Results 341–360 of 4683 for speaker:Mr Jack Diamond

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

Mr Jack Diamond: The hon. Gentleman has confirmed what I was saying. He talked about two or three years.

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

Mr Jack Diamond: We are drawing the distinction because interest payable on an overdraft ranks for relief in the normal case until 30th June this year. Interest on a fixed loan ranks for relief until 1975. The second is a long-term commitment and the first is not. In the second case it is right to give the person concerned a longer time to adjust his affairs. If the right hon. Gentleman wants to persuade me...

Clause 5: Special Provisions for Certain Close Companies (16 Jul 1969)

Mr Jack Diamond: I beg to move Amendment No. 47, in page 25, line 1, at beginning insert 'Subsection (1) of'.

Clause 5: Special Provisions for Certain Close Companies (16 Jul 1969)

Mr Jack Diamond: This Amendment excludes the parent companies of property holding groups from the scope of the Clause. This was an undertaking given in Committee and I hope that the proposals meet with the wishes of the Committee. Clause 21 provides, in the circumstances about which we know, that interest paid by companies has to be apportioned to shareholders and charged to surtax so as to prevent the...

Clause 5: Special Provisions for Certain Close Companies (16 Jul 1969)

Mr Jack Diamond: I gather—but I should not like to stake my life, on it—what is being put to me. I gather that we are in broad agreement about our proposal, but that there is difficulty in feeling certain that the character of the dividends coming up from the subsidiary companies can be defined. The hon. Gentleman the Member for Crosby (Mr. Graham Page) is anxious about the phrase "substantially the ...

Clause 5: Special Provisions for Certain Close Companies (16 Jul 1969)

Mr Jack Diamond: I do not think that 99 per cent. is a very bad figure here. It would qualify as being substantially the whole. I think that we are in broad agreement. I have taken the point. I understand what the hon. and learned Member for Northwich (Sir J. Foster) suggests. I think that the sensible thing to do in the circumstances would be for him to be good enough to allow me to read very carefully what...

Clause 5: Special Provisions for Certain Close Companies (16 Jul 1969)

Mr Jack Diamond: I was not necessarily leaning towards an extrastatutory concession: it would be wrong for the hon. and learned Gentleman to read that into my remarks. I was saying that I hoped that he would allow me to read very carefully what he had said, in order to make sure that I was fully seized of the points he had made.

Clause 5: Special Provisions for Certain Close Companies (16 Jul 1969)

Mr Jack Diamond: I can help the hon. Member for Crosby (Mr. Graham Page) by saying that in general terms—I would not be too specific about it—Amendment No. 243 is unnecessary. What the hon. Gentleman was asking was whether the six-year period applies to the Clause. The answer is that it does by virtue of Amendment No. 219, to which the House has just agreed. That covers the essential point which was in...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: I beg to move, That the Clause be read a Second time. We now come to the Report stage of the Bill, and start with one of the areas where there was considerable discussion in Committee. Perhaps it would be appropriate if I dealt very shortly with the general background, Mr. Speaker, as you have been good enough to suggest that a number of Clauses and Amendments should be discussed together....

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: No, I have not calculated what it would cost, because it is a principle which I would not be willing to face. If it is not a 5 per cent. interest, it is not a working proprietor's stake. If it was something less than 5 per cent. it would be almost indistinguishable from an ordinary portfolio investment. It is a principle which I would not recommend to the House and which I would not be...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: Of course it might be, and when it comes to the end of it and succeeds in being a proprietorial interest the man would qualify and the loan would qualify. I hope that I am explaining the various stages in the argument by which we arrived at the conclusion that it would be right to make the very considerable concessions being proposed, which my right hon. Friend thought should be proposed...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: I am not sure that I have taken the right hon. Gentleman's point. He may be referring to the distinction between holding an asset which is property and holding an asset which is not property. He may be making a different distinction. As to the first distinction, he knows that we have, as a matter of deliberate policy, agreed that money borrowed to invest in land or to improve land shall be...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: I am willing to give way as much as the House wishes, but it might be more convenient to hon. Members if I went through the Amendments and then listened with great care, as I always do, to the points which are made and perhaps reply to the debate later.

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: If he ceases to be a borrower in a close corporation he will presumably sell his shares or exchange them for other shares in a public corporation. [Interruption.] The hon. Member for Cirencester and Tewkesbury (Mr. Ridley) was contemplating a change from a close corporation to a public open corporation. If he was not—and some hon. Members think that he was not—it illustrates the point I...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: I am referring to new Clauses 33 and 25. I apologise. I think that it would be more convenient if we discussed Amendment No. 37 at a later stage. I do not know whether the hon. Member for Crosby (Mr. Graham Page) wishes to discuss Amendment (j) now. I understand that this is a consequential Amendment which refers to an Amendment which he has put down on Clause 21. If he wishes me to speak on...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: I will give way shortly. What we are concerned with is the phrase "substantially the whole". That is not defined, and that is what the hon. Gentleman is carrying back into Amendment (j). It is not defined, but it would certainly be more than the figure of 60 per cent. which the hon. Gentleman is proposing, and I cannot, therefore, recommend the Amendment to the House. I have no doubt that the...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: I do not want to resort to the comment that I can only offer an explanation; I cannot carry the matter further than the explanation. I am sorry if the hon. Gentleman finds it difficult to follow. The hon. Member for Crosby has put down an Amendment to Clause 21 and consequential to that main Amendment, has put down a minor Amendment on new Clause 33. As I am asked to discuss all the...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: I should like to ask the right hon. Gentleman when I said that one category was meritorious and one was not.

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: My right hon. Friend was sitting here for about an hour and has had to go off to a Cabinet Committee—[An HON. MEMBER: "Very good of him to be here."] I am not concerned with whether it was very good of him or with the pomposity of the hon. Member's comments. I am concerned with the accuracy or inaccuracy of the comments of the right hon. Member for Taunton (Mr. du Cann). Perhaps he would...

Orders of the Day — Finance Bill: Loan Applied in Acquiring Interest in Close Company (15 Jul 1969)

Mr Jack Diamond: When the right hon. Gentleman the Member for Enfield, West (Mr. Iain Macleod) spoke on the Clause, he was good enough, in his usual gracious manner, to express appreciation for the way in which in Committee we had listened to the arguments put forward from both sides and had attempted to meet them, as far as we could, within the philosophy of the new scheme. He said that he thought it was...


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