HC Deb 30 June 1983 vol 44 cc719-20

Motion made, and Question, That—

  1. (a) section 91(1) of the Finance Act 1982 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning with 6th April 1983;
  2. (b) for the Tables in section 37(3) of the Finance Act 1975 there shall be substituted with respect to chargeable transfers made on or after 15th March 1983 the Tables set out below—

FIRST TABLE
Portion of value Rate of tax
Lower limit Upper limit
£ £ Per cent.
0 60,000 Nil
60,000 80,000 30
80,000 110,000 35
Portion of value Rate of tax
Lower limit Upper limit
£ £ Per cent.
110,000 140,000 40
140,000 175,000 45
175,000 220,000 50
220,000 270,000 55
270,000 700,000 60
700,000 1,325,000 65
1,325,000 2,650,000 70
2,650,000 — 75
SECOND TABLE
Portion of value Rate of tax
Lower limit Upper limit
£ £ Per cent.
0 60,000 Nil
60,000 80,000 15
80,000 110,000 17½
110,000 140,000 20
140,000 175,000 22½
175,000 220,000 25
220,000 270,000 30
270,000 700,000 35
700,000 1,325,000 40
1,325,000 2,650,000 45
2,650,000 — 50

(c) provision may be made amending section 28 of the Finance Act 1975 (burden of tax) and the law relating to capital transfer tax so far as it applies with respect to gifts to charities, relief for business and agricultural property, the payment of tax by instalments and the domicile of certain persons.—[Mr. Peter Rees.]

put forthwith pursuant to Standing Order No. 114 (Ways and Means motions), and agreed to.