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.

Alert me about debates like this

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

I thank the Economic Secretary for that answer, which concerns an unfairness that has not been addressed. Although I appreciate the issue about the position of the settlor versus that of the beneficiary, the logic of having the offset one way and not the other is strange, but it is not a huge issue. The Government considered the situation that resulted in clause 50 and

I now request them to consider it the other way, because I cannot believe that they intended their reforms to produce a situation that is worse than if the assets were owned directly by the settlor.

I beg to ask leave to withdraw the amendment.

Amendment, by leave, withdrawn.

Clause 50 ordered to stand part of the Bill.

Schedule 11 agreed to.

Clauses 51 and 117 ordered to stand part of the Bill.