Schedule 15 - Charge to income tax on benefits received by former owner of property
Finance Bill
4:00 pm
Ms Dawn Primarolo (Paymaster General, HM Treasury; Bristol South, Labour)
We will debate that under another group of amendments. Government amendment No. 137 specifically deals with that issue and takes care of the point that the hon. Member for Arundel and South Downs made about a father giving money to a son, with various transactions occurring after that.
In conclusion, Government amendment No. 137 means that if the gift was made more than seven years ago, it will not be chargeable. The amendment is designed to ensure the position referred to by the hon. Gentleman when he made the point about how far
back the record keeping must go, and it is reasonable for the Government to hold that position. The provision is not retrospective. It is about a future tax liability arising from the arrangements made by the taxpayer for their assets while they continue to enjoy them.