§ Mr. Peter Reesasked the Chancellor of the Exchequer whether it is now the practice of the Inland Revenue to assess surpluses accruing to individuals on the realisation of commodities.
§ Mr. Denzil DaviesWhere transactions involving the purchase and sale of commodities amount to "an adventure in the nature of trade", the profits are assessable to income tax under Case I of Schedule D. Where, on the other hand, the transactions give rise to a surplus which is not of an income nature, the surplus is chargeable to capital gains tax.