🗣️ Speeches and Debates

• Orders of the Day — Schedule 9: Stock Relief 15 Jul 1981

  The amendments meet the point which I raised. Amendment agreed to. Amendments made: No. 57, in page 162, line 27, leave out sub-paragraph (2) and insert— '(2) Each of the separate parts of the period shall (so far as length of the period permits) consist of twelve months, any remaining months being used to form the last part.'. No. 58, in page 162, line 30, leave out 'other than paragraph...

• Orders of the Day — Clause 41: Sums Paid to Settlor Otherwise than as Income 15 Jul 1981

  I beg to move amendment No. 59, in page 28, line 13, at end insert— '(c) in paragraph (b) for the words "the next following year" there shall be inserted the words "the next following eleven years.". Clause 41 amends section 451 of the Taxes Act, or is a rewrite of that magician's provision which converts capital payments into income in certain cases, provided that there is some income in...

• Orders of the Day — Clause 42: Sums Paid to Settlor Otherwise than as Income: Connected Companies 15 Jul 1981

  I beg to move amendment No. 71, in page 31, line 9, leave out from beginning to 'corporate' in line 10 and insert 'that body corporate has control of, or is controlled by, another body corporate or both are under the control of the same per son or persons within the meaning of section 534 below'.

• Orders of the Day — Clause 42: Sums Paid to Settlor Otherwise than as Income: Connected Companies 15 Jul 1981

  Amendment No. 71 is an amendment to clause 43, which makes an addition to section 451 to the Taxes Act, which will be known as section 451A. The effect of subsection (1) of the new section is that if the trustees of a settlement make a payment to a company connected with the settlement, and that company then pays the settlor, that payment is treated as a payment by the trustees direct to the...

• Orders of the Day — Clause 42: Sums Paid to Settlor Otherwise than as Income: Connected Companies 15 Jul 1981

  I am grateful to my hon. and learned Friend for going into these matters so carefully. I should like to leave these amendments as markers in looking at the developments of the amendments to section 451 which the Bill contains. I beg to ask leave to withdraw the amendment.

• Orders of the Day — Clause 44: Transfer of Assets Abroad: Liability of Non- Transferors 15 Jul 1981

  I beg to move amendment No. 221, in page 33, line 2, after 'year', insert 'nor by virtue of section 76 of this Act been treated as his chargeable gains'.

• Orders of the Day — Clause 44: Transfer of Assets Abroad: Liability of Non- Transferors 15 Jul 1981

  The position is that under the clause an individual who is ordinarily resident in the United Kingdom and who has no liability to tax under section 478 of the Taxes Act 1970, and who receives a capital benefit from a non-resident or non-domiciled person after 10 March 1981, will be assessed to schedule D, Case VI income tax on the amount or value of such benefit by reference to the relevant...

• Orders of the Day — Clause 44: Transfer of Assets Abroad: Liability of Non- Transferors 15 Jul 1981

  I am grateful to my hon. and learned Friend for dealing with the amendments in that way. I am, of course, happy with the Government amendments, which cover a considerable number of the points that I raised. I am a little disappointed about amendment No. 223, with regard to expenses. Nevertheless, I shall not seek to press any of my amendments. I beg to ask leave to withdraw the amendment.

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