HC Deb 08 July 1965 vol 715 cc1877-8
Mr. Diamond

I beg to move Amendment No. 160, Clause 40, in page 45, line 37, at the beginning to insert: Subject to paragraph 21(2A) of Schedule 6 to this Act". This Amendment is necessitated by the new rule for valuations of quoted securities before Budget day which is contained in Amendment No. 164, Schedule 6, in page 67, line 36.

Amendment agreed to.

The Financial Secretary to the Treasury (Mr. Niall MacDermot)

I beg to move Amendment No. 161, Clause 40, in page 46, line 18, at the beginning to insert: Subject to paragraph 21(2A) of Schedule 6 to this Act. Would it be convenient, Mr. Speaker, to discuss with this Amendment the next two Amendments, Nos. 162 and 163?

Mr. Speaker

Yes, if the House so pleases.

Mr. MacDermot

These three are largely paving Amendments for Amendment No. 164, to which we shall come shortly. Their effect is to substitute the price at which a unit trust will buy back units instead of the mid price as the basis of valuation of holdings in unit trusts on any disposal other than a deemed Budget day disposal. This alteration will be wholly in favour of the taxpayer.

Amendment agreed to.

Further Amendments made: Clause 40, in page 46, line 22, after "the", insert "buying and selling".

Clause 40, in page 46, line 24, leave out from beginning to "so" and insert: equal to the buying price (that is the lower price)".—[Mr. MacDermot.]

Mr. Speaker

My previous selection was wrong. The position is that Amendment No. 284, Clause 40, in page 47, line 10, leave out subsection (8) is really a paving Amendment for Amendment No. 126, Schedule 9, page 93, line 20, and I therefore suggest that it should be discussed with that Amendment in due course.