FINANCE BILL

Taranaki Central Press, Volume IV, Issue 443, 26 May 1937, Page 5

FINANCE BILL

DEFENCE CONTRIBUTION GRADUATION CHANGES House Of Commons Reassembles (British Official Wireless.) Rugby, May 25. The House of Commons reassembled to-day after the Coronation and Witsuntide recess. It is generally expected that Mr Stanley Baldwin will have an interview with the King on Thursday or Friday. * Tributes were paid by the Chancellor of the Exchequer, the Lead r of the Opposition and Mr Winston Churchill to the late Vis ( count Snowden. The Finance Bill aroused unusual interest from thf fact that it embodies changes in the Budget proposals! for the na’ional defence contribution foreshadowed by the Chancellor of the Exchequei before the Whitsun recess and resulting from consultations and interviews with representatives of industry, commerce Znd finape e. The Bill contains provisions under which any class or subdivision of trade or business may apply for an increase of the statutory percentage allowed on capital on the grounds of exceptional risks incurred or of sany exceptional wastage of or exceptional deferment of yield on tlie capital employed. Where a class or subdivision obtains an increase of the statutory percentage?.! for the purposes of war ex,cess profits duty such increased percentage shall be provisionally allowed pending confirmation or variation of the revocation of the order giving effect to such increase. The Chancellor of the Exchequer estimated that the number of concerns liable to pay the national defence contribution approximately 35,000. Relief is given where the capital is small or the business' is accompanied by exceptional risks'. The concessions may diminish the first yields, but will not modify the ultimate value of the tax.