§ Mr. Bensonasked the Chancellor of the Exchequer whether he is aware that, in certain cases, nationalised undertakings may be unable to receive the benefit of the postwar refunds of Excess Profits Tax; and what action he proposes to take.
§ Mr. DaltonYes, Sir. It has been represented to me that certain undertakings which are to be nationalised may thus become unable to derive any benefit from E.P.T. refunds, since they may be unable to use the money for develop- 67W ment or re-equipment and cannot distribute it by way of dividend or otherwise. I agree that this would be unfair and I propose to introduce a Clause into next year's Finance Bill to enable the refunds to be made to such undertakings and to allow their distribution in a liquidation, brought about by nationalisation, like any other assets.