HC Deb 19 March 1975 vol 888 cc1790-1
Mr. Robert Sheldon

I beg to move Amendment No. 224, in page 19, line 8, leave out ' ending ' and insert ' beginning '.

Mr. Speaker

With this we can also discuss Government Amendments Nos. 225 and 226.

Mr. Sheldon

These amendments deal with the problems of apportionment which arise when accounting periods straddle the date 11th July 1974 and as a result the income for the whole accounting period falls within the ring fence. The criticism was made that this was unjustifiable, and it was suggested that the ring fence provisions should apply only to that portion of the accounting period which began on 12th July. We have sought to implement that suggestion in these amendments.

Mr. Patrick Jenkin

It would be churlish if we were to allow the amendment to pass without saying that it is very welcome. It deals with a point which we pressed quite hard in Committee. It ensures that the ring fence system will have no retrospective effect. and we warmly welcome it.

Amendment agreed to.

Amendments made: No. 225, in page 19, line 10, leave out ' ending ' and insert ' beginning '.

No. 226, in page 19, line 12, leave out ' ending' and insert: ' beginning ; and in the case of a chargeable period beginning on or before and ending after 11th July 1974—

  1. (a) subsection (1) above shall have effect as regards the part of the period falling after that date;
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  2. (b)subsections (2) and (5) above shall have effect as regards the giving of relief against income attributable to that part of the period ; and
  3. (c)subsection (3) above, with subsection (4), shall have effect as regards deduction from or set off against income so attributable;
and there shall be made all such apportionments as are necessary to give effect to paragraphs (a) to (c) above '—[Mr. Robert Sheldon.]

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