§ Mr. G. TERRELLasked the Chancellor of the Exchequer if he can give an estimate of the loss of revenue in connection with Excess Profits Duty which is involved in each of the Government amendments to the Finance Bill?
§ Mr. BALDWINThe following are the estimated losses of revenue in a full year, in connection with the Excess Profits Duty, arising out of the proposed concessions made by the Government on the Finance Bill—(the reliefs only apply for accounting periods ending after 31st December, 1919).
£ (i) Allowance of an extra 1 per cent. to the statutory percentage on increased capital 4,000,000 (ii) Increase of the allowance given to small businesses under Section 26 (4) of the Finance Act, 1917 5,000,000 (iii) Alternative allowance to that under (ii), giving a substituted standard based on a percentage on capital with an allowance in respect of each working proprietor 4,000,000 (iv) Increase of statutory percentage on capital in case of companies where directors have a controlling interest to that allowed to firms 1,250,000 Total £14,250,000