Clause 19. — (Capital Gains Tax.)

Part of Orders of the Day — FINANCE (No. 2) BILL – in the House of Commons at 12:00 am on 25 May 1965.

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Photo of Mr David Renton Mr David Renton , Huntingdonshire 12:00, 25 May 1965

In the example I gave, the gains are not in fact realised at all. The assets merely pass from one member of the family to another—from husband to widow or from father to son—and the business is continuing. The assets are not realised in any actual sense at all, and the use of the word "realised" in this context is so artificial as to be misleading.