§ Mr. Collinsasked the Chancellor of the Exchequer whether he is aware that many trading concerns with heavy repairs deferred from the E.P.T. period still to be done will lose their allowance for E.P.T. if the repairs are not done before the end of 1949; and whether he is prepared, in present circumstances, to extend the time limit within which the repairs may be done and still qualify for E.P.T. allowance, and also the time limit for furnishing the schedule of particulars of repairs outstanding at the end of 1946 which expires on 31st March next.
§ Sir S. CrippsYes. I have carefully considered representations made on behalf of industry on this matter, and appreciate that in existing conditions the carrying out of repairs deferred from the E.P.T. period may have to be postponed for a much longer period than was originally expected. In view of this I think that an extension of the existing time limit within which the repairs must 103W be done would be justified, and in order to reassure traders I take this opportunity of saying that I propose to include in the forthcoming Finance Bill a provision extending the time limit up to 31st March, 1952, subject to the requisite particulars of repairs outstanding at the end of E.P.T. being produced by 31st March next.
On the question of this schedule of particulars, concerns will, by 31st March, have had 15 months in which to prepare the schedule and that should prove adequate in all ordinary cases. I recognise, however, that there may be a few exceptional cases, where it may be impracticable to furnish full particulars by the end of March, and to meet these cases I propose to include a provision in the Finance Bill giving the Commissioners of Inland Revenue discretion, provided a statement is furnished before 31st March next setting out such information as to the position as is available, to allow such further time as is necessary (up to 31st March, 1949) for production of the full particulars required. The provisions will also cover rehabilitation costs which are allowable for E.P.T. and rehabilitation costs of a capital nature which are allowable for Profits Tax and Income Tax subject to the like time limits.