§ Mr. G. TERRELLasked the Chancellor of the Exchequer if he is now in a position to state the amount of Income Tax and Excess Profits Duty which is derived from British companies registered in this country, but which carry on their business abroad?
§ Mr. BALDWINFor the year 1919–20 the Exchequer receipt of Excess Profits 1097W Duty from British companies carrying on business abroad is estimated at £12,000,000. The Income Tax liability of such companies is estimated at £23,550,000, but the amount receivable by the Exchequer will be diminished on the one hand by reason of the reliefs due in respect of Income Tax on dividends to individual shareholders with small incomes, and increased on the other by reason of the Super-tax payable by shareholders whose total income exceeds £2,000. My hon. Friend will appreciate that these figures are merely a rough estimate; in order to obtain precise figures an investigation of the trading operations of every company would be necessary.