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 Niall MacDermot Mr Niall MacDermot , Derby North 12:00, 25 May 1965

I am referring to spending power as between different sectins of the community, judged in terms of money. If people increase their money incomes, whether they do so in the form of wages or capital gains, they have an increase in spending power. That is the basis of their taxable capacity. It is not right that one group of people should be able to increase their spending power and go free of tax, and that principle is accepted now by hon. and right hon. Gentlemen opposite—