Finance Bill Debates

Alan Dolton

Alan Dolton Editor of Tolley's Tax Cases describes the first day of the Committee of the Whole House debate on the Finance Bill

The Committee of the Whole House began considering the Finance Bill on Tuesday 2 May with discussion of inheritance tax and a new clause proposed by Conservative spokeswoman Theresa Villiers (Chipping Barnet). She criticised the scope of Schedule 20 and expressed concern that:

'Before Budget day section 18 of the Inheritance Tax Act 1984 exempted gifts on trusts to spouses in exactly the same way as the system operated for outright gifts and transfers. Unless the Bill is amended it will become almost impossible to set up a trust for a spouse without losing the exemption as it will incur...

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Alan Dolton Editor of Tolley's Tax Cases describes the first day of the Committee of the Whole House debate on the Finance Bill

'Before Budget day section 18 of the Inheritance Tax Act 1984 exempted gifts on trusts to spouses in exactly the same way as the system operated for outright gifts and transfers. Unless the Bill is amended it will become almost impossible to set up a trust for a spouse without losing the exemption as it will incur...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: