Schedule 15 - Charge to income tax on benefits received by former owner of property
Finance Bill
6:45 pm
Mr Howard Flight (Shadow Chief Secretary To the Treasury, Economic Affairs; Arundel and South Downs, Conservative)
I am glad to have the Paymaster General's confirmation that she will look forward to hearing the results of further discussions. With respect, the way in which she has set her argument is entirely unfair and unreasonable. The issue is quite simple. There are historic homes with valuable chattels that the nation wishes to see preserved and held together. People have used different routes to achieve that. With clear, conditional exemptions, much can be and has been resolved. The houses are open, and all the rest of it. Some have used a mix of one thing or the other—some have bought back chattels that were not conditionally exempt, and some have used the planning arrangements—and all have been perfectly lawful ways of achieving the same end.
I am sure that the Paymaster General would agree that the end is perfectly worthy and in the national interest. If people have got the structures wrong and, for whatever reason, cannot easily get out of one and into another, it is unreasonable for them to face resultant tax charges that would not otherwise apply or for them to be led to say, ''Damn it! We're going to sell the assets and go somewhere else.'' The basic motive is to keep the houses as assets, but have them available to the public. The deal that goes with that is no inheritance tax charge. Sorting out the different ways of organising things is a worthy objective.
The intention behind the amendment is not to avoid inheritance tax but to get things right for our heritage. If there are things to be sorted, I am sure that the Minister would agree that the proposal, which I believe represents the view of the country at large, would be a sensible way to go. However, I beg to ask leave to withdraw the amendment.
Amendment, by leave, withdrawn.
Further consideration adjourned.—[Jim Fitzpatrick.]
Adjourned accordingly at nine minutes to Seven o'clock till Thursday 20 May at half-past Nine o'clock.