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Industry (Taxation Relief)

Volume 409: debated on Tuesday 10 April 1945

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asked the Chancellor of the Exchequer if he is aware of the suggested tax law changes of the U.S.A. intended to aid re-conversion financing for industry; and if he can state that at least equal assistance will be forthcoming for British industry.

I assume that my hon. Friend has in mind the taxation proposals made in the recently published United States Report by the Director of War Mobilisation and Reconversion. These proposals relate generally to accelerated depreciation allowances, to the immediate availability of post-war refunds and to alterations in the Excess Profits Tax of the United States. So far as I am aware they have not been translated into law. I would remind my hon. Friend that the Income Tax Bill at present before the House provides for substantial taxation relief for industry in this country by way of depreciation allowances and otherwise, to assist in re-equipment and modernisation, and that our Excess Profits Tax law provides for the payment of the post-war credits for the same purpose in respect of such Excess Profits Tax as has been paid at the 100 per cent, rate.