Oral Answers to Questions — Income Tax (Foreign Investments).

– in the House of Commons on 19th February 1931.

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Photo of Mr Cooper Rawson Mr Cooper Rawson , Brighton

70.

asked the Chancellor of the Exchequer if, in order to improve the demand for home industrials and consequently benefit unemployment by transverting British capital invested in foreign stocks to home industrials, he will consider the imposition of a higher rate of tax on all incomes derived from foreign investments and a reduction of tax in respect of incomes derived from investments in Great Britain, the Dominions and Colonies, and from investments in businesses established in foreign countries where 50 per cent. or more of their working expenses represent British labour and materials?

Photo of Mr Philip Snowden Mr Philip Snowden , Colne Valley

I doubt if the hon. Member's suggestion is practicable, but in any case I could not anticipate the Budget statement.

Photo of Mr Cooper Rawson Mr Cooper Rawson , Brighton

Does not the right lion. Gentleman appreciate that I am not asking him to anticipate his Budget statement, but to consider this proposal, which is, apparently, a new one?

Photo of Mr Philip Snowden Mr Philip Snowden , Colne Valley

I do not think it is a new one. Of course, I am always prepared to consider any proposal that is submitted to me.

Photo of Mr Anthony Eden Mr Anthony Eden , Warwick and Leamington

Are not investors in foreign industrials exempt from Stamp Duty in this country?