§ Motion made, and Question proposed, "That the Clause stand part of the Bill."
§ Mr. E. BROWNThis seems to be a very important Clause, and I should like the Attorney-General to tell us if it is an alteration in the present law or a concession on some point put forward in debate.
§ The ATTORNEY-GENERALThis, as the hon. Member has anticipated, is designed to give effect to concessions promised in the course of the debate last year. The object of the Clause is to afford relief in the case of businesses which commenced after 6th April, 1923, where a loss was incurred in 1924 or 1925. The change in the basis of assessment from the three years' average to the preceding year prevents these losses from operating, in the average, to reduce the liability for 1927–28 or 1928–29, and they are outside the scope of the new provision for carrying forward of Clause 33 of the 1926 Act, because that applies to losses incurred in 1926.