HC Deb 10 December 1945 vol 417 cc81-2

5.30 p.m.

Mr. Dalton

I beg to move, in page 39, leave out lines 39 to 44.

In Committee, I agreed to accept an Amendment moved by the hon. Gentleman the Member for Stockport (Sir A. Gridley) which was designed to ensure that what is required under an Excess Profits Tax postwar refund shall not be excluded from the Excess Profits Tax capital, on account of the refund being provided out of the Consolidated Fund. I said that I must look at the wording of the Amendment, and that I might want to make a slight alteration on the Report stage. I have made a slight alteration and the drafting of the Amendment is now satisfactory from our point of view. I hope it will meet the undertaking which I gave to the hon. Gentleman, and that he will be able to accept it and that the House will accept it. The intention is to carry out in suitable wording the purpose which the hon. Gentleman had in mind when he moved the Amendment on the Committee stage.

Sir A. Gridley

All I need to do is to thank the Chancellor, as I do, very sincerely, for the way in which he has met the point by his redrafting of the Amendment. I think it meets the case I have put up quite adequately and I welcome it and thank him for it.

Amendment agreed to.

Mr. Dalton

I beg to move, in page 40, line 4, at end, insert: (3) Notwithstanding anything in sub-paragraph (2) of paragraph 1 of Part II of the Seventh Schedule to the Finance (No. 2) Act, 1939, in computing the amount of the capital employed in a trade or business for the purposes of Excess Profits Tax no deduction shall be made from the price of any asset on the ground that it was acquired wholly or partly out of a sum paid for or on account of a postwar refund and that that sum was, by virtue of this Section, contributed out of the Consolidated Fund. We want to be clear that we are in order. My proposition was to leave out lines 39 to 44 and, later on, to insert the words in the Amendment which I have just moved. We have left out what is intended to be left out and now we have to put in what it is intended to put in.

Amendment agreed to.