§ (1) Any profits or gains arising to an agricultural society from an exhibition or show held for the purposes of the society shall, if they are applied solely to the purposes of the society, be exempt from Income Tax.
§ (2) The expression "agricultural society" in this Section means any society or institution established for the purpose of promoting the interests of agriculture, horticulture, live-stock breeding, or forestry.—[Mr. Snowden.]
§ Brought up, and read the First time.
§ Mr. SNOWDEN
I beg to move, "That the Clause be read a Second time."
This is another heritage from the Committee stage of the Bill. It was submitted by Members in all parts of the House that it was not fair to tax the profits of an agricultural society arising from an exhibition or show, and I think I have met the position in this new Clause.
§ Captain FITZROY
The new Clause appears to meet the case which was put forward with regard to agricultural societies, and I thank the right bon. Gentleman for the concession made.
§ Clause read a Second time, and added to the Bill.