§ 10. Mr. Hirstasked the Chancellor of the Exchequer if he is satisfied with the administrative arrangements for the withdrawal of the tax relief on life assurance premiums with effect from midnight on 13 March 1984.
§ Mr. Ian StewartYes, Sir.
§ Mr. HirstIs my hon. Friend aware that many thousands of people completed proposals for life assurance that could not be accepted by 13 March because a medical examination had not taken place? Does he accept that many of these people are genuinely hard luck cases? Is he prepared to review the arrangements for withdrawal of tax relief so as to give relief to people who applied for life assurance prior to the deplorable leak by The Guardian?
§ Mr. StewartI am afraid that it would not be possible to make a change of the kind that my hon. Friend is seeking. Any cut-off date causes problems, but to set a later date or to impose conditions of the kind mentioned would not be practicable.
§ Mr. BarronDoes the Minster agree that what should be done in cases like this is either to make sure that there are no more leaks from Whitehall in relation to Budget proposals or to leak them earlier?
§ Mr. StewartThe announcements made by my right hon. Friend in the Budget were operative from that date. Of course, if speculation takes place before that the market has to react in its own way.