Former MP for Nottingham Central
I cannot add anything further to what I indicated to the hon. Gentleman on 2nd April, 1940, except to say that it is not proposed to open any new Public Trustee offices in the provinces, and that it is not considered practically possible to extend the area of compulsory registration at the present time.
My hon. and gallant Friend may have noticed with satisfaction that the First Reading of a Bill to deal with the matter was taken in another place yesterday.
That depends on public business for which I am not responsible, but, so far as we are concerned, we shall put no obstacle in the way.
This particular Resolution must gladden the heart of the right hon. Gentleman the Member for East Edinburg (Mr. Pethick-Lawrence), because I seem to recollect that a good many times in preceding years he has advocated this change in the law. It arises in this way, as the hon. Member for Chesterfield (Mr. Benson) pointed out. Incomes derived by persons resident here from foreign possessions...
I cannot agree that it is entirely met, but it will be met in future to a greater extent in the case of businesses abroad. Question, "That this House doth agree with the Committee in the said Resolution," put, and agreed to. Seventeenth Resolution read a Second time. Motion made, and Question proposed, "That this House doth agree with the Committee in the said Resolution."
I am not surprised that the hon. Member has not entirely understood what this Resolution does. It deals with a mistake, a flaw which exists on account of the wording of Section 11 of the Finance Act of last September. The House may not remember what Section 11 of that Act was designed to do, and I shall proceed to tell them, in order to make clear what is the mistake which we are trying to...
It may be convenient—especially as I notice certain anticipatory movements on the benches opposite—to say a few words at this stage about this formidable Resolution and what it is devised to do. It is devised to check certain forms of avoidance of Estate Duty. Paragraph (a) deals with cases where an interest in property is limited to cease on death. In such cases, where that interest has...
This also deals with preventing the avoidance of duty by transfers, and I gather that a little explanation would be welcome. The evil aimed at is the avoidance of duty by a person about to die transferring to a company property of which he is competent to dispose; and the valuation of shares in a private company passing on the death of a deceased owner. These matters have been dealt with by...
