Major BARNESasked the President of the Board of Trade (1) whether the percentage of excess profits payable to the Coal Controller for the purposes of the guarantee fund remains at 15 per cent. in view of the reduction of the Excess Profits Duty from 80 per cent. to 40 per cent.;
(2) whether the effect of the reduction of the Excess Profits Duty from 80 per cent. to 40 per cent. is to increase the amount retained by the coalowner from 5 per cent. to 45 per cent.?
§ Mr. BRIDGEMANThe coal-owner who, under Clause 3 of the Coal Mines Control Agreement (Confirmation) Act, 1018, retained 5 per cent. of his excess profits when the rate of Excess Profits Duty was 80 per cent., would retain, under the same Clause, 15 per cent. of any excess profits made during an accounting period for which rate of Excess Profits Duty is 40 per cent. The Commissioners 1529W of Inland Revenue would under that Clause collect 45 per cent. of the excess profits of coal mines excess payments.