Post-War Credits

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 12th July 1949.

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Photo of Mr Douglas Houghton Mr Douglas Houghton , Sowerby 12:00 am, 12th July 1949

asked the Chancellor of the Exchequer how far the Post-War Credits of the ex-Service men concerned will be reduced or extinguished by the remission of arrears of tax under the recently-made concession.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

The amount of a Post-War Credit for any year is computed by reference to the tax borne for that year. Consequently, to the extent that tax is remitted for any year, the Post-War Credit for that year is less by that amount.

Photo of Mr Douglas Houghton Mr Douglas Houghton , Sowerby

Will my right hon. and learned Friend say whether he took the post-war set-off into account in giving the Committee an estimate of the cost of this remission?

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

In the estimate of the cost, I do not think it had been taken into account.