(except clauses 4, 5, 20, 28, 57 to 77, 86, 111 and 282 to 289, and schedules 1, 3, 11, 12, 21 and 37 to 39) - Schedule 15 - Charge to income tax on benefits received by former owner of property

Part of Finance Bill – in a Public Bill Committee at 9:45 am on 20 May 2004.

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Photo of Mr John Burnett Mr John Burnett Shadow Minister, Home Affairs, Shadow Solicitor General, Law Officers (Constitutional Affairs) 9:45, 20 May 2004

I think that we are seeing some light on this. Since 1965, when capital gains tax was introduced, death has given rise to an automatic uplift and, even since estate duty times, capital transfer tax and now inheritance tax—if someone opts to pay the full value for inheritance tax purposes at death they should always receive an uplift for capital gains tax purposes. If that is not the case, I am sure that the

Paymaster General will agree with Opposition Members and perhaps some Labour Members that it would be incredibly unfair and amount to the most draconian double taxation.