Clause 1 - Meaning of ``residential property'' and other expressions
Homes Bill
6:00 pm
Mr Tim Loughton (East Worthing and Shoreham, Conservative)
I shall try one last time. It might be useful for the Minister to come back to the subject later, as the occurrence that I describe is not rare. The two ends of the transaction are that a mother and a father are, say, handing on property assets to a son or daughter. There is a clear family connection. The only people involved in that equation are mother, father, son and daughter. The transaction could be carried out through the conduit of a trust for tax reasons or perhaps because the children have not reached maturity. In the spirit of the terms that the Minister sets down, the transaction is surely a family one, yet he is clearly saying—and I think that he is wrong in his definition of the agency role—that it would not count as a family transaction. Will he return to us with a more considered reply?