Clause 141 - Ending of relief for contributions to QUESTS

Part of Finance Bill – in a Public Bill Committee at 4:30 pm on 12 June 2003.

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Photo of Mr Howard Flight Mr Howard Flight Shadow Chief Secretary to the Treasury 4:30, 12 June 2003

I may not understand the situation clearly, but given that QUEST is ending, people with money in QUEST funds may wish to move to the new arrangements. However, the old tax rules mean that the money will be blocked in the old fund because if they took it out they would suffer a net tax loss. Is that a correct understanding of the issue? Is that why the issue comes up in the context of moving to the new arrangements?