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Undistributed Profits (Tax Relief)

Volume 523: debated on Monday 1 February 1954

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asked the Chancellor of the Exchequer the total amount of relief from Profits Tax granted on undistributed profits since 1947 to the latest available date.

Approximately £1,050 million under assessments made up to 30th September, 1953, the latest date for which figures are available. In arriving at this total the relief relating to chargeable accounting periods ending at or before the end of 1951 has been halved so as to correspond with the amount which would be recoverable as a distribution charge under the provisions of the Seventh Schedule to the Finance Act 1952.