HC Deb 22 February 1921 vol 138 cc788-9W
Sir D. DAVIES

asked the Chancellor of the Exchequer the amount of the arrears, if any, of the Excess Profits Duty for the years ending 1918 and 1919; whether there has been any interest charged on the arrears; and, if charged, how much has been received?

Mr. CHAMBERLAIN

No detailed analysis according to years has been prepared of the arrears of Excess Profits Duty, and in view of the time and labour involved I cannot undertake to authorise the preparation of this information. No interest is chargeable on arrears of Excess Profits Duty.

Mr. TERRELL

asked the Chancellor of the Exchequer the amount which has been received this year in respect of Excess Profits Duty; the amount which has been paid in respect of reclaims; and an estimate of the outstanding liability for reclaims?

Mr. CHAMBERLAIN

After providing some £10,100,000 for refunds and some £950,000 for interest on prepayment, the net amount of Excess Profits Duty paid into the Exchequer from 1st April, 1920, to 19th February, 1921, was £191,194,000. I am not yet in a position to forecast either the total amount of refunds still to be made or the aggregate net amount of duty still remaining to be received by the Exchequer.

Mr. HOLMES

asked the Chancellor of the Exchequer whether the proposals as to the valuation of stocks for the purpose of Excess Profits Duty contained in the White Paper (Cd. 8623) issued in 1917 by which a period will be allowed in which to ascertain by actual realisation the value of the stock appearing in the accounts at the end of the last accounting period and an allowance made from the profits of that period for any difference between the valuation and the amount realised are to be acted upon; and, if so, whether the period proposed will be two years from the 31st December, 1920, for all businesses?

Mr. CHAMBERLAIN

As at present advised I intend to put forward in due course proposals for giving effect to the principle of the concession set out in the White Paper and referred to by the hon. Member, but I do not wish to commit myself as to details at the present time.