HC Deb 02 May 1974 vol 872 cc1313-4
21. Mr. Peter Rees

asked the chancellor of the Exchequer whether he can now make a statement on his plans for making known in advance of his autumn Budget proposals relating to the gifts tax which he proposes to introduce.

Mr. Joel Barnett

Liability to the new tax in any individual case must depend on the actual legislation, and my right hon. Friend has no plans for publishing detailed proposals before his next Budget.

Mr. Rees

Will the Financial Secretary and the Chancellor show themselves a little more sensitive to those who have to put in cold storage innocent transactions, particularly transactions involving applications to the courts?

Mr. Barnett

I cannot agree with the hon. and learned Gentleman. We are looking at this matter generally, and all the information will be given in the next Budget.

Dr. Phipps

In view of the corrupting effect of inherited wealth, will my hon. Friend ensure that the gifts tax is confiscatory above £50,000, thereby helping rich and poor alike?

Mr. Barnett

I shall take careful note of my hon. Friend's suggestion.