Schedule 25 - Capital gains tax: taper relief: business assets
Finance Bill
10:00 am
Mr Howard Flight (Arundel and South Downs, Conservative)
I beg to move amendment No. 42, in page 217, leave out lines 11 to 14 and insert
`the trustees of the settlement'.
This is a simple drafting amendment. As drafted, the words are redundant. Having both sub-paragraph (2)(i) and (ii) is unnecessary. The words:
``(ii) any one or more of the persons who at that time were the trustees of the settlement''
must surely automatically include all the trustees. Therefore, all that needs to be retained is sub-paragraph (2)(i) since for capital gains tax purposes trustees are a single body, and if one trustee is a member of a partnership, so are all trustees.
I should be grateful for an opportunity to comment on other aspects of schedule 25 in a brief stand part debate.