§ Sir Herbert Butcher (Holland with Boston)
I beg to move, in page 2, line 38, at the end to insert:(5) The Treasury may by order vary the amount specified in paragraph (a) of subsection (1) of this section.The purpose of the Amendment is to allow the figure £5,000, the maximum amount of deposit which a trustee may make, to be varied without the need for additional legislation.
I move this Amendment because all figures tend to become out of date, but more, perhaps, because £5,000 is also the maximum investment to which the composite rate of Income Tax payable on building society deposits applies. This last figure can be altered at any time by agreement between the Inland Revenue and the Building Societies Association. It is desirable that there should be machinery for altering the figure in the Bill so that that figure can fall within any alteration in the Income Tax arrangements. If my right hon. Friend cares to examine Clause 2 (3) he will find a very good precedent.
§ Sir Cyril W. Black (Wimbledon)
I beg to second the Amendment.
The Amendment will bring a desirable flexibility into these arrangements. I do not think I need add anything more to what was said by my hon. Friend the Member for Holland with Boston (Sir H. Butcher).
§ Mr. H. Brooke
I am glad to hear that, because on the Government side also we see no objection. I am grateful to my hon. Friends for having drawn attention to this possibility of improving the Bill. It may be necessary for the £5,000 limit to be changed, and it would be awkward if we needed fresh legislation to change the £5,000 now in the Bill. On behalf of the Government I am happy to accept the Amendment.
§ Mr. Reynolds
Before we agree to this Amendment, I would draw attention to the fact that it is apparently easy to persuade the Government—I am not objecting—to give concessions in the Bill to the building societies, compared with the difficulty there is of getting concessions for the local authorities.
§ Amendment agreed to.