Clause 48. — (Interpretation of Part IV.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 10 December 1945.

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Photo of Mr George Hall Mr George Hall , Merthyr Tydfil Aberdare 12:00, 10 December 1945

I beg to move, in page 42, line 2, at end, insert: (4) Where any expenditure has been incurred on or after the first day of April, nineteen hundred and forty-five, in developing or re-equipping a trade or business, any sum used in or towards the recouping of that expenditure shall be deemed for the purposes for this Part of this Act to have been used in developing or re-equipping that trade or business and any undertakings given under this Part of this Act shall have effect accordingly. This Amendment has been put on the Order Paper by my right hon. Friend the Chancellor of the Exchequer to meet points which were raised when we were dealing with this part of the Bill in Committee. We have met hon. and right hon. Gentlemen opposite completely, except in so far as the date is concerned. The Amendment makes the date 1945 and I believe that the hon. Gentleman the Member for Stockport (Sir A. Gridley) is anxious to see the date put some years further back, namely, to 1941. We hope, however, he will not press his Amendment because it would be very difficult to go back to 1941 for a variety of reasons. It is true that the late Sir Kingsley Wood first mentioned this matter in 1941— which is the only reason I can assume for the year 1941 being pressed by the hon. Gentleman. The ex-Chancellor of the Exchequer referred to the matter again in April, 1945, and that appears to be the operative date from which this Amendment to the Clause should apply. I hope, therefore, as we have gone a long way towards meeting the hon. Gentleman, he will drop his Amendment to the proposed Amendment, and let us have ours, and call it a day.