Clause 19. — (Capital Gains Tax.)

Part of Orders of the Day — FINANCE (No. 2) BILL – in the House of Commons at 12:00 am on 25 May 1965.

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Photo of Mr Patrick Duffy Mr Patrick Duffy , Colne Valley 12:00, 25 May 1965

I wish first to take a point made by the hon. Member for Caithness and Sutherland (Mr. George Y. Mackie) and which has been repeated by following speakers, notably the hon. Member for Barry (Mr. Gower). They expressed concern for the small businessman who has built up his business as a result of many years of toil and who is now concerned about a possible penal rate of taxation on his labours. I think that I can fairly say that there is no one on these benches who does not share that concern. However, I say with all respect to those hon. Members that this is not the way to go about the matter. If they were concerned for the small businessman, they might have framed an Amendment to distinguish between earned capital gain and unearned capital gain. We cannot alleviate the anxiety of small businessmen by a blanket Amendment of this kind.