§ 50. Mr. TOUCHEasked the Secretary to the Treasury whether the Commissioners of Inland Revenue claim that Income Tax is payable on a casual profit made in the purchase or sale of stocks or shares by a person who is not a broker, even when 191 limited to one transaction, but that, on the other hand, if a loss is made it is held to be a loss of capital, which cannot be set off against another transaction in which a profit resulted?
§ Mr. MONTAGUAn isolated transaction of the nature indicated by the hon. Member, unconnected with the ordinary avocation of the person effecting it, does not come within the provisions of the Income Tax Acts for purposes either of assessment or of allowance.
§ Sir H. ELVERSTONIs the hon. Gentleman aware that the Commissioners have been demanding statements showing the profits made during the last three years, and have they any authority for making that statement?
§ Mr. MONTAGUThe question refers only to isolated transactions. If the hon. Member thinks that any principle has been contravened and will favour me with the particulars, I will make inquiries.