§ Where in any year of assessment a person sustains a loss in any trade, profession or vocation carried on by him either solely or in partnership he may claim that such a loss, or such part thereof in respect of which no relief is claimed under any other provision of the Income Tax Acts may be carried forward and set off against his aggregate income from all sources for the next following year of assessment, and relief shall be given accordingly whether by repayment or otherwise.—[Mr. Stevens.]
§ Brought up, and read the First time.144
§ Mr. Selwyn Lloyd
I feel that my point about retrospection is very definitely of some importance in regard to this Clause, but I do not think we could pass it unless we get an undertaking from the Chancellor that this is to apply to this year. I see no reason at all why action upon this particular matter should be postponed for another year. If the right hon. Gentleman will give us some undertaking of this nature I shall be satisfied.
§ Question put, and negatived.