§
Amendment made: In page 28, line 25, at end insert:
(2A) If the adjusted sale price and adjusted purchase price to be taken into account under
§ Schedule 6 to this Act in computing the amount of a gain accruing on a disposal of securities of one of the descriptions in Schedule (Capital gains: Government securities issued at a discount) to this Act are both within the exempt price range specified in that Schedule for those securities a gain accruing on that disposal shall not be a chargeable gain (and a loss so accruing shall not be an allowable loss) and if the range between those prices overlaps that exempt price range a proportion of a gain so accruing shall not be a chargeable gain, which shall be the proportion which the part of the range between those prices which overlaps that exempt price range bears to the whole of the range between those prices (and correspondingly a part of a loss so accruing shall not be an allowable loss).
§ In this subsection "adjusted sale price" means the amount of the consideration for the disposal and "adjusted purchase price" means the amount of the consideration for the acquisition (that is the acquisition by the person making the disposal), both adjusted, where the nominal amount of the securities being disposed of is not one hundred pounds, to represent a price for a nominal amount of one hundred pounds.—[Mr. MacDermot.]
§
Amendment proposed: In page 28, line 29, at end insert:
(4) British Government securities shall not be chargeable assets.—[Mr. Peter Walker.]
§ Question put, That those words be there inserted in the Bill:—
§ The House divided: Ayes 274, Noes 279.
1737| Division No. 243.] | AYES | [10.21 p.m. |
| Agnew, Commander Sir Peter | Buchanan-Smith, Alick | Dean, Paul |
| Alison, Michael (Barkston Ash) | Buck, Antony | Digby, Simon Wingfield |
| Allan, Robert (Paddington, S.) | Bullus, Sir Eric | Dodds-Parker, Douglas |
| Allason, James (Hemel Hempstead) | Burden, F. A. | Doughty, Charles |
| Amery, Rt. Hn. Julian | Butcher, Sir Herbert | Drayson, G. B. |
| Anstruther-Gray, Rt. Hn. Sir W. | Buxton, Ronald | du Cann, Rt. Hn. Edward |
| Astor, John | Campbell, Gordon | Eden, Sir John |
| Atkins, Humphrey | Carlisle, Mark | Elliot, Capt. Walter (Carshalton) |
| Awdry, Daniel | Carr, Rt. Hn. Robert | Elliott, R. W. (N'c'tle-upon-Tyne, N.) |
| Baker, W. H. K. | Cary, Sir Robert | Emery, Peter |
| Balniel, Lord | Channon, H. P. G. | Eyre, Reginald |
| Barber, Rt. Hn. Anthony | Chataway, Christopher | Farr, John |
| Barlow, Sir John | Chichester-Clark, R. | Fell, Anthony |
| Batsford, Brian | Clark, Henry (Antrim, N.) | Fisher, Nigel |
| Bell, Ronald | Clark, William (Nottingham, S.) | Fletcher-Cooke, Charles (Darwen) |
| Bennett, Sir Frederic (Torquay) | Clarke, Brig. Terence (Portsmth, W.) | Fletcher-Cooke, Sir John (S'pton) |
| Berkeley, Humphry | Cole, Norman | Foster, Sir John |
| Berry, Hn. Anthony | Cooke, Robert | Fraser, Rt. Hn. Hugh (St'fford & Stone) |
| Biffen, John | Cooper, A. E. | Galbraith, Hn. T. G. D. |
| Biggs-Davison, John | Cooper-Key, Sir Neill | Gammans, Lady |
| Birch, Rt. Hn. Nigel | Cordle, John | Gibson-Watt, David |
| Black, Sir Cyril | Corfield, F. V. | Giles, Rear-Admiral Morgan |
| Blaker, Peter | Costain, A. P. | Gilmour, Ian (Norfolk, Central) |
| Bossom, Hn. Clive | Courtney, Cdr. Anthony | Gilmour, Sir John (East Fife) |
