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Profits Tax

Volume 498: debated on Tuesday 8 April 1952

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asked the Chancellor of the Exchequer what is his estimate of the loss of revenue which will follow from the reduced liability to Profits Tax of those companies which will not attract the Excess Profits Levy.

It is obviously impossible to make such an estimate. The question whether particular companies will or will not be liable to Excess Profits Levy can only be ascertained when their profits for 1952 are known.