£195 million under Schedule E alone), I subscribe to the heresy that the British income tax, at current rates and in its present form, has serious Gisablistiesiasecsveeses "Pages 125/135 of the Board's Report seem to me to deserve the attention of Mr. Aubrey Jones, They are concerned with the variations in the ratio of net profit to turnover of companies making a gross profit of £5,000 or more in 1961/62. It is true that no more than 34,436 companies are reported upon, but it is a bit startling to see that, for example, 862 of them had a ratio of net profit to turnover of over 40%: 166 of these companies were in wholesale distribution and 52 in retail distribution."
The WeekThe Week Vol. 5, No. 13, c. 31 March 1966
istics which are demonstrablyunbelievable as evidence of true profit; and for all that I welcomed the courage of the Chancellor in setting about the
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