HC Deb 19 May 1952 vol 501 cc172-3

Motion made, and Question proposed, "That the Clause stand part of the Bill."

Sir F. Soskice

I presume that this Clause deals with a recommendation in the Report. Is that the object?

The Solicitor-General

This, again, is a Clause giving effect to a recommendation by the Millard Tucker Committee in paragraph 239 in respect of allowances for expenditure by mining concerns in the acquisition of land outside the United Kingdom. Land, of course, is not of itself a wasting asset, but land which has to be given up on the expiry of a foreign concession, however, is a special case. It may happen that the mining concern may be forced, when its concession comes to an end, to surrender without compensation, and the Millard Tucker Committee observe that In these circumstances the asset which is acquired by the expenditure is of the nature of a wasting asset, and we recommend that writing-off allowances should be given on the same lines as those given under Part III of the Income Tax Act, 1945, for other capital expenditure incurred by mining concerns. This Clause shortly provides for that.

Clause ordered to stand part of the Bill.