§ Sir HERBERT NIELDasked the Chancellor of the Exchequer whether any and what Regulations have been made by the 600W Treasury under Section 40, Sub-section (3), of the Finance (No. 2) Act, 1915, which was expressly passed to enable the Board of Inland Revenue to deal with cases of hardship on an equitable basis which were not specifically provided for; and will he give directions which will ensure this provision of the Act being administered?
Mr. CHAMBERLAINThe following, Regulation has been made under Section 40 (3) of the Finance (No. 2) Act, 1915
The Commissioners of Inland Revenue shall, in addition to the powers conferred upon them by Section 40 (3) of the Finance (No. 2) Act, 1915, have power in any case to allow modification of the provisions of the 4th Schedule to the above-named Act owing to depreciation through effluxion of time of any capital which is employed in the trade or business and which is expended upon and consists of patent rights, be far as such depreciation is not offset by goodwill arising from the user of, or interest in, such rights. This Regulation shall have effect as from the commencement of the above-named Act.Applications for a Regulation are carefully considered on their merits; and I would remind my hon. and learned Friend that a Regulation has been promised in connection both with the loss on realisation of stocks and in certain conditions with the loss of goodwill in the case of controlled establishments. With the exceptions referred to above, the circumstances put forward in connection with the applications which have hitherto been made have not been such as to justify the making of a Regulation.