The next Amendment is Amendment No. 54:
In page 26, line 20, at end insert:(2) In estimating the principal value of any property given inter vivos by a deceased 1733 within five years of his death allowance shall be made for any capital gains tax borne in relation to and as a result of making such gift.
§ Mr. Peter Walker
This is an Amendment which I placed on the Notice Paper to clear up the position of the possibility of Capital Gains Tax paid on a gift inter vivos not having deducted from it Capital Gains Tax. I have received a letter from the Financial Secretary in which he assures me that, as a result of the existing legislation, gifts inter vivos will not suffer from this effect. In view of that, I beg to ask leave to withdraw the Amendment.
I am reminded that the hon. Member has not moved the Amendment, so he does not need to withdraw it but refrains from moving it.
§ Amendments made: In page 28, line 5, leave out "ten" and insert "fifteen".
§ In line 12, leave out "ten" and insert "fifteen".—[Mr. MacDermot.]