Clause 32. — (Exemption for Charities and Other Miscellaneous Exemptions.)

Part of Orders of the Day — FINANCE (No. 2) BILL – in the House of Commons at 12:00 am on 31st May 1965.

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Photo of Mr Harold Lever Mr Harold Lever , Manchester Cheetham 12:00 am, 31st May 1965

The right hon. Gentleman is wrong. The investment trust was liable to pay Profits Tax just as any other company was—no more, and no less. When it invested in gilt-edged securities and got an income from them, the trust would pay Profits Tax on that income just as any other company would, and if a charity held shares in that investment trust it could not get that tax back. We had no appealing whines from the other side on behalf of charities, we were not told that we were demolishing all investment funds and restricting rights, when the other side was in power. Why did they not press these pleas when there was a Conservative Government in power, and not start making them in the middle of a financial crisis, as we now are in? It would have been one small redeeming feature in the 13 wasted years if the right hon. Gentleman could have said that he had done this.