Clause 50 - Deduction of personal losses from gains treated as accruing to settlors

Part of Finance Bill – in a Public Bill Committee at 5:15 pm on 21st May 2002.

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Photo of Mr Howard Flight Mr Howard Flight Conservative, Arundel and South Downs 5:15 pm, 21st May 2002

Will the Economic Secretary explain a point raised again by amendment No. 53? My understanding of clause 50 is that the quid pro quo of personal losses being offset against trust gains is the loss of taper relief on trust gains. What is the logic for that?