| Bowen, Roderic (Cardigan) | Craddock, Sir Beresford (Spelthorne) | Glover, Sir Douglas |
| Box, Donald | Crawley, Aidan | Godber, Rt. Hn. J. B. |
| Boyd-Carpenter, Rt. Hn. J. | Crosthwaite-Eyre, Col. Sir Oliver | Goodhart, Philip |
| Boyle, Rt. Hn. Sir Edward | Crowder, F. P. | Gower, Raymond |
| Braine, Bernard | Cunningham, Sir Knox | Grant, Anthony |
| Brewis, John | Curran, Charles | Grant-Ferris, R. |
| Brinton, Sir Tatton | Currie, G. B. H. | Gresham Cooke, R |
| Brooke, Rt. Hn. Henry | Dalkeith, Earl of | Grieve, Percy |
| Brown, Sir Edward (Bath) | Dance, James | Griffiths, Eldon (Bury St. Edmunds) |
| Bruce-Gardyne, J. | Davies, Dr. Wyndham (Perry Barr) | Griffiths, Peter (Smethwick) |
| Bryan, Paul | d'Avigdor-Goldsmid, Sir Henry | Grimond, Rt. Hn. J. |
| Gurden, Harold | Mackenzie, Alasdair (Ross & Crom'ty) | Rodgers, Sir John (Sevenoaks) |
| Hall, John (Wycombe) | Mackie, George Y. (C'ness & S'land) | Roots, William |
| Hall-Davis, A. G. F. | Maclean, Sir Fitzroy | Royle, Anthony |
| Hamilton, Marquess of (Fermanagh) | Macleod, Rt. Hn. Iain | St. John-Stevas, Norman |
| Hamilton, M. (Salisbury) | McMaster, Stanley | Sandys, Rt. Hn. D. |
| Harris, Frederic (Croydon, N.W.) | McNair-Wilson, Patrick | Scott-Hopkins, James |
| Harris, Reader (Heston) | Maginnis, John E. | Sharples, Richard |
| Harrison, Brian (Maldon) | Maitland, Sir John | Sinclair, Sir George |
| Harvey, Sir Arthur Vere (Macclesf'd) | Marples, Rt. Hn. Ernest | Smith, Dudley (Br'ntf'd & Chiswick) |
| Harvey, John (Walthamstow, E.) | Marten, Neil | Smyth, Rt. Hn. Brig. Sir John |
| Harvie Anderson, Miss | Mathew, Robert | Soames, Rt. Hn. Christopher |
| Hastings, Stephen | Maude, Angus | Spearman, Sir Alexander |
| Hawkins, Paul | Maudling, Rt. Hn. Reginald | Speir, Sir Rupert |
| Hay, John | Mawby, Ray | Stainton, Keith |
| Heald, Rt. Hn. Sir Lionel | Maxwell-Hyslop, R. J. | Stanley, Hn. Richard |
| Heath, Rt. Hn. Edward | Maydon, Lt.-Cmdr. S. L. C. | Steel, David (Roxburgh) |
| Hendry, Forbes | Meyer, Sir Anthony | Stodart, Anthony |
| Higgins, Terence L. | Mills, Peter (Torrington) | Studholme, Sir Henry |
| Hill, J. E. B. (S. Norfolk) | Mills, Stratton (Belfast, N.) | Talbot, John E. |
| Hirst, Geoffrey | Miscampbell, Norman | Taylor, Sir Charles (Eastbourne) |
| Hobson, Rt. Hn. Sir John | Mitchell, David | Taylor, Edward M. (G'gow, Cathcart) |
| Hooson, H. E. | Monro, Hector | Teeling, Sir William |
| Hopkins, Alan | More, Jasper | Temple, John M. |
| Hordern, Peter | Morrison, Charles (Devizes) | Thatcher, Mrs. Margaret |
| Hornby, Richard | Mott-Radclyffe, Sir Charles | Thomas, Sir Leslie (Canterbury) |
| Hornsby-Smith, Rt. Hn. Dame P. | Munro-Lucas-Tooth, Sir Hugh | Thompson, Sir Richard (Croydon, S.) |
| Hunt, John (Bromley) | Murton, Oscar | Thorpe, Jeremy |
| Hutchison, Michael Clark | Neave, Airey | Tiley, Arthur (Bradford, W.) |
| Iremonger, T. L. | Nicholson, Sir Godfrey | Tilney, John (Wavertree) |
| Irvine, Bryant Godman (Rye) | Noble, Rt. Hn. Michael | Turton, Rt. Hn. R. H. |
| Jenkin, Patrick (Woodford) | Nugent, Rt. Hn. Sir Richard | Tweedsmuir, Lady |
| Jennings, J. C. | Onslow, Cranley | van Straubenzee, W. R. |
| Johnson Smith, G. (East Grinstead) | Orr, Capt. L. P. S. | Vaughan-Morgan, Rt. Hn. Sir John |
| Jones, Arthur (Northants, S.) | Osborn, John (Hallam) | Vickers, Dame Joan |
| Jopling, Michael | Osborne, Sir Cyril (Louth) | Walder, David (High Peak) |
