§ 55. Mr. Garro Jonesasked the Financial Secretary to the Treasury whether the revenue authorities allow any relief to taxpayers who alienate a portion of their income for seven years or more to beneficiaries who are of age, leaving the trustee with a discretionary power of revocation?
§ The Financial Secretary to the Treasury (Lieut.-Colonel Colville)I would refer the hon. Member to the provisions of Section 20 of the Finance Act, 1922, which are the statutory provisions governing the type of case to which he refers.
§ Mr. Garro JonesWould it not have been shorter for the hon. and gallant Member to give me a more explicit answer? Can he say whether the answer is in the affirmative or in the negative, or is the question not susceptible of such an answer?
§ Lieut.-Colonel ColvilleNo, Sir. Very much would depend on the actual terms 1853 of the settlement in each case, and perhaps the hon. Member would assist me by giving me details of the cases he has in mind, when I will look into them.
§ Mr. Garro JonesWill the hon. and gallant Member look into the question in view of the fact that a considerable sum is lost to the Treasury by this method of evasion?
§ Lieut.-Colonel ColvilleThat is always a matter which interests us.