§ Motion made, and Question proposed, "That the Clause stand part of the Bill."
§ 3.50 p.m.
§ Captain Crookshank (Gainsborough)
May we have some little explanation of these difficult questions? Perhaps the Financial Secretary to the Treasury will tell us about Clause 21. If the Chancellor of the Exchequer does not know, that is my justification for asking.
§ The Financial Secretary to the Treasury (Mr. Glenvil Hall)
Clause 21 makes an Amendment to Section 4 of the Income Tax Act, 1945. It removes a defect under Part I of that Act which relates to allowances which can be given in respect of industrial buildings. It has been discussed with representatives of industry, and they have agreed to the provisions of this Clause and its inclusion in the Bill. As the law stands, it is possible that a total allowance may be given in respect of a part of the cost of a building, and that, of course, would not be fair to other taxpayers. It can be given by way of an allowance for the year 1946–47 under Section 19 of the Finance Act, 1941, which relates to seasonal depreciation, and also by way of an allowance under Part I of the Income Tax Act, 1945, which we now hope the Committee will agree to amend, and thus close this particular gap.
§ Question put, and agreed to.
§ Clause ordered to stand part of the Bill.