Oral Answers to Questions — National Finance. – in the House of Commons at on 9 September 1941.
Mr Richard Stokes
, Ipswich
asked the Chancellor of the exchequer whether individuals as well as companies are required to pay Excess Profits Tax on the selling or leasing of land?
Sir Kingsley Wood
, Woolwich West
The Excess Profits Tax is applicable in any case where the selling or leasing of land constitutes a trade or business. Individuals are not, however, within the application of the special provision contained in Sub-section (4) of Section 12 of the Finance (No. 2) Act, 1939, which provides that, where the function or main function of an incorporated company or society is to hold property, the holding of property is in itself to be deemed to be a business.
Mr Richard Stokes
, Ipswich
Does the Chancellor re member that on 5th August he told me that the Excess Profits Tax existed for taking excess profits arising from a trade or business? Will he tell the House what the trade or business of a landlord is?
Sir Kingsley Wood
, Woolwich West
I shall have to consider that point carefully.
Mr Arthur Woodburn
, Clackmannan and Eastern
Is the Chancellor considering, in this connection, any increment tax that will bring to the State much of the profit that will take place in the reselling of land and property?
Sir Kingsley Wood
, Woolwich West
I am sure that the hon. Gentleman would not wish me to anticipate my next Budget.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
