§ Mr. Moyleasked the Chancellor of the Exchequer to what extent it is still the case, as the Board of Inland Revenue declared in its evidence to the Royal Commission on the Taxation of Profits and Incomes, that covenants employing a discretionary trust are on the increase.
§ Mr. BarberThere continues to be some increase in the number of such covenants in favour of charities. Information about the number in favour of individuals is not available.
§ Mr. P. Wellsasked the Chancellor of the Exchequer if he will state for the latest available date how many covenants involving a discretionary trust are in operation; what is the total annual amount before deduction of tax payable under covenants of this kind; and what is the estimate of the annual loss of Income Tax and Surtax, respectively, by the use of such deeds.
§ Mr. BarberI regret that this information is not available.
§ Mr. Moyleasked the Chancellor of the Exchequer how many discretionary trusts relying upon a capital sum and not upon a covenant existed at the latest date for which figures are available; and how many had been established during the previous five years or during any period for which figures are available.
§ Mr. BarberI regret that this information is not available.