HC Deb 01 May 1922 vol 153 cc1129-30

Motion made, and Question proposed, That where a reasonable proportion of the actual income from all sources for any period ending on any date subsequent to the fifth day of April, nineteen hundred and twenty-one, of any company, which is of a private character, is not distributed to its members in such manner as to render the amount distributed liable to be included in the statements to be made by the members of the company of their total income for the purposes of super-tax, that actual income shall be treated as having been apportioned among the members of the company in accordance with their respective interests in the company and the part so apportioned to any member shall, for the purposes of Super-tax, be deemed to represent his income from his interest in the company for the said period and shall for those purposes be deemed to be the highest part of his income, and any Super-tax chargeable by virtue of this Resolution shall be assessed in the name of the company on the member of the company concerned, and shall, unless paid by that member, be payable by the company. And it is declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.

Sir W. JOYNSON-HICKS

Before this very important Resolution, which raises quite a new idea in taxation, is carried, may I ask my right hon. Friend whether he will be prepared to-morrow to give a fuller explanation of the reason for it? I understand it is to deal with one-man businesses, and the right hon. Gentleman did say something of that kind in his speech. It is an entirely new point in taxation, the assessment of a man on income he has not received. If the statutory Resolution goes through tonight, we shall have passed it, but we ought to have proper information upon it before we carry it.

Sir R. HORNE

I shall be very glad indeed to make a statement upon this Resolution to-morrow if my hon. Friend will not oppose its being passed to-night.

Sir W. JOYNSON-HICKS

No, not if we have an explanation to-morrow.

Question put, and agreed to.