§ The Economic Secretary to the Treasury (Mr. Jock Bruce-Gardyne)
I beg to move amendment No. 104, in page 81, line 36, after 'any', insert 'qualifying'.
§ Mr. Bruce-Gardyne
The House will be aware that clause 90 excludes foreign currency accounts held by an individual with no United Kingdom ties from the capital transfer tax charge on death. To qualify for exemption, the clause requires the account to be with a recognised bank within the meaning of the Banking Act 1979. The purpose of the amendments is to extend the range of qualifying accounts to accounts with the Bank of England, the Post Office—in other words the Giro bank—and licensed institutions—licensed deposit takers. I commend the amendments to the House.
§ Amendment agreed to.
§ Amendments made: No. 105, in page 81, line 36, leave out from 'his' to 'and' in line 37.
§ No. 106, in page 81, line 38, after 'any', insert 'qualifying'.
§ No. 107, in page 81, line 39, leave out from 'account' to first 'of'.
No. 108, in page 82, line 18, leave out subsection (5) and insert—
'(5) In this section "qualifying foreign currency account" means a foreign currency account with the Bank of England, the Post Office, a recognised bank or licensed institution; and for this purpose—
- (a) "foreign currency account" means any account other than one denominated in sterling, and
- (b) "recognised bank" and "licensed institution" have the same meanings as in the Banking Act 1979.'.—[Mr. Wakeham.]