HC Deb 20 May 1924 vol 173 cc2000-1
52. Mr. A. M. SAMUEL

asked the Chancellor of the Exchequer whether he can see his way to introduce into the Finance Bill a new Clause designed to modify for the future the effect of Subsection (5) of Section 27 of the Finance Act, 1920, as interpreted by the Court of Appeal in Sheldrick v. the South African Breweries, in October, 1922?

Mr. SNOWDEN

I have carefully considered the effect of Sub-section (5) of Section 27 of the Finance Act, 1920, as interpreted by the decision to which the hon. Member refers, and I am satisfied that the Sub-section as so interpreted is a necessary corollary of the scheme of relief embodied in that Section, and that there is no ground for a modification in the sense suggested by the hon. Member.

Mr. SAMUEL

Is the right hon. Gentleman also satisfied that the decision of the Court of Appeal does really give effect to the intention of Parliament when the Section was passed?

Mr. SNOWDEN

I could not give an answer to that question on the spur of the moment. I know that this is a matter which has been considered by successive Chancellors of the Exchequer, and that they have all come to the conclusion that it is the fairest solution of what everybody agrees is a rather difficult question.