§ Mr. TimmsTo ask the Chancellor of the Exchequer if he will make a statement on his policy on the tax treatment of the disposal of an interest in a trust. [33692]
§ Dawn PrimaroloThis Government are determined to stem tax leakage by detecting, deterring and countering tax avoidance. We will therefore take action, to be included in the next Finance Bill, to prevent avoidance of tax by those who dispose of an interest in, or originating from, a trust which has ever been an offshore trust. The measure will have effect in relation to all disposals on or after today.
Further details will be given in an Inland Revenue Press Release which is being issued today.