§ Mr. Cantasked the Chancellor of the Exchequer when, under the Finance Act 1975, he proposes to name the appointed day in respect of the introduction of new rules for qualifying life assurance policies; why he did not name 1st January 1976 as the appointed day; and whether he will publish an estimate of the loss of 160W tax revenue which will result assuming the appointed day is 6th April 1976.
§ Mr. Robert SheldonIt is proposed to fix 1st April 1976 as the appointed day and a statutory instrument providing to this effect will be made shortly. The appointed day could not be fixed earlier because of the time needed for the certification by the Board of Inland Revenue, and other preparations for putting into use, of the standard policies which life offices will use after the appointed day. It is not possible to estimate what losses or gains to the Revenue will result from the short delay in introducing the new rules, but the amounts are unlikely to be substantial.