Clause 13. — (Disposals of Land Effected Indirectly.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 2 July 1962.

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Photo of Mr James Callaghan Mr James Callaghan Shadow Chancellor of the Exchequer, Member, Labour Party National Executive Committee 12:00, 2 July 1962

I do not think so, either. I think that it is useful to probe one or two of these Amendments which seem incomprehensible to begin with. I take issue with the hon. Member about the specific legatee. Why should he not pay a speculative gains tax? He bears nothing at all. Perhaps in the case of the residuary legatee it is more arguable; I do not know. I think that I could sustain a case here that the residuary legatee has a liability to contribute to the public purse; but, so far as the specific legatee is concerned, it seems to me there is a clear case why he should bear his proportion of the duty. With respect to the Financial Secretary, lucid though he has been, I do not think that he has been convincing.