§ 49. Mr. LEWISasked the Chancellor of the Exchequer if, as a result of the recent judgment in the case of Mr. J. P. Grundy, the Income Tax authorities propose to demand payment of Income Tax on profits on sales of stocks and shares by private investors?
Mr. CHAMBERLAINThe judgment in question was based entirely on prior authority, and has not altered the scope of taxation either in law or in practice. I may add that it has no bearing upon the Income Tax position of investors.