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Capital Gains Tax

Volume 938: debated on Thursday 10 November 1977

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asked the Chancellor of the Exchequer (1) whether the relief from capital gains tax where a loss is made on a loan to a business, proposed in his statement on the economic situation of 26th October 1977, will be allowed with effect from that date;(2) how many cases involving claims for relief from capital gains tax where a loss had been made on a loan to a business were outstanding on 26th October 1977.

No. It is not intended that the new relief which we have promised to consider before next year's Finance Bill should be backdated. Claims cannot therefore arise at present. No information is available centrally about claims which may be outstanding at 26th October 1977 for those losses on loans which do qualify at present, that is, loans which constitute a debt on a security or which have been assigned by the original creditor.