Gifts for Purposes of Educational Establishments

Part of National Finance – in the House of Commons at 10:17 pm on 4th June 1991.

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Photo of Alan Beith Alan Beith Shadow Spokesperson (Treasury) 10:17 pm, 4th June 1991

It might help the House if we could encourage the Financial Secretary to the Treasury, who has dragged himself away from the Finance Bill Committee, to tell us what he intends to proceed with in relation to insurance companies and building societies as the reason for tabling ways and means motion No. 4. His explanation so far has been brief to the point of absence, and I hope to encourage him to tell us what he proposes.

In the Finance Bill Committee, we are already dealing with proposals in relation to building societies which are a constitutional and taxation outrage. It would be advantageous to know whether the Financial Secretary has anything similar in mind for insurance companies and friendly societies. In the case of building societies, the Government intend to secure, by retrospective legislation, a piece of blatant double taxation. If that is what they have in mind for other bodies also, we should know about it at this stage. I hope that the Minister will tell us what the ways and means motion is for.