Clause 21. — (Disposal of Assets and Computation of Gains.)

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 Michael Alison Mr Michael Alison , Barkston Ash 12:00, 25 May 1965

This seems to me to be a crucial matter of principle. There is no difficulty in assessing the value of a racehorse on the date of acquisition and on the day of disposal. It is the nature of the way in which the enhancement of value occurs that is the point, namely the element of chance. There is just as much chance of gain by enhancement of value through the horse winning a race as there is the chance of winning £1,000 or more by backing the horse.