Limited Partners: Restriction of Reliefs

Part of Orders of the Day — Finance Bill – in the House of Commons at 9:30 pm on 10th July 1985.

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Photo of Mr Peter Rees Mr Peter Rees , Dover 9:30 pm, 10th July 1985

The purpose of the amendment is to allow the taxpayer to elect for the indexation of allowances to be based on the value of an asset at 31 March 1982 where the taxpayer making the disposal did not hold the asset at that time and each disposal of the asset since that time has been subject to a particular provision specifying that neither a gain nor a loss should arise. I am sure that the good sense of that will commend itself to the House and I hope that on that basis the House will accept the amendment.