| Joseph, Rt. Hn. Sir Keith | Page, John (Harrow, W.) | Walker, Peter (Worcester) |
| Kaberry, Sir Donald | Page, R. Graham (Crosby) | Walker-Smith, Rt. Hn. Sir Derek |
| Kerby, Capt. Henry | Pearson, Sir Frank (Clitheroe) | Wall, Patrick |
| Kerr, Sir Hamilton (Cambridge) | Peel, John | Walters, Dennis |
| Kilfedder, James A. | Percival, Ian | Ward, Dame Irene |
| Kimball, Marcus | Peyton, John | Weatherill, Bernard |
| King, Evelyn (Dorset, S.) | Pickthorn, Rt. Hn. Sir Kenneth | Webster, David |
| Kirk, Peter | Pike, Miss Mervyn | Wells, John (Maidstone) |
| Kitson, Timothy | Pitt, Dame Edith | Whitelaw, William |
| Lagden, Godfrey | Pounder, Rafton | Williams, Sir Rolf Dudley (Exeter) |
| Lambton, Viscount | Powell, Rt. Hn. J. Enoch | Wills, Sir Gerald (Bridgwater) |
| Lancaster, Col. C. G. | Price, David (Eastleigh) | Wilson, Geoffrey (Truro) |
| Langford-Holt, Sir John | Wise, A. R. | |
| Legge-Bourke, Sir Harry | Prior, J. M. L. | Wolrige-Gordon, Patrick |
| Lewis, Kenneth (Rutland) | Pym, Francis | Wood, Rt. Hn. Richard |
| Litchfield, Capt. John | Quennell, Miss J. M. | Woodhouse, Hn. Christopher |
| Lloyd, Rt. Hn. Geoffrey (Sut'n C'dfield) | Ramsden, Rt. Hn. James | Wylie, N. R. |
| Lloyd, Ian (P'tsm'th, Langstone) | Redmayne, Rt. Hn. Sir Martin | |
| Longden, Gilbert | Rees-Davies, W. R. | Yates, William (The Wrekin) |
| Loveys, Walter H. | Renton, Rt. Hn. Sir David | Younger, Hn. George |
| Lubbock, Eric | Ridley, Hn. Nicholas | |
| McAdden, Sir Stephen | Ridsdale, Julian | TELLERS FOR THE AYES: |
| MacArthur, Ian | Roberts, Sir Peter (Heeley) | Mr. Martin McLaren and |
| Mr. Ian Fraser. | ||
| NOES | ||
| Abse, Leo | Brown, Rt. Hn. George (Belper) | Diamond, Rt. Hn. John |
| Albu, Austen | Brown, Hugh D. (Glasgow, Provan) | Dodds, Norman |
| Allaun, Frank (Salford, E.) | Buchan, Norman (Renfrewshire, W.) | Doig, Peter |
| Alldritt, Walter | Buchanan, Richard | Driberg, Tom |
| Atkinson, Norman | Butler, Herbert (Hackney, C.) | Duffy, Dr. A. E. P. |
| Bacon, Miss Alice | Butler, Mrs. Joyce (Wood Green) | Dunn, James A. |
| Bagier, Gordon A. T. | Callaghan, Rt. Hn. James | Dunnett, Jack |
| Barnett, Joel | Carmichael, Neil | Edelman, Maurice |
| Baxter, William | Chapman, Donald | Edwards, Rt. Hn. Ness (Caerphilly) |
| Bence, Cyril | Coleman, Donald | English, Michael |
| Bennett, J. (Glasgow, Bridgeton) | Conlan, Bernard | Ennals, David |
| Binns, John | Corbet, Mrs. Freda | Ensor, David |
| Bishop, E. S. | Craddock, George (Bradford, S.) | Evans, Albert (Islington, S.W.) |
| Blackburn, F. | Crawshaw, Richard | Evans, Ioan (Birmingham, Yardley) |
| Blenkinsop, Arthur | Crosland, Rt. Hn. Anthony | Fernyhough, E. |
| Boardman, H. | Crossman, Rt. Hn. R. H. S. | Finch, Harold (Bedwellty) |
| Boston, T. G. | Cullen, Mrs. Alice | Fletcher, Sir Eric (Islington, E.) |
| Bottomley, Rt. Hn. Arthur | Dalyell, Tam | Fletcher, Ted (Darlington) |
| Bowden, Rt. Hn. H. W. (Leics S.W.) | Darling, George | Fletcher, Raymond (Ilkeston) |
| Boyden, James | Davies, Ifor (Gower) | Floud, Bernard |
| Braddock, Mrs. E. M. | Davies, S. O. (Merthyr) | Foley, Maurice |
| Bradley, Tom | Delargy, Hugh | Foot, Sir Dingle (Ipswich) |
| Bray, Dr. Jeremy | Dell, Edmund | Foot, Michael (Ebbw Vale) |
| Broughton, Dr. A. D. D. | Dempsey, James | Ford, Ben |
| Fraser, Rt. Hn. Tom (Hamilton) | McBride, Neil | Robinson, Rt. Hn. K. (St. Pancras, N.) |
