§ Mr. Garro Jonesasked the Chancellor of the Exchequer whether he is aware that loss falls upon the Revenue owing to certain bona fide misconceptions as to the duty to return certain sources of income, in particular where the income arises from an isolated transaction in food, commodities, &c.; and whether he will use the radio or the Press to make known the law in cases where he has any reason to think that the Revenue suffers from failure to return income?
§ Sir K. WoodI am obliged to my hon. Friend for his suggestion. In general, I may say that I am advised that the position is that the profits of trading transactions are liable to tax, even though the trading transaction may be an isolated one and the Revenue authorities would regard as liable to tax any profits arising from the purchase and sale of commodities even though the purchase and sale constituted an isolated transaction.