§ Mr. Thorneasked the Chancellor of the Exchequer whether he is aware that a ship which was bought last December for £ 15,000 changed hands a week ago at £ 33,000; and will he secure that the owner of the ship pays profit tax?
§ Captain Crookshank:I can express no opinion on the particular case which the hon. Member has in mind. I can only say that a gain of the kind to which he refers may be a revenue profit or a capital profit according to the circumstances of the particular case. In the former event it would be liable to Income Tax and, under the proposals of the present Finance Bill, would be within the application of the Excess Profits Tax, as it is provided that profits shall be computed for Excess Profits Tax purposes in accordance with Income Tax principles.