| Freeson, Reginald | MacColl, James | Rodgers, William (Stockton) |
| Galpern, Sir Myer | MacDermot, Niall | Rogers, George (Kensington, N.) |
| Garrett, W. E. | McGuire, Michael | Rose, Paul B. |
| George, Lady Megan L'oyd | Mclnnes, James | Ross, Rt. Hn. William |
| Ginsburg, David | McKay, Mrs. Margaret | Rowland, Christopher |
| Gourlay, Harry | Mackenzie, Gregor (Rutherglen) | Sheldon, Robert |
| Greenwood, Rt. Hn. Anthony | Mackie, John (Enfield, E.) | Shore, Peter (Stepney) |
| Gregory, Arnold | McLeavy, Frank | Short, Rt. Hn. E. (N'c'tle-on-Tyne, C.) |
| Grey, Charles | Mahon, Peter (Preston, S.) | Short, Mrs. Renée (W'hampton, N. E.) |
| Griffiths, David (Rother Valley) | Mahon, Simon (Bootle) | Silkin, John (Deptford) |
| Griffiths, Rt. Hn. James (Llanelly) | Mallalieu, J. P. W. (Huddersfield, E.) | Silkin, S.C. (Camberwell, Dulwich) |
| Griffiths, Will (M'chester, Exchange) | Manuel, Archie | Silverman, Julius (Aston) |
| Gunter, Rt. Hn. R. J. | Mapp, Charles | Silverman, Sydney (Nelson) |
| Hale, Leslie | Marsh, Richard | Skeffington, Arthur |
| Hamilton, James (Bothwell) | Mason, Roy | Slater, Mrs. Harriet (Stoke, N.) |
| Hamilton, William (West Fife) | Maxwell, Robert | Small, William |
| Hamling, William (Woolwich, W.) | Mayhew, Christopher | Snow, Julian |
| Hannan, William | Mellish, Robert | Soskice, Rt. Hn. Sir Frank |
| Harper, Joseph | Mendelson, J. J. | Spriggs, Leslie |
| Harrison, Walter (Wakefield) | Mikardo, Ian | Steele, Thomas (Dunbartonshire, W.) |
| Hart, Mrs. Judith | Millan, Bruce | Stewart, Rt. Hn. Michael |
| Hattersley, Roy | Miller, Dr. M. S. | Stonehouse, John |
| Hazell, Bert | Milne, Edward (Blyth) | Stones, William |
| Healey, Rt. Hn. Denis | Molloy, William | Strauss, Rt. Hn. G. R. (Vauxhall) |
| Heffer, Eric S. | Monslow, Walter | Summerskill, Hn. Dr. Shirley |
| Henderson, Rt. Hn. Arthur | Morris Alfred (Wythenshawe) | Swain, Thomas |
| Herbison, Rt. Hn. Margaret | Morris, Charles (Openshaw) | Swingler, Stephen |
| Hobden, Dennis (Brighton, K'town) | Morris, John (Aberavon) | Symonds, J. B. |
| Holman, Percy | Mulley, Rt. Hn. Frederick (Sheffield Pk) | Taverne, Dick |
| Horner, John | Murray, Albert | Taylor, Bernard (Mansfield) |
| Houghton, Rt. Hn. Douglas | Neal, Harold | Thomas, George (Cardiff, W.) |
| Howarth, Harry (Wellingborough) | Newens, Stan | Thomas, Iorwerth (Rhondda, W.) |
| Howarth, Robert L. (Bolton, E.) | Noel-Baker, Francis (Swindon) | Thomson, George (Dundee, E.) |
| Howell, Denis (Small Heath) | Noel-Baker, Rt. Hn. Philip (Derby, S.) | Thornton, Ernest |
| Howie, W. | Norwood, Christopher | Tinn, James |
| Hoy, James | Oakes, Gordon | Tomney, Frank |
| Hughes, Cledwyn (Anglesey) | Ogden, Eric | Tuck, Raphael |
| Hughes, Emrys (S. Ayrshire) | O'Malley, Brian | Urwin, T. W. |
| Hughes, Hector (Aberdeen, N.) | Oram, Albert E. (E. Ham, S.) | Varley, Eric G. |
| Hunter, Adam (Dunfermline) | Orbach, Maurice | Wainwright, Edwin |
| Hunter, A. E. (Feltham) | Orme, Stanley | Walden, Brian (All Saints) |
| Hynd, H. (Accrington) | Oswald, Thomas | Walker, Harold (Doncaster) |
| Irving, Sydney (Dartford) | Owen, Will | Wallace, George |
| Jackson, Colin | ||
| Janner, Sir Barnett | Page, Derek (King's Lynn) | Watkins, Tudor |
| Jay, Rt. Hn. Douglas | Paget, R. T. | Weitzman, David |
| Jeger, Mrs. Lena (H'b'n & St. P'cras, S.) | Palmer, Arthur | Wells, William (Walsall, N.) |
