HL Deb 27 July 1967 vol 285 cc1211-2

[No. 82.]

Clause 29, page 31, line 8. at end insert— ("( ) An interest for the life of himself or another, of a person under a settlement in the case of which the property comprised therein consists of, or includes, shares, being a settlement with respect to which the following conditions are satisfied, namely,—

  1. (i) that the settlement is irrevocable; and
  2. (ii) that the settlor has no interest in any income arising under, or property comprised in, the settlement;")

LORD BROWN

My Lords, I beg to move that this House doth agree with the Commons in Amendment No. 82. In moving this Amendment I should like to discuss, with the permission of the House, Amendment No. 91. Clause 29 calls for disclosure of major interests in quoted companies voting shares. The Amendments add to the list of exemptions from disclosure life interests of persons under certain types of settlements, because such exclusion is unlikely to lead to an evasion of the useful intent of the clause. These life interests which are excluded are ordinary life interests, and the settlor has no interest in any income from or property in the settlement.

Moved, That this House doth agree with the Commons in the said Amendment.—(Lord Brown.)

On Question, Motion agreed to.