§ 46. Mr. Stokesasked the Chancellor of the Exchequer under what circumstances the profit made on the sale of agricultural land for aerodrome or War Department purposes is regarded as a revenue profit or a capital gain?
§ Sir K. WoodThe broad distinction is between the carrying on of a trade or business and the realisation of capital assets.
§ Mr. StokesWill the Chancellor of the Exchequer say whether, when agricultural land hitherto regarded as valueless is sold at a high price, that is regarded as a capital appreciation or a revenue appreciation?
§ Sir K. WoodMy hon. Friend had better put that question on the Paper.