| Jenkins, Hugh (Putney) | Pannell, Rt. Hn. Charles | White, Mrs. Eirene |
| Johnson, Carol (Lewisham, S.) | Pargiter, G. A. | Whitlock, William |
| Johnson, James (K'ston-on-Hull, W.) | Park, Trevor (Derbyshire, S.E.) | Wigg, Rt. Hn. George |
| Jones, Dan (Burnley) | Parkin, B. T. | Wilkins, W. A. |
| Jones, Rt. Hn. Sir Elwyn (W. Ham, S.) | Pavitt, Laurence | Willey, Rt. Hn. Frederick |
| Jones, J. Idwal (Wrexham) | Pearson, Arthur (Pontypridd) | Williams, Alan (Swansea, W.) |
| Jones, T. W. (Merioneth) | Peart, Rt. Hn. Fred | Williams, Clifford (Abertillery) |
| Kelley, Richard | Pentland, Norman | Williams, Mrs. Shirley (Hitchin) |
| Kenyon, Clifford | Perry, Ernest G. | Williams, W. T. (Warrington) |
| Kerr, Mrs. Anne (R'ter & Chatham) | Popplewell, Ernest | Willis, George (Edinburgh, E.) |
| Kerr, Dr. David (W'worth, Central) | Prentice, R. E. | Wilson, Rt. Hn. Harold (Huyton) |
| Lawson, George | Price, J. T. (Westhoughton) | Wilson, William (Coventry, S.) |
| Leadbitter, Ted | Probert, Arthur | Winterbottom, R. E. |
| Ledger, Ron | Pursey, Cmdr. Harry | Woodburn, Rt. Hn. A. |
| Lee, Rt. Hn. Frederick (Newton) | Randall, Harry | Woof, Robert |
| Lee, Miss Jennie (Cannock) | Rankin, John | Wyatt, Woodrow |
| Lever, Harold (Cheetham) | Redhead, Edward | Yates, Victor (Ladywood) |
| Lever, L. M. (Ardwick) | Rees, Merlyn | Zilliacus, K. |
| Lewis, Arthur (West Ham, N.) | Rhodes, Geoffrey | |
| Lewis, Ron (Carlisle) | Richards, Ivor | TELLERS FOR THE NOES: |
| Lipton, Marcus | Roberts, Albert (Normanton) | Mr. John McCann and |
| Loughlin, Charles | Roberts, Goronwy (Caernarvon) | Mr. Alan Fitch. |
| Mabon, Dr. J. Dickson | Robertson, John (Paisley) |
§ Mr. MacDermotI beg to move, Amendment No. 58, in page 28, line 35 at the end to insert:
(5) A gain shall not be a chargeable gain if accruing on the disposal by any person of a decoration awarded for valour or gallant conduct which he acquired otherwise than for consideration in moneys or money's worth.This does the same in respect of the long-term tax as Amendment No. 12, which we have already passed, does in relation to short-term tax.
§ Sir D. Glover rose—
§ Sir D. GloverI am so glad that the House unanimously applauds by intervention, particularly as on this occasion, for about the first time during our proceedings on the Bill, I rise to thank the Financial Secretary. I thank him for the help which he gave me as the hon. Member who moved an Amendment in Committee and to say that the hon. and learned Gentleman's Amendment is far better than the one which I then moved.
I apologise to the hon. and learned Gentleman for not being here earlier when he moved the other Amendment. I was attending a conference under the chairmanship of Mr. Speaker. If I could have been present, I should have been glad to pay my tribute then. I am very grateful for what has been done. This is a small cloud of wisdom coming into the Government's handling of affairs. [An. HON. MEMBER: "Do not spoil it".] I shall not spoil it. Even from me the Government can learn wisdom, and in this case they have done. I am certain that no one in the House wanted the Capital Gains Tax to be applied to decoration of this sort, and the point only needed to be drawn to the attention of the Treasury for it to be dealt with. It is a small item, and I am grateful to the Minister for accepting my Amendment in the way he has.
§ Amendment agreed to.