Clause 14. — (Computation of profits under Case III of Schedule D.)

Orders of the Day — Finance Bill. – in the House of Commons on 13th July 1922.

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The following Rule shall be substituted for Rule 2 of the Rules applicable to Case III of Schedule D:—

Provided that— (ii) where the profits or income first arose on the sixth day of April in the year preceding the year of assessment, or on some day in the year next before the year preceding the year of assessment other than the sixth day of April, the person charged shall be entitled, on giving notice in writing to the surveyor of taxes at any time within twelve months after the end of the year of assessment, to be charged on the amount of the profits or income of that year, and if the tax charged has been paid, any amount overpaid shall be repaid.

The following Amendment stood on the Order Paper in the name of

Photo of Mr Godfrey Locker-Lampson Mr Godfrey Locker-Lampson , Wood Green

After paragraph (ii), insert a new paragraph: (iii) Where in any year of assessment any income or profits in respect of which a person has been charged or is chargeable under Case III of Schedule D finally cease to arise to that person he shall, if he so elect, be charged for that year on the amount of the profits or income of that year, and if the tax charged has been paid any amount overpaid shall be repaid.

Photo of Mr John Whitley Mr John Whitley , Halifax

I wish to ask the hon. Member for Wood Green (Mr. G. Locker-Lampson) a question with regard to this Amendment. It appears to me to have been covered by a decision taken by the House yesterday. It is not identical, but the decision of the House covered the question of giving a person the option of assessment in one year or the other.

Photo of Mr Godfrey Locker-Lampson Mr Godfrey Locker-Lampson , Wood Green

I think my Amendment was covered, and I do not move it.