HC Deb 21 May 1946 vol 423 c41W
52. Mr. Osborne

asked the Chancellor of the Exchequer if, to the end that industry shall plough back its profits and not distribute them in dividends, he will issue regulations to ensure that companies which are controlled by not more than five persons and whose profits are put aside for the purchase of machinery which may not be obtainable for a number of years ahead, are not highly charged for Surtax purposes.

Mr. Dalton

The law already provides that, in considering whether such a company is to pay Surtax, account shall he taken of its requirements for the maintenance and development of the business.