance Bill, excess profits arising in the accounting period of twelve months ended on 31st March, 1919, will be chargeable to that duty at the rate of 80 per cent. as respects three quarters, and at the rate of 40 per cent. as respects one quarter of such excess.
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Major NEWMANasked the Chancellor of the Exchequer whether he can give for the past financial year the total loss of revenue to the country caused by the concession with regard to Excess Profits Duty granted to co-operative wholesale societies trading under the Industrial and Provident Societies Acts?