asked the Chancellor of the Exchequer whether it is his intention that the requirement for a return of gifts to be made in respect of capital transfer tax shall apply for every type of gift without a minimum level for disclosure.
No. Forms of returns of gifts will indicate appropriate minimum levels below which details need not be supplied.
asked the Chancellor at the Exchequer whether expenditure incurred by a parent on the maintenance, education and training of his child can count as a transfer giving rise to a liability to capital transfer tax.
I regret that it is not possible to distinguish between land and existing buildings for the purpose of analysing public expenditure. The table below gives an analysis by spending authority of the totals for acquisitions and for sales of land and buildings included in Table 2.7 of Command 5879. The table also provides an anlysis of acquisition of land and buildings contained within the totals of public expenditure in the White Paper as a whole.
I am considering this following the Committee stage debates on the Finance Bill.
asked the Chancellor of the Exchequer whether the provision by a shareholder-director of a close company of an interest-free loan to that company will give rise to a liability to capital transfer tax in respect of the interest figures.
I am considering this point in the light of the debate in the Committee on the Finance Bill.
asked the Chancellor at the Exchequer what would be the appropriate figures in columns 2, 3 and 4 of the table in the Written Answer of 6th February to the hon. Member for Blaby, assuming that it was the combined value of the asset and the tax paid by the donor which had appreciated in money value, and assuming the same set of capital transfer tax rates as before; and what would be the comparable figures (a) in the answer given on 6th February and (b) in the answer to the above Question, assuming that, in each instance, the recently announced reduced rates for lifetime gifts were to apply.
I will write to the hon. Member.
asked the Chancellor of the Exchequer whether he will provide revised versions of the tables given in the Financial Secretary's Written Answer of 27th January to the hon. Member for St. Marylebone (Mr. Baker) in the light of Her Majesty's Government's new proposals for a reduced scale of rates of capital transfer tax on lifetime gifts.
pursuant to his reply—[Official Report, 10th February 1975; Vol. 886, c. 8], gave the following further reply:I will write to the hon. Member.