NEW PROFITS TAX
RESOLUTION ADOPTED BY THE COMMONS POSITION OF OVERSEAS COMPANIES APPLICATION OBJECTED TO [United Press Association—By Electrio Telegraph -Copyrightl LONDON, 21st June. Sir John Simon, Chancellor of the Exchequer, moving the adoption in the House of Commons of the new Profits Tax, explained that it would be charged on profits of trades and businesses carried on in the United Kingdom, also on these carried on outside the United Kingdom and by those resident in the United Kingdom. Sir Alan Anderson (C.) objected to its application to companies trading abroad with shareholders throughout the world simply because they had headquarters in London. It was important to encourage business people operating abroad to locate their headquarters in Britain. Mr R. J. Boothby (C.) raised the point whether the Dominions would accept the tax as part of production costs or would the sum in tax be subject to full Dominion income tax? If so, these companies would be at a serious disadvantage in relation to competitors who had no offices in London or did not operate overseas. The resolution was passed by 231 votes to 98.
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Bibliographic details
Nelson Evening Mail, Volume LXXI, 23 June 1937, Page 5
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185NEW PROFITS TAX Nelson Evening Mail, Volume LXXI, 23 June 1937, Page 5
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