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Clause three of Part I. of the Fourth Schedule to the Finance (No. 2) Act of 1915 shall be repealed and the following Clause Shall be substituted therefor:
(3) Deductions for wear and tear, depreciation, obsolescence of all assets, buildings, machinery, and plant employed in the trade or business, and expenditure of a capital nature for renewals or for the development of the trade or business shall be allowed to such amount as appears to the Commissioners of Inland Revenue to be the amount which would be deducted for the reasons or purposes aforesaid by a prudent owner desirous of maintaining his trade or business in a high state of efficiency, and to be reasonably and properly attributable to the year or accounting period in question whether or not such deductions might be allowed under the Income Tax Acts.
§ 12.0 M.
§ Mr. BONAR LAWBefore my hon. Friend moves his new Clause, I should like to make a suggestion. It is absolutely essential that we should get the Committee stage to-night. There was a kind of 1462 understanding to that effect, though it was interfered with by the Adjournment Motion. I cannot see any prospect in the immediate future when we can give another day for the new Clauses. The new Clause my hon. Friend proposes to move is a delicate one, raising big issues. I would suggest to him and to the Committee that we should deal with it in the sama way as we have arranged to deal with the Clause relating to valuation of stocks—that is to say, the discussion should take place on the Report stage. An additional reason for doing this is that I should circulate an the White Paper to which I have referred information showing how the Inland Revenue propose to deal with this matter. I think by that method the House as a whole will be better able to deal with that Clause when they come to it.
Mr. TERRELLI quite agree to the proposal my right hon. Friend has made, and I hope that the White Paper will be circulated at an early date. I understand the Report stage of the Bill is to be taken within the next fortnight, so that it is necessary that we should have the White Paper at an early date and have ample opportunity of considering it before we come to the Report stage of the Bill. If that is the intention, I quite agree to the suggestion so far as the Clauses in my name are concerned.
§ Sir J. HARMOOD-BANNERI should like to know when we shall have these Amendments before us. As regards the one that relates to wear and tear, it already, apparently, has been issued at Somerset House.
§ Mr. BONAR LAWIt has been sent to the firms.
§ Sir J. HARMOOD-BANNERI should like it to be given to this House, so that Members might have a copy. The same applies to the stock and stores proposal. Apparently one relating to wear and tear has been issued; I have a copy in my hand.
§ Mr. BONAR LAWMay I say that both will be in the hands of Members on Monday?
§ Mr. BONAR LAWNo, I am sorry I cannot.
§ Mr. BONAR LAWNo; nor next week.