HC Deb 24 June 1976 vol 913 cc1924-5

Amendments made: No. 165, in page 123, line 1, leave out 'six' and insert 'twelve'.

No. 166, in page 124, line 45, leave out 'six' and insert 'twelve'.

No. 167, in page 126, line 5, leave out 'six' and insert 'twelve'.

No. 168, in page 127, line 20, leave out 'six' and insert 'twelve'.

No. 169, in page 130, line 16, leave out 'six' and insert 'twelve'.

No. 170, in page 133, line 8, leave out 'six' and insert 'twelve'.

No. 171, in page 134, line 15, leave out 'six' and insert 'twelve'.

No. 172, in page 135, line 14, leave out 'six' and insert 'twelve'.—[Mr. Denzil Davies.]

Mr. Ian Stewart

I beg to move Amendment No. 173, in page 136, line 29, after 'transfer' insert: 'or account would have been so taken if paragraph 18(3)(b) were satisfied'.

Mr. Deputy Speaker

With this we may take Government Amendment No. 174.

Mr. Ian Stewart

I suspect that Government Amendment No. 174 is the draftsman's expression of the intention in Amendment No. 173. Can the Minister confirm that?

Mr. Denzil Davies

Government Amendment No. 174 meets the point made in Amendment No. 173.

Mr. Stewart

I beg to ask leave to withdraw the amendment.

Amendment, by leave, withdrawn.

Amendment made: No. 174, in page 136, line 44 at end insert: '(2) If, in a case where the disposal as a result of which the relevant interest was acquired as mentioned in paragraph 18(1)(a) above was a DLT disposal,—

  1. (a) account has not been taken as mentioned in sub-paragraph (1)(a) above of an amount of capital transfer tax chargeable on 1925 the value transferred by a CTT transfer by reason only that the condition in paragraph 18(3)(b) above was not fulfilled, and
  2. (b) the conditions in paragraphs (b) and (c) of sub-paragraph (1) above are fulfilled with respect to the amount of capital transfer tax referred to in paragraph (a) above, and
  3. (c) the additional capital transfer tax falling to be paid as a result of the recalculation referred to in sub-paragraph (1)(c) above is borne by the person by whom the relevant interest was acquired as mentioned in paragraph 18(1)(a) above,
sub-paragraph (1) above shall apply on the basis that the condition in paragraph (b) of sub-paragraph (3) of paragraph 18 above was fulfilled with respect to £1 of the capital transfer tax referred to in that paragraph.'.—[Mr. Denzil Davies.]

Mr. Denzil Davies

I beg to move Amendment No. 175, in page 137, leave out lines 10 to 12.

Mr. Deputy Speaker

With this we may discuss Amendment No. 176, in page 137, line 30, at end insert: '(2) In any case where the disposal as a result of which the material interest was acquired as mentioned in sub-paragraph (1)(a) above would, had it occurred after the appointed day, have been a DLT disposal so that the condition in sub-paragraph 1(c) above is not fulfilled but the consideration for that acquisition was less than that which the material interest might reasonably have been expected to fetch in the open market then, for the purposes of this part of the Schedule (other than this sub-paragraph) the condition in sub-paragraph (1)(c) above shall be taken to be fulfilled.'.

Mr. Denzil Davies

The amendment meets the point raised in Committee and is identical in substance to Amendment No. 176.

Mr. Ian Stewart

I welcome the group of amendments which has just been passed because it is the result of a number of defects in the Bill. We argued our points successfully in Committee and I thank the Minister for giving careful attention to them. Since this might be my last intervention on the Report stage of the Bill, I should like to congratulate the Minister on the way in which he conducted the Bill single-handed in Committee. That is no mean intellectual feat and the Minister should be complimented on his skill and good humour.

Amendment agreed to.

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