§ 53. Mr. ELLIS SMITH
asked the Chancellor of the Exchequer whether he will consider taking steps for the taxation of Stock Exchange profits?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)
I assume that the hon. Member has in mind any gains that may be made from transactions in stocks and shares, and I would remind him that, except where such transactions can be regarded as forming part of ordinary trade or business operations, the gain or loss on them is of a capital character, and is not taken into account 1189 in computing income for assessment to the Income Tax. I see no grounds for any alteration of the law in this respect.