§ Mr. RidleyI beg to move amendment No. 70, in page 44, line 9, after 'payment', insert
'(apart from any sum applied in paying capital gains tax charged on the redemption, repayment or purchase)'.The amendment fulfils an undertaking that I gave in Committee to my hon. Friend the Member for Bath (Mr. Patten), whom we all hope will soon recover and be back with us.The new tax treatment available where shares have to be sold back to the company to meet a liability for capital transfer tax on death will be amended to ensure that the benefit will not be lost merely because some of the proceeds are used to pay for any capital gains tax liability charged on the sale of the company. It is a relieving provision and I hope that it will be helpful.
§ Mr. Robert SheldonI am almost tempted to ask the Financial Secretary a number of questions, because I am not certain that he understands all the amendments that he has to move. We viewed his reply on the previous debate with some concern. As I am satisfied with the amendment before us, I am prepared to let it go, but we will be looking for evidence of good behaviour by the hon. Gentleman.
§ Amendment agreed to.