FORESTRY AND INCOME TAX. 35 



of the said Acts. Upon the receipt of the certificate, 

 the Commissioners of Inland Revenue shall cause 

 repayment to be made in conformity therewith." 



Excess Profits Duty. 



On this subject the Secretary of the Board of Agriculture and 

 Fisheries, London, under date 28th January 19 16, wrote as 

 follows : — 



"Sir, — I am directed by the President of the Board of Agri- 

 culture and Fisheries to inform you that he has been in communi- 

 cation with the Chancellor of the Exchequer on the subject of 

 Excess Profits Duty on timber, and that Mr M'Kenna has 

 authorised him to state that even if the provisions of the 

 Finance Act (No. 2), 191 5, which deal with Excess Profits 

 Duty apply to the profits derived by landowners from the sale 

 of their timber, it is agreed that in the case of ' commercial ' 

 woodlands assessed to Income Tax under Schedule B, the 

 profits for the purpose of Excess Profits Duty shall be taken 

 to be the amount assessable under that Schedule. 



" In the case of woodlands which are not run on ' commercial ' 

 lines, there would be no trade or business and the question of 

 Excess Profits Duty would therefore not arise. 



" The effect is that landowners who at the present time are 

 willing to meet the national demand for timber by largely 

 increasing their felling and sale of timber, can continue to be 

 assessed for Income Tax under Schedule B on an annual value 

 and run no practical risk of liability for Excess Profits Duty." 



R. G. 



