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Stock Appreciation

Part of Orders of the Day — FINANCE (No. 2) BILL – in the House of Commons at 12:00 am on 16th July 1975.

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Photo of Mr Enoch Powell Mr Enoch Powell , South Down 12:00 am, 16th July 1975

Of course the same implication is present in principle in the concession itself, in the whole nature of the concession, because it is an acceptance that the monetary enhancement in valuation is fictitious and not real. That cannot be conceded generally and denied in a specific case.

Of course, the object of valuing stock at the beginning and the end of an accounting period is to ascertain whether real appreciation has taken place, whether that stock has become relatively more valuable during that period in comparison with everything else, and therefore, whether a real profit has been made, a real enhancement of wealth, by the owners of the stock. But that is the interpretation which is rejected by the régime which was introduced last year, and I believe it is the Chief Secretary who has not appreciated what is the necessity for some such declaration as is embodied in the new clause.