§ Mr. Gryllsasked the Chancellor of the Exchequer if, in the light of the continuance of the civil servants' strike, he will make emergency arrangements to make payments on account in respect of value added tax repayments due through social security offices, post offices or other appropriate public offices.
§ Mr. Robert SheldonI regret that while the Customs and Excise computer is out of action it is not possible to make VAT repayments. Once the industrial action is over, however, Customs and Excise will do all it can to see that repayments are resumed as quickly as possible.
444Wcases. These reliefs apply regardless of the relationship between the transferor and the transferee.
In addition, a new relief from capital gains tax was introduced in the Finance Act 1978. This broadly provides that, where a taxpayer gifts business assets or shares in his family trading company, the chargeable gain arising is deferred until any subsequent sale of the assets or shares.
These measures provide substantial assistance for the proprietors of family