Schedule 27 - Life polices, life annuities and capital redemption policies
Finance Bill
Public Bill Committees, 8 May 2001, 11:00 am
Mr John Burnett (Torridge & West Devon, Liberal Democrat)
It will, Dr. Clark, but the Committee will be relieved to hear that it will be a fairly short one.
I hope that I can remember my co-ownership rules from years past. If I remember correctly, in terms of legal ownership—equitable or beneficial ownership, as mentioned in the clause—only joint tenants or tenants in common are relevant. It is plainly defective not to allow for that, so I join my hon. Friend—as he kindly called me—the Member for Arundel and South Downs in supporting this important amendment. Without it, there will be confusion and unfairness when the transferee holds as a tenant in common.
Question put, That the amendment be made:—
The Committee divided: Ayes 5, Noes 12.