§ There are two minor proposals in the Customs and Excise field, which I should mention. I am proposing to continue the Customs duty of £4 a cwt. on imported hops which would otherwise expire on 15th August this year. I also propose to introduce a provision to simplify the administrative arrangements for levying duty on imported articles in respect of dutiable ingredients. This will relieve traders and the Department of a considerable burden of work.
§ While I am on miscellaneous and other points, I should mention that I shall be proposing in the Finance Bill to give statutory effect, so far as that is needed, to the new trade agreement with Australia which was signed in February.
§ I turn now to my proposals in the field of Inland Revenue. As always, there are several minor matters on which legislation is necessary, either to strengthen the tax code or to adapt it to current circumstances.
§ In the strengthening category I have two candidates. The first concerns the Estate Duty that is levied when a gift is made within five years before death. At present, the law gives rise to anomalies and lends itself to avoidance devices. One device, sometimes known as "the disappearing trick", takes advantage of the 995 fact that no duty is payable if the property given away—for example, a security due for early redemption—has ceased to exist before the death of the donor, even if he dies within five years of making the gift. I propose to put a stop to these devices and generally to rectify the anomalies that arise under the present law.
§ My second candidate concerns the investment allowance. Under the law as it stands there might, in certain circumstances, be a legal claim to two investment allowances for the same asset. This, clearly, should be stopped.
§ I shall also be including in the Finance Bill a number of relatively minor adaptations of the tax code, which can be more appropriately described and discussed at a later stage. Among them will be a provision for the temporary freezing of Schedule A liabilities in Scotland and Northern Ireland and another provision dealing with the person to be charged under Schedule A in cases where flats are let in consideration of capital premiums.