Clause 33. — (Increase of Investmeni Allowances.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 21st May 1963.

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Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester 12:00 am, 21st May 1963

We are all most grateful to the Economic Secretary for referring to that point. It has helped to clear up the difficulty, but has not cleared it up completely. As the hon. Gentleman is probably aware, there are some items of investment that are contracted for, shall we say, in two instalments at two different dates. The actual contract might be signed. It might be a piece of investment that has to be taken as a whole in the interests of the industry or business itself but, quite conceivably, the first part is contracted for at a given date, which might be before the relevant date, and the later part contracted for afterwards.

Suppose one has that situation, and the payment is made. It would be interesting to know how the Revenue will treat it. I know that this is a slightly technical point but the hon. Gentleman was good enough to refer to an associated matter, and the more one can clear up these things at the start the more helpful it is for all of us.