§ Sir E. NICHOLLasked the Chancellor of the Exchequer whether companies limited by guarantee which are prohibited from distributing dividends are liable for Excess Profits Duty in respect of agricultural shows, exhibitions, etc., promoted by them; and, if so, on what basis will a company be assessed which only promotes an exhibition at infrequent intervals?
Mr. CHAMBERLAINIf the promotion of exhibitions, etc., constitutes a trade or business carried on by a company of the nature indicated in my hon. Friend's question, any excess profits arising from such trade or business would be chargeable with Excess Profits Duty in the usual course. As regards the latter part of the question, if my hon. Friend has in mind a case in which the application of the ordinary rules of assessment is not regarded as meeting the special circumstances, I shall be happy to make inquiry into the matter if he will furnish me with the necessary particulars.