HC Deb 19 July 1967 vol 750 cc2423-5
Mr. Darling

I beg to move Amendment No. 286, in page 94, line 45, Schedule 1, after the second 'of' to insert 'fixed'.

Perhaps we could take Amendment No. 292 with this Amendment.

Mr. Deputy Speaker

If that is convenient to the House.

Mr. Darling

These two are improving Amendments to deal with the situation where some building companies hold a stock of land—we have had this before on Report—which they regard as a current asset and show it in their balance sheets as work in progress. The purpose of the Amendments is to confine the requirement to show freehold land separately from leasehold land to land held as a fixed asset. A previous attempt at this improvement was accepted by hon. Members opposite, and I am sure this one will be, too.

Amendment agreed to.

Mr. Darling

I beg to move, Amendment No. 287, in page 96, line 6, Schedule 1, after 'of' to insert provision for'.

Perhaps we could take at the same time Amendments 288, 289, 293, 294 and 295. These are drafting Amendments. The expression charged to revenue by way of provision for depreciation is already used in paragraph 12(1,a) of the Eighth Schedule which is one of the major provisions of the 1948 Act, and I am sure we should go on being consistent here.

Amendment agreed to.

Further Amendments made: No. 288, in page 96, line 7, after 'charged", insert 'by way of provision'.

No. 289, in page 96, line 9, after 'revenue', insert 'by way of provision'.

No. 290, in page 96, line 26, leave out 'the following sub-paragraphs' and insert 'sub-paragraphs (2) to (4) below'.

No. 291, in page 96, line 35, at end insert: (5) A company shall not be subject to the requirements of this paragraph if it is neither a holding company nor a subsidiary of another body corporate and the turnover which, apart from this sub-paragraph, would be required to be stated does not exceed £50,000'. —[Mr. Darling.]