HC Deb 12 July 1965 vol 716 c116
Mr. Diamond

I beg to move Amendment No. 185, in Clause 61, page 129, line 19, at the end to insert: (9A) Where a person having a holding in a company is a dealer, but a profit on the sale of the holding would not form part of his trading profits, then as regards that holding he shall be treated for purposes of this section as if he were not a dealer. This Amendment on dividend stripping brings greater precision to Clause 61. It clarifies the position of individuals and companies who hold some shares as trading stock simply because it is their business to buy and sell shares and others as part of the structure of the business which they are conducting.

Sir E. Boyle

As one who took part in the 1960 Finance Bill debates and can, I think, be forgiven for saying that he recognises an old friend, may I say that I think that this Amendment is justified.

Amendment agreed to.