63. Colonel Arthur Evans
asked the Chancellor of the Exchequer whether it is proposed to extend the Convention and Protocol between Canada and the United 32 States of America for the avoidance of double taxation to Great Britain?
§ Sir K. Wood
No, Sir. The provisions of our taxation law allow of double taxation agreements with other countries for the reciprocal exemption of profits arising from shipping and air transport and certain agencies, and under these provisions an agreement is in force with the United States since 1924 for the exemption of shipping profits. The double taxation agreement to which my hon. Friend refers covers a much wider field and proceeds on a different principle, and having regard to the different circumstances and different considerations obtaining in the case of the United Kingdom I could not entertain my hon. Friend's suggestion.
Having regard, in view of the present circumstances, to the similar difficulties experienced by the citizens of Canada and the United Kingdom in relation to income derived in the United States of America, will my right hon. Friend reconsider this matter?
§ Sir K. Wood
I appreciate that aspect of the matter, but as my hon. and gallant Friend knows he was here asking me whether I could extend the protocol between Canada and the United States.