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House of Commons Hansard
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Bank Of England (Profits)
04 June 1940
Volume 361

54.

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asked the Chancellor of the Exchequer whether it is proposed that the profits of the Bank of England should be subject to 100 per cent. Excess Profits Tax?

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Yes, Sir.

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Is the Chancellor of the Exchequer aware that under Section 68 of the Income Tax Act, 1918, the Bank of England is empowered to assess its own profits for taxation, and will he put an end to that ridiculous system so that they may be fairly assessed by an independent authority?

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That is another question, and perhaps the hon. Member will put it on the Paper. I thought I had given him a very good reply.

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Can we assume that the Bank of England will now publish a proper balance-sheet?

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That is another story.