§ Mr. Leeasked the Chancellor of the Exchequer what is his estimate of the loss to the Revenue if the low tax avoidance schemes as revealed in the case of W. T. Ramsay Ltd. v. the Inland Revenue (Times Law Report, 8th March) is not amended; and if he will make a statement on the implications of spurious tax loss schemes as revealed in this case.
§ Mr. Denzil DaviesSection 43 of the Finance Act 1977 which applies to transactions after 29th March 1977 was designed to prevent further avoidance of tax on capital gains through schemes for shifting value from chargeable assets. The Ramsay case, which occurred earlier, made use of such a scheme.