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Cotton Amalgamations

Volume 436: debated on Tuesday 15 April 1947

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I have two further quite small reliefs to announce. In order to assist Approved Amalgamations in Cotton Spinning, to which my right hon. and learned Friend the President of the Board of Trade attaches great importance, I propose to reduce to half the standard rate the Income Tax charged when, as a result of such amalgamations, machinery or plant is sold for more than its written-down value. My right hon. and learned Friend hopes that these amalgamations will be substantially complete in three years, and I estimate the cost of this concession over this period to be £2,500,000. None of it will accrue this year. It will, I hope, help to get the cotton industry on its feet.