§ Mr. David Watkins
asked the Chancellor of the Exchequer how many applications have been made to date for exemption from capital transfer tax in respect of the transfer of shares to employee trusts as per the provisions of the Finance Acts 1975 and 1976.
§ Mr. Denzil Davies,
pursuant to his reply [Official Report, 16th November, 1978; Vol. 958, c. 323], gave the following reply:
Two; and a further two under section 67 of the Finance Act 1978, which relaxed the rules for exemption of gifts and shares by individuals. A further 10 applications have been made for the exemption of transfers of cash to employee trusts with a view to the purchase of shares by the trustees. All 14 of these applications have been accepted.