§ 11.55 p.m.
§ The Financial Secretary to the Treasury (Mr. Niall MacDermot)I beg to move,
That provision be made with respect to the income tax chargeable on income arising from common investment funds established under the Administration of Justice Act 1965 and in respect of dividends on shares in such funds.I do not imagine that at this hour the Committee will want any lengthy explanation from me of the purpose of the Resolution. Perhaps it will be enough if I say that its object is to pave the way for a new Clause which it is intended to put down at a later stage of the Finance Bill, which will enable special tax concessions to be made in respect of one of the common investment funds which are to be set up under the Administration of Justice Act, in favour of widows, infants and mental patients who have been successful suitors in court actions.This will give effect to one of the recommendations in the Report of the Committee, which led to the passing of the Act. If there are any questions which hon. Members want me to answer, I should be glad to do so. Otherwise, perhaps we can leave it to full consideration when we discuss the proposed new Clause in the Finance Bill.
§ Mr. Edward Heath (Bexley)We on this side of the House support this Ways and Means Resolution. I understand the purpose which the Financial Secretary has mentioned. We are grateful to the Chancellor for taking this action to support another Measure. We give our full support to the Resolution tonight, as we shall to the Clause when we come to it.
§ Question put and agreed to.
§ Resolution to be reported.
§ Report to be received Tomorrow; Committee to sit again Tomorrow.