Clause 19. — (Interest Payable Abroad to Be Deductible in Computing Profits in Certain Cases.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 23 June 1949.

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Photo of Mr David Eccles Mr David Eccles , Chippenham 12:00, 23 June 1949

If I understand this aright, I am inclined to agree with what the Solicitor-General says about the difficulty of the Commissioners investigating the rate of interest, but surely all the person has to do is simply to find a third party—a bank, or his wife, or somebody else—and say, "Here is £5,000 which I am going to lend to the partnership. I am not allowed to lend it direct and get the allowance, so you take it and lend it for me." It seems too easy. Would it not be better to put the matter in the law?