HC Deb 02 July 1951 vol 489 cc2039-40
The Attorney-General

I beg to move, in page 21, line 23, at the end, to insert: or redeemable preference shares so issued. This Amendment is designed to meet a point made by hon. Gentlemen opposite in Committee, when they sought to maintain that there was no justification for excluding redeemable preference shares which were issued for cash. I undertook to consider the point, and we now agree with the argument that was then advanced.

Amendment agreed to.

The Attorney-General

I beg to move, in page 21, line 28, at the end, to insert: and (b) where the body corporate, society or other body has acquired any business, undertaking or property for full consideration, any loan capital issued by the body corporate, society or other body in or towards payment therefor shall be deemed for the purposes of this subsection to have been issued for full consideration paid in cash to the body corporate, society or other body. This Amendment is designed to meet another point made by hon. Gentlemen opposite, who argued that the Clause was too limited, in that it excluded the case of a genuine purchase of an undertaking, paid for in part by loan capital issued by the body which acquired the undertaking. I move the Amendment to give effect to that argument.

Mr. Selwyn Lloyd (Wirral)

I see in the Amendment the words "any loan capital." Does that expression include redeemable preference shares?

The Attorney-General

There is an Amendment which deals with that point. I do not think that "loan capital" includes the preference shares.

Mr. C. S. Taylor (Eastbourne)

I beg to move, as an Amendment to the proposed Amendment, after "capital," to insert: or redeemable preference shares. I do not think I need say anything about this Amendment, which is consequential on the concession made by the Chancellor of the Exchequer.

Mr. Eccles

I beg to second the Amendment to the proposed Amendment.

The Attorney-General

I certainly do not think that the Amendment to the proposed Amendment is consequential, for it adds a good deal, but it is nevertheless founded on an argument which we think is well substantiated, and, having given the matter consideration, we are certainly prepared to accept it.

Amendment to the proposed Amendment agreed to.

Proposed words, as amended, there inserted in the Bill.