§ 53. Mr. ELLIS SMITHasked 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.
§ Mr. SMITHIn 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. TAYLORWill my right hon. Friend also consider recouping some of the losses?