§ Mr. Bullardasked the Chancellor of the Exchequer whether the extra-statutory concession relating to certain partnership changes set out on page 95 of the Report of the Commissioners of Inland Revenue for the year ended 31st March, 1950, Command Paper No. 8103, is still operative.
§ Mr. R. A. ButlerUnder provisions enacted in last year's Finance Act (Section 19, Finance Act. 1953), the Income Tax cessation and commencement provisions now apply on a change in the constitution of a partnership unless all the partners claim continuation treatment. In these circumstances, there is not in my view any sufficient ground for continuing the operation of this concession, and it will not be applied where successive changes of partnership occur in future. The concession will, however, be made where appropriate in relation to cases where the first change has already taken place.