Results 321–340 of 4683 for speaker:Mr Jack Diamond

Orders of the Day — Finance Bill: Capital Gains (17 Jul 1969)

Mr Jack Diamond: The hon. Gentleman is not altering the case which he originally made. He is saying that where a transferee company makes its disposal the hold-over of the tax should still continue either for a short or a long time until the effective realisation to which he refers has taken place. The relevant happening is the disposal by the transferee company of the asset, and, once that happens, the link...

Orders of the Day — Double Taxation Orders (17 Jul 1969)

Mr Jack Diamond: I beg to move, That an humble Address be presented to Her Majesty, praying that on the ratification by the Government of the Italian Republic of the Protocol set out in the Schedule to the Order entitled the Double Taxation Relief (Taxes on Income) (Italy) Order 1969, a draft of which was laid before this House on 24th June, an Order may be made in the form of that draft.

Orders of the Day — Double Taxation Orders (17 Jul 1969)

Mr Jack Diamond: I am sure that that course would meet the convenience of the House, Mr. Deputy Speaker. I hope, too, that it will be convenient to it if I speak to the Orders in place of my right hon. Friend the Financial Secretary to the Treasury, who is the expert in these matters but who, I think, would be better occupied in bed rather than staying here at a late hour in view of certain circumstances....

Orders of the Day — Double Taxation Orders (17 Jul 1969)

Mr Jack Diamond: I am grateful to the hon. Member for Wanstead and Woodford (Mr. Patrick Jenkin) for his courtesy in giving me notice of the questions he intended to raise. He referred to Article 24 of the Austrian Agreement. He is, as usual, correct on his reading of the document. The explanation is that during the course of the negotiations it emerged that it would be right not to provide for any...

Clause 5: Alterations of Personal Reliefs (16 Jul 1969)

Mr Jack Diamond: I hope that I can meet the arguments and cases described, but I must make it clear that I cannot accept the Amendment. Hon. Members have had in mind the case of the young child. When the housekeeper allowance was first devised—and the recent court case has merely removed doubt and reaffirmed the practice which has obtained throughout—what was envisaged was someone taking the place of a...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: Both the hon. Member for Crosby (Mr. Graham Page) and the hon. Member for the Cities of London and Westminster (Mr. John Smith) have contemplated in their speeches borrow- ing on a mortgage to acquire property, and in these circumstances, of course, it would be not only rare but would not be the case that the amount of the loan would be greater than the total purchase price, because normally...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: I invite the House to be good enough to consider the present situation with regard to the law affecting landowners and farmers. I answer immediately the question put to me by the right hon. Member for Taunton (Mr. du Cann) by saying that the answer is that farming is always a business. There is no problem about that. There is a problem, however, in the existing law. I am not talking about...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: The Chief Secretary has not. I have never said that improvement of land is in all cases a business. I have said that we are making, as a deliberate decision of policy, as an exception, the acquisition and improvement of property. We are in a difficult situation, but obviously the situation is not difficult for those who run their estates as companies. The right hon. Member for Grantham (Mr....

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: Of course, I recognise that there is estate duty relief given for agricultural property which is not given for urban property. I am saying that for the purposes of interest one cannot distinguish between one and the other. If the hon. Member for the Cities of London and Westminster (Mr. John Smith) is asking me whether I can distinguish between Smith Street and 10 acres in the middle of...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: The more one listens to the hon. Member for Cities of London and Westminster (Mr. John Smith) the more one realises that however often he speaks one will never hear anything faintly comparable with dry rot. I should like to express our appreciation to both the hon. Member for Windsor (Sir C. Mott-Radclyffe) and my hon. Friend the Member for Barking (Mr. Driberg) for the work they do on the...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: Borrowing money for the purposes of a business is incurring a business expense. We are not concerned with that. I also confirm that whether it is a historic or non-historic house any loan incurred wholly or in part for the improvement of any property attracts tax relief on that part of the interest which represents the proportion of the loan attributable to the improvement.

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: It is because I could not be more specific that I had to leave myself to more general remarks. I listened carefully to the comments made by the two members of the Council and it seemed that what they described was work which was partly improvement, partly repair. To the extent that it is improvement the loan will rank for relief; to the extent that it is not it will not, and that is the...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: This Amendment raises a very similar point to those raised in Committee. The arguments were then fully deployed and the answer I gave then I am afraid I must give now. I cannot see that there is any difference in borrowing on an insurance policy and borrowing on any other kind of security such as stocks and shares. I cannot see why it should be thought that this should attract special...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: The hon. Gentleman wished us to have in mind that the money to which he was referring was being borrowed to be spent on agricultural and forestry property. The form of the Amendment is "on the security of" agricultural or forestry property. May I make the preliminary point that security is totally irrelevant to the purpose of the Clause? A loan can be secured in any way; what is of relevance...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: Dealing with Amendment No. 241, I repeat what I said in an earlier debate. We are not concerned with the security on which the loan is obtained. The borrowing may take place on the security of the house. But the hon. Gentleman described the loan as one for the purpose of "tiding over" the couple concerned. I understand what he means. But tiding a couple over is not one of the purposes for...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: The short answer is that I was asked to deal with the Amendment, and I have dealt with it.

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: I beg to move Amendment No. 216, in page 22, line 8, leave out subsection (4) and insert:

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: The main purpose of the Amendment is to provide that relief for interest on a loan by way of overdraft which has been used for improvements of land or buildings is not to qualify for relief where the interest becomes payable more than three years from the end of the tax year in which the money is spent. I repeat, I am referring to an overdraft. Improvements consisting of the construction of...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: The hon. Gentleman the Member for Windsor (Sir C. Mott-Radclyffe) referred to a person borrowing by overdraft and to entering into long-term commitments. I do not know quite what he meant, but presumably he was saying that borrowing by overdraft is long-term commitment. The distinction is that an overdraft is not and cannot be a long-term commitment. It is, by its nature, short term and is...

Clause 5: Loans for Purchase or Improvement of Land (16 Jul 1969)

Mr Jack Diamond: If the hon. Member will allow me, I will first respond to the debate. I was asked about Clause 19(4). That is now to be found in new Clause 29(3).


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