Schedule 4. — (Amendments of Corporation Tax Acts.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 21 June 1966.

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Photo of Mr Norman St John-Stevas Mr Norman St John-Stevas , Chelmsford 12:00, 21 June 1966

I agree with the hon. Member for Heywood and Royton that the Chief Secretary seems to be obsessed with the question of tax avoidance. This has communicated itself to his colleagues, or perhaps they had this obsession already. After all, the Chief Secretary himself is an accountant and the Chancellor of the Exchequer made his career in the Inland Revenue. This has proved a particularly lethal combination, because again and again one gets this totally negative attitude to fiscal policy.

They do not seem to care if 99 just people are penalised, provided that one sinner is brought to suffer condign punishment. Nowhere is this better illustrated than in the treatment, or ill-treatment, of family companies. Instead of their being encouraged in the invaluable work which they are doing, every obstacle is set in their path.

The present law as it affects interest rates constitutes a very serious clog on the development and work of family companies. The Amendment would remove that artificial obstacle and in my view it therefore deserves the support of the Committee.