§ Sir JOHN HARMOOD-BANNERasked the Chancellor of the Exchequer whether, in view of the construction placed by the Inland Revenue Department upon Section 24, Sub-section (3), of the Finance Act, 1907, by which construction the benefits intended to be conveyed by that Section are practically nullified, he will give 935W instructions that in all cases, wherever the trader's name, whether a sole proprietor, firm, or incorporated company, ceases to exist in connection with a particular business, then such sole proprietor, firm, or company shall be entitled to the benefit of that Section?
§ Mr. LLOYD GEORGEThe Section in question was designed to meet the case where the profits of a business have fallen below the assessments, and owing to its cessation do not come into the average for subsequent years. Numerous and large repayments have been made under the Section and the interpretation placed upon it by the General Commissioners of Taxes appears to be in accord with its plain meaning. The hardship which would exist but for this Section does not occur where the business continues after a change of title, and I see no reason for extending the operation of the Section.