Lieut.-Colonel A. MURRAYasked the Financial Secretary to the Treasury whether, under the proposals for the termination of Excess Profits Duty, a company (whose seventh accounting period ended on 31st March, 1921) which had purchased as at 1st April, 1920, a business (not having paid any Excess Profits Duty) whose seventh accounting period ended on 30th September, 1920, would have a claim for recovery of any of the Excess Profits Duty it had paid; and, if not, and having in mind that such a company may have made a considerable loss on the year's trading, can he see his way so to amend the proposals as to ensure to every firm, business, or company not less than seven full accounting periods?
Mr. YOUNGOn the facts stated it would appear that the company in question would be entitled, if Clause 23 of the Finance Bill is passed in its present form, to claim repayment of Excess Profits Duty in respect of the losses it has sustained up to the 30th September, 1920. As regards the latter part of the question, I may refer my hon. and gallant Friend to the Amendments to this Clause which have been put down on the Order Paper, and I anticipate that the matter to which his question relates will be discussed in Committee in connection with those Amendments.