I move:
That for the purpose of any Act of the present session to charge and impose certain duties of customs and inland revenue (including excise) to amend the law relating to customs and inland revenue (including excise) and to make further provisions in connection with finance, it is expedient to authorise as follows:—
(a) to redeem borrowings, and interest thereon, in respect of capital services, there shall be charged annually on the Central Fund or the growing produce thereof a sum of £1,739,171 in the twenty-nine successive financial years and a sum of £1,819,988 in the thirty successive financial years commencing in each case with the financial year ending on the 31st day of March, 1967;
(b) there shall be made any repayments of estate duty which are provided for by any section of the said Act providing for amendment of section 29 of the Finance Act, 1965;
(c) there shall be made any repayments of income tax and corporation profits tax which are provided for by any section of the said Act providing for amendment of Part III of the Finance (Miscellaneous Provisions) Act, 1956.
Paragraph (a) of the Resolution is in the usual form, that is, a Money Resolution to redeem borrowings and interest thereon in respect of capital services. Paragraph (b) is necessary for the purpose of giving effect to the increased benefit that will be given to widows and dependants for the purpose of estate duty in the Finance Bill. As I announced in the Budget Statement, provision is being made for an increase in the amount of the estate which can claim relief and for an increase in the amount of the relief from estate duty given to a widow or other dependant. The section makes that relief retrospective to the introduction of the Budget last year. In order therefore to provide for payment in retrospect, it is necessary to have a Money Resolution passed. That is for payment of sums paid in discharge of death duty which under the present relief ought not to have been paid.
Paragraph (c) refers to the relief from tax on profits derived from export by companies who do not manufacture goods of their own but to whom goods are consigned by, say, a company in Germany, which are processed further here and reconsigned back. The profits made on the added value of those goods will now be liable to the export tax relief as in the case of goods manufactured by persons themselves and exported.