Clause 20. — (Definition of Overseas Trade Corporation.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 26 June 1957.

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Photo of Mr Charles Hale Mr Charles Hale , Oldham West 12:00, 26 June 1957

I should think it was an axiom accepted on both sides of the Committee that, in considering any Clause in a Finance Bill, we have to satisfy ourselves primarily on three or four things.

The first is that we know what it means. The second is that it is a desirable thing to do. The third is whether or not we can afford it and the fourth is whether, in the form in which it is presented to the Committee, it is capable of considerable evasion, avoidance, subterfuge or fraud.

As far as what the Clause means is concerned, we have had a discussion this afternoon, in the course of which I asked a fairly simple question. I was not surprised that the Chancellor did not know the answer but I thought that he would have obtained the information. I asked for specific details of a company whose activity was confined to the buying and selling of property and the drawing of rents from Brazil, and the distribution of dividends here, and which operated through a subsidiary company in South America. The right hon. and learned Member for Kensington, South (Sir P. Spens) interrupted to say that the Clause would not apply to that company at all.