HC Deb 22 June 1950 vol 476 cc1697-8
Reference. Short Title. Extent of Repeal
2 & 3 Geo. 6, c. 41 The Finance Act, 1939. Section ten.
3 & 4 Geo. 6, c. 29 The Finance Act, 1940. Section nine.
5 & 6 Geo. 6, c. 21 The Finance Act, 1942. Section eight.
6 & 7 Geo. 6, c. 28 The Finance Act, 1943. Section eight.
9 & 10 Geo. 6, c. 13 The Finance (No. 2) Act, 1945. Section seven.
10 & 11 Geo. 6, c. 35. The Finance Act, 1947. Subsections (2) to (4) of section eight.
12, 13 & 14 Geo. 6, c. 89. The Vehicles (Excise) Act, 1949. Paragraph (e) of subsection (2) of section four; subsection (4) of section thirty; paragraph 5 of the Third Schedule; paragraph 1 of the Sixth Schedule.

Sometimes, however, we get the case of an investment company in which not the whole but part of the income is attributed to members. This Clause seeks to say that in these cases the same principle should apply. We felt, when framing the Profits Tax legislation, that the case of a company the whole of whose income is attributed to individuals is in a special category. We feel it would not be reasonable and proper to extend the principle to companies which are not really analogous to trading partnerships.

Lieut.-Commander Braithwaite

The Solicitor-General has explained the matter. I express the hope that the hon. and learned Member for Leicester, North-East, will not now be disciplined for putting down a Clause so objectionable to the Government. I think it is a good Clause, but I shall not take up the time of the Committee by pressing it to a Division, and I beg to ask leave to withdraw the Motion.

Motion and Clause, by leave, withdrawn.

Schedules 1 and 2 agreed to.

Schedule 3 disagreed to.

Schedule 4 agreed to.