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Excess Profits Tax (Deferred Repairs)

Volume 527: debated on Tuesday 4 May 1954

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asked the Chancellor of the Exchequer whether he is prepared to extend beyond 31st March, 1954, the time limit by which repairs deferred from the Excess Profits Tax period must be carried out in order to qualify for relief from Excess Profits Tax.

No, Sir. I would refer the right hon. Gentleman to the answer given by my right hon. Friend to my hon. Friend the Member for Bodmin (Mr. D. Marshall) on 16th July, 1953. My right hon. Friend thought it right to come to a decision at that time so that traders should be in no doubt about the finality of the date, and he is not prepared to vary that decision.

Is there not some real hard ship in this case if it was due to Government action that the repairs were deferred?

The right hon. Gentleman knows that these expenses relate to a tax which itself came to an end in 1946. The original terminal date for these claims was 1949. It has been twice postponed, and I think we must now wind up this tax.