§ Mr. Hely-Hutchinsonasked the Chancellor of the Exchequer whether he is aware that the ascertainment of the Excess Profits Tax liability of large industrial companies is very protracted; and whether he will take steps to ensure that the Inland Revenue deal with the computations more expeditiously so that the Exchequer may receive what is due to it and the companies may know what their liability is?
§ Sir K. WoodThe ascertainment of the liability of large concerns to Excess Profits Tax necessarily involves in many cases a 1063W very considerable amount of inquiry and discussion, but I am satisfied that the Inland Revenue deal with these matters as expeditiously as circumstances permit. Under existing conditions some delay in arriving at settlements is inevitable, but I am glad to say that many taxpayers have recognised the special difficulties of the present time by making substantial payments of tax on account in advance of the ascertainment of the precise liability.