Vol. 260 No. 4
I move:
That, with effect as on and from the 19th day of April, 1972, section 52 (3) of the Finance Act, 1920, be amended by the deletion, in the definition of "company" contained in the said section 52 (3), of "nor any corporate body which by its constitution is precluded from distributing any profits amongst its members".
Can the Minister give any indication of the amount of money involved? Is there any estimate?
I cannot offhand. As I think I indicated, there is a particular case but, clearly, in these matters where a loophole like this is allowed to continue it is used by very many more people and it is difficult to say what the cost to the Exchequer would be if we did not close the loophole.
So, far has only one particular case arisen?
I understand that there was one particular case. It was £300,000 to £400,000.
