Skip to main content

Company Reconstructions

Volume 526: debated on Tuesday 6 April 1954

The text on this page has been created from Hansard archive content, it may contain typographical errors.

In the field of Inland Revenue there are some details to which I wish to refer. I propose, first, to counter a device whereby company reconstruction has been used to obtain taxation advantages. The essence of the proposal is that, as from today, the provisions of the Income Tax Acts relating to the cessation of one trade and the setting up and commencement of another shall not apply in cases "where three-quarters or more of the interest in the trade belonged to the same persons before and after the change.