Results 181–200 of 3400 for speaker:Mr Denzil Davies

Orders of the Day — FINANCE (No. 2) BILL: Travelling Expenses of Local Authority Employees Displaced by Local Government Reorganisation (16 Jul 1975)

Mr Denzil Davies: Those people are now receiving benefit which is often denied to other employees who suffer from acts over which they have no control. Those people receive a benefit. I find it extraordinary that we are now being asked to alter our taxation laws so that they receive an additional benefit. A case has not been made out for that additional benefit. I think that we would encounter other...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: We have had an interesting debate, although it has not really centred specifically on the new clause proposed by the hon. Member for Blaby (Mr. Lawson).

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: I have written my own brief. The new clause specifically deals with the indexation of capital gains. However, I thought that I detected less enthusiasm in the hon. Gentleman's speech than in previous speeches that he has made on the subject of indexation. I may be wrong, but I thought I detected a lack of enthusiasm. In other speeches, while points have been made about the problems created...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: I accept that there are separate arguments and problems. I am surprised that the Opposition Front Bench did not put down a new clause which did not go as far as indexation, but might have been said to try to deal with those problems. We have not had that kind of new clause. We have a new clause—

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: It is an excellent, well-drafted new clause. It sets out clearly the principle of indexation for the purposes of capital gains tax. That is the new clause to which we must speak. I confess that I am sceptical about the virtues of indexation in general. Indexation, if it ever came about, would merely in the end be a cosmetic exercise which would possibly appear to alleviate the symptoms of...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: I did not say that it had been suggested. The hon. Gentleman in a previous debate admitted that indexation was becoming fashionable and that for that reason even he had doubts about it. The danger is that if we go along this way, we may be sidetracked into believing that in some way or other we are solving problems of inflation when we are not.

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: The hon. Gentleman shakes his head, but I think that is the danger. The hon. Member for Cirencester and Tewkesbury (Mr. Ridley) made an extraordinary speech. First he said that he was not in favour of indexation. Indeed I should expect that from him, knowing his views generally on financial matters. I was then surprised to hear him say that he favoured the indexation of capital gains tax,...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: The Chancellor was responding to a suggestion that had been made to him. He did not say that he favoured indexation. The hon. Gentleman favours indexation of capital gains tax. However, I do not believe that he can stop there. Once we accept indexation of capital gains tax, I do not see how, in fairness or in justice, we can deny indexation of income tax which is paid by the majority of...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: I have given the hon. Gentleman the answer and I cannot honestly stand at this Dispatch Box and give him a precise figure. It would be meaningless to try to do so. I would expect the shortfall to be fairly substantial, but I cannot say any more than that because I cannot give a figure. Hon. Gentlemen have argued in the past that in some way or other, if we had indexation of capital gains...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: Perhaps I can come back to the point concerning capital gains tax a little later because, as the hon. Gentleman knows, we are having a review of capital gains tax, and I could not say anything specific in relation to that review. But we are looking at it, as the Chancellor of the Exchequer has said. Once we move into a general indexation of direct taxes, I do not believe that we can stop...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: The problem, quite clearly is inflation. I have not tried to conceal it. The reason for this clause having been put down is presumably inflation. My point is that in the way it is drawn, relying upon indexation, it will not solve the root cause of the problem, which is inflation. That is why the Government have introduced measures to bring down the rate of inflation. That is the problem at...

Orders of the Day — FINANCE (No. 2) BILL: Indexation of Capital Gains Tax (16 Jul 1975)

Mr Denzil Davies: Do the Opposition support the clause and the principle of indexing capital gains?

Orders of the Day — FINANCE (No. 2) BILL: Increase of Duties on Spirits, Beer, Wine, British Wine and Tobacco (16 Jul 1975)

Mr Denzil Davies: I assure hon. Members that the Government are fully apprised of the importance of the Scotch whisky industry to our export trade. The £300 million of which we have heard is of considerable importance. No Treasury Minister who from time to time wakes up in a cold sweat in the middle of the night worrying about the balance of payments will do anything that will jeopardise the balance of...

Orders of the Day — FINANCE (No. 2) BILL: Increase of Duties on Spirits, Beer, Wine, British Wine and Tobacco (16 Jul 1975)

Mr Denzil Davies: I will come to that point in a moment. I know the industry is very concerned about the possibility of deferment of duty. The problem here is not one of taxation, but of the credit mechanism in the industry. It takes some time for producers to get paid for their product and they have to pay duty much sooner than that. If we granted the deferment for which the industry is asking, it would mean...

Orders of the Day — FINANCE (No. 2) BILL: Increase of Duties on Spirits, Beer, Wine, British Wine and Tobacco (16 Jul 1975)

Mr Denzil Davies: We do take a long-term view, which is why we have taken measures to benefit Scotland's industry and economy. If the duty were indexed in line with the cost of living increases since 1970, it would have to be increased by 120p instead of 64p. The cost of living has gone up much faster than the duty on whisky. We are not putting on a full cost-of-living increase. We are concerned with...

Orders of the Day — FINANCE (No. 2) BILL: Increase of Duties on Spirits, Beer, Wine, British Wine and Tobacco (16 Jul 1975)

Mr Denzil Davies: Scotland, like Wales and parts of the North of England, has deep-seated industrial problems. It needs investment and modernisation in manufacturing industry. If we are to forgo this £45 million it will have to be raised from elsewhere, because the Government are putting money into Scottish industry. In this respect we are getting our priorities right. We are taxing the consumption of less...

Orders of the Day — FINANCE (No. 2) BILL: Gaming Licence Duty (16 Jul 1975)

Mr Denzil Davies: The hon. and learned Member for Thanet, West (Mr. Rees-Davies), as he intimated at the beginning of his remarks, has the advantage of me. The hon. and learned Gentleman has considerable knowledge and expertise in these matters. I, as a good Welsh methodist, have never been seen inside one of these establishments. I omitted to say when discussing the previous amendment that nor have I touched...

Orders of the Day — FINANCE (No. 2) BILL: Gaming Licence Duty (16 Jul 1975)

Mr Denzil Davies: On that basis it could be said that there would be a loss, but the figure to which I have referred has been put forward by a trade association and one assumes that it knows its business. Of course, anyone can be wrong on such a matter, but at the moment that is the figure and that is the prognostication. Amendment No. 3 reduces the charge of duty per table for any table after the eighth in a...

Orders of the Day — FINANCE (No. 2) BILL: Vat: Higher Rate (17 Jul 1975)

Mr Denzil Davies: The amendment seeks to add shackles and bottle screws to Item 5 in Group 1. That group of items deals with matters of general use such as nuts, bolts, nails and hinges. They were specifically excluded because they are recognised to be items in general use. The reason why I cannot accept the amendment—although I may be able to say something which will go part of the way to satisfy the hon....

Orders of the Day — FINANCE (No. 2) BILL: Vat: Higher Rate (17 Jul 1975)

Mr Denzil Davies: The logic is that those goods, such as nuts and bolts, are goods in general use. We cannot accept the amendment in respect of shackles and bottle screws because such items are not considered to fall within the category in Item 5.


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