[No letter heading: poor quality carbon copy]

[Our ref?] SH 219

Your ref: X36506/CR48909.DCM/McR

2nd October 1978

D. C. Maddocks Esq.,
Inland Revenue,
Claims Branch,
Magdalen Hoouse.
Trinity Road,
Bootle,
Merseyside L69 9BB

Dear Sir,

We are obliged to your (sic) for your letter of 25th September enclosing a copy of the letter sent to the Secretary of the Press.

With regard to the first paragraph of the letter, this states that exemption has been granted "so long as such profits are applied for charitable purposes only". May we please have your confirmation that where such profits are utilised to provide further working capital for the Press, they will be regarded as having been applied for charitable purposes.

As regards the period for which repayment is due, when the letter of 24th March 1977 was sent, the Press' tax position for the year to 31st March 1970 had not been settled. In view of this should the tax position for that year not now be computed on the basis which it has been agreed is the correct basis for the Press, i.e. as a company exempt from corporation tax in accordance with the provision of section 360?

Yours truly,

[signature illegible]

cc: D. Mitchell, Esq,.
Oxford University Press.

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