HC Deb 12 February 1998 vol 306 cc542-3
8. Mr. Gray

If he will make a statement on his policy towards the taxation of trusts. [27208]

Mr. Darling

We are committed to taking action to close any tax loopholes that may arise.

Mr. Gray

We are surprised that the Paymaster General has chosen not to answer that question, given his long and acknowledged expertise on the subject of trusts. Will the Chief Secretary comment on the article in Business Age Magazine this week, which is headed, "How Maxwell put his trust in Robinson" and states how the Paymaster General gave Mr. Maxwell particular advice with regard to losing his stolen billions? If that is ill informed and defamatory, as no doubt the Paymaster General believes it is, why is it that he has promised to sue The Sunday Times and The Observer for their ill-informed and defamatory remarks, but is not suing Business Age Magazine?

Mr. Darling

All I can say is that, unlike the Conservative party, we take action against tax loopholes. As my right hon. Friend the Chancellor has said, in the last Budget, we closed £1.5 billion-worth of tax loopholes, whereas the last Government did absolutely nothing about it for 18 years.