Clause 81 - Life policies, life annuity contracts and capital redemption policies
Finance Bill
11:00 am
Miss Melanie Johnson (Economic Secretary, HM Treasury; Welwyn Hatfield, Labour)
There are no general rules that ease the impact of tax charges that may arise in consequence of a divorce, and it is doubtful whether such rules would command universal support. However, the measure will make the treatment of policy assignment, whether on divorce or otherwise, clearer. When joint property is being divided, the measure will make it easier for parties to attribute a correct, and therefore fair, value to the life policy. That is a matter for the arrangements between the parties concerned in individual situations; it is difficult for us to generalise. I shall write to the hon. Gentleman if he has further questions.
Question put and agreed to.
Clause 81 ordered to stand part of the Bill