§ Lastly, a word about tax avoidance. This has emerged recently in a new form which involves marketing a succession of highly artificial schemes—when one is detected, the next is immediately sold—and is accompanied by a level of secrecy which amounts almost to conspiracy to mislead. The time has come not only to stop the particular schemes we know about but to ensure that no schemes of a similar nature can be marketed in future. So the provisions I shall be introducing this year to deal with artificial avoidance by certain partnerships dealing in commodity futures will go back to 6th April 1976, that is, before the date when the intention to legislate was announced in a parliamentary Answer.
§ My proposed measures against avoidance by means of land sales with the right to repurchase will go back to 3rd December 1976, the date foreshadowed in a parliamentary Answer; and I will from today counteract devices for avoiding the capital transfer tax charges on discretionary trusts and avoidance of CTT 1203 through the use of associated endowment and term life policies.