§ Mr. Ridley
asked the Chancellor of the Exchequer if he is aware that the unspecified nature of the gifts tax, which he has announced his intention to introduce, is holding up the administration of settlements and trusts; and if he will confirm that there will be no retrospective change in the taxation of transfers of capital assets, inter vivos or upon death, before the publication of any subsequent Finance Bill.
§ Dr. Gilbert
I have noted the hon. Member's first point. As my right hon. Friend announced in his Budget speech, the new tax will take effect from 26th March 1974 but my hon. Friend the Chief Secretary to the Treasury announced in the Budget debate that there would be exemption on the lines now provided for estate duty in respect of gifts made in the period from Budget Day to a date to be fixed in the second Finance Bill. I would also refer the hon. Member to the further information given by my hon.226W Friend in a Written Answer of 30th April 1974.—[Vol.872, c. 424.]