§ Mr. Trotterasked the Chancellor of the Exchequer whether he will now state what is the minimum level of gift below which he intends that details need not be supplied on returns to the Inland Revenue.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 18th March], gave the following information:
The following gifts will not need to be returned:
- 1. Gifts of money not exceeding £1,000 in total in any one year, if the donor is satisfied that they are wholly covered by the exemption for normal gifts out of income in paragraph 5 of Schedule 6 to the Finance Act 1975.
- 2. Gifts which are clearly covered by the exemption for small gifts in paragraph 4 of Schedule 6.
- 3. Other gifts of money, or of shares or securities quoted on the Stock Exchange, if these, together with other gifts not covered by 1 and 2 above, do not in total exceed the exemption for £1,000 of value in paragraph 2 of Schedule 6.
The requirements for and exceptions from disclosure will be explained in more detail in the return forms which will expand on the circumstances in which gifts of chattels of a known value need not be returned.