Mr. TERRELLasked the Chancellor of the Exchequer whether the estimate of the yield of the Excess Profits Duty for the year 1920–21 at £220,000,000, given by him on the 7th June, 1920, still holds good; and, if not, what is now the estimated yield for that year?
Mr. CHAMBERLAINThe original estimate of £220,000,000 must be reduced to £215,000,000 in consequence of concessions which were proposed after the introduction of the Budget and embodied in the Finance Act. Until the outbreak of the coal strike, I saw no reason to revise this figure. What the effect of the coal strike may be upon Budget estimates, both of revenue and expenditure, cannot yet be stated.
Mr. TERRELLasked the Chancellor of the Exchequer whether the approximate estimates of the aggregate net excess profits which have been, or will be, assessed on business liable to Excess Profits Duty, given by him on the 15th July, 1920, still hold good; if not, what corrections are required in them; and whether he can now give a similar estimate for the financial year ending 31st March, 1920?.
Mr. CHAMBERLAINThe estimates given on the 15th July last relating to accounting periods ended not later than the 31st March, 1920, still hold good. As regards accounting periods ending in the current financial year (to which I presume the last part of the question relates) the figure of £300,000,000 which appeared in my Budget estimate as the anticipated yield of the Excess Profits Duty levied at 60 per cent. for a full year assumed (upon the basis of such data as were then available) that the amount of excess profits yielding duty in such a year might be estimated as in the neighbourhood of £500,000,000. I cannot now say whether this estimate will be realised.