Orders of the Day — FINANCE (No. 2) BILL

Part of the debate – in the House of Commons at 12:00 am on 10th May 1965.

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Photo of Mr Selwyn Lloyd Mr Selwyn Lloyd , Wirral 12:00 am, 10th May 1965

This is a very serious point. In India the rate of taxation is about 60 per cent. That leaves 40 per cent. Under the arrangements the right hon. Gentleman proposes, if shareholders in this country are to be given the same yield on their investment, the amount left for development in India will be reduced from 20 per cent. to, say, 6 per cent. If the right hon. Gentleman puts it the other way round, there will be a savage cut in income here. Which is the choice?