§ Mr. Lawsonasked the Chancellor of the Exchequer if, and in what circumstances, related property is taken into account in determining whether a transferor has a controlling holding in a company for the purposes of capital transfer tax business relief under Schedule 10 to the Finance Bill 1976.
§ Mr. Denzil DaviesBy virtue of paragraph 13(2) of Schedule 10 to the Finance Bill, related property will be taken into account in determining whether a transferor has a controlling holding in a company for the purposes of the capital transfer tax business relief to the same extent as it is taken into account, under paragraph 13(7) of Schedule 4 to the Finance Act 1975, in determining whether he has such a holding for the purposes of valuation for the tax.