HC Deb 03 March 1936 vol 309 cc1188-9
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 in computing income for assessment to the Income Tax. I see no grounds for any alteration of the law in this respect.

Mr. SMITH

In view of the speculation which is taking place in aircraft shares, will the right hon. Gentleman reconsider this matter, in order to carry out the promise of the Prime Minister?

Mr. C. S. TAYLOR

Will my right hon. Friend also consider recouping some of the losses?