I wonder would the Minister say what is the force of this section and what it refers to? It is not quite clear to me at any rate.
Finance (Increase of Income Tax) Bill, 1931—Committee Stage.
Sections 1, 2 and 3 agreed to.
Question proposed: "That Section 4 stand part of the Bill."
It provides for the deduction of tax at the old rate and arrears. We allow a period of ten days in certain cases because provision may be already made for the deduction and it would cause delay. The amount may be adjusted as far as possible out of subsequent payments due. Of course in so far as it cannot be made out of subsequent payments owing to a change of ownership of shares, it will have to be met by direct assessment.
Has its reference to such deductions as arise from the payment of insurance premiums or a change in the rate allowed on them or has it reference to a change of investments only?
It has reference to investments only. If there has been a change in the ownership of investments payment cannot be made by a deduction from an individual. It will have to be claimed from him by direct assessment.
Sections 4, 5, 6, 7, 8 and the Title agreed to.
Bill ordered to be reported without amendment.
If there is no objection, I suggest that the Report Stage be taken now.
Agreed.