Clause 1. — ;(Charge of Income Tax for 1955–56 and Surtax Rates for 1954–55.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 27th April 1955.

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Photo of Mr Samuel Silverman Mr Samuel Silverman , Nelson and Colne 12:00 am, 27th April 1955

I realise what the limitations are, Sir Austin, and I hope not to exceed them. I am only illustrating my argument that it would have been more beneficial—economically and industrially beneficial—to have done that than to have done what the right hon. Gentleman has done. I am not talking about the merits of the particular proposal in any detail.

The Chancellor gave a reason for not doing more. He said that if he had relieved it altogether, he could not have refrained from taking the tax off the finished article as well; that is to say, clothing, and that that would have cost him£42 million and that he could not afford it. But he could easily have afforded the£42 million if he had not preferred to give his remission in this wholly inequitable way. There has always been a dispute as to whether the Purchase Tax is inflationary or deflationary.