Yachts and Motor Cruisers

HC Deb 10 January 1977 vol 923 c408W

Mr. Ian Lloyd

asked the Chancellor of the Exchequer for how long details of purchases and changes of ownership of yachts and motor cruisers have been notified to the Inland Revenue by the Registrar General of Shipping and Seamen

Mr. Robert Sheldon

Details of purchases and changes of ownership of ships have been given by the Registrar of Shipping to the Inland Revenue for over 50 years.

Mr. Ian Lloyd

asked the Chancellor of the Exchequer what fiscal purpose is served by notifying details of purchases and changes of ownership of yachts and motor cruisers to the Inland Revenue.

Mr. Robert Sheldon

The information concerning purchases and changes of ownership of ships is used by the Inland Revenue to ensure that steps are taken to assess any tax liability arising from the ownership of the vessels.