§ Mr. G. TERRELLasked the Chancellor of the Exchequer the estimated amount of arrears of previous years of Excess Profits Duty which he expects to collect during the present year; and also the amount of any further arrears from previous years which he expects to collect in the future?
Mr. CHAMBERLAINIt is estimated that some £90,000,000 of the Excess Profits Duty in assessment at the end of the last financial year will be collected during the current year. No precise estimate can at present be made of the proportion of such duty likely to be collected in future years.
§ Mr. TERRELLasked the Chancellor of the Exchequer the estimated losses of revenue during the present financial year 1920–21 arising out of the proposed concessions made by the Government in connection with the Excess Profits Duty on the Finance Bill?
Mr. CHAMBERLAINThe cost of the respective concessions during the year 1920–21 is estimated to be as follows: 2207W
£ (i) Allowance of an extra 1 per cent. to the statutory percentage on increased capital 750,000 (ii) Increase of the allowance given to small business under Section 26 (4) of the Finance Act, 1917 2,000,000 (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 1,000,000 (iv) Increase of statutory percentage on capital in the case of companies where directors have a controlling interest to that allowed to firms 250,000 Total £4,000,000