HC Deb 29 April 1947 vol 436 cc196-7W
51. Mr. A. Edwards

asked the Chancellor of the Exchequer whether the wartime Excess Profits Tax concession, No. 24, Cmd. 6559, under which a deficiency incurred by a trader may in certain circumstances be carried forward for set off against the excess profits of a company, to which the business has been transferred, is applicable in the case of a business of a professional nature transferred to a company in parallel circumstances, so as to afford relief in respect of the deficiencies of profit of the vendor computed on the basis that he was liable to Excess Profits Tax in his business, or if he will take steps to remove the comparative hardship so arising to a professional man as compared with a trader.

Mr. Glenvil Hall

If my hon. Friend has in mind a professional business which, before the transfer to the company, was not chargeable to Excess Profits Tax, the concession to which he refers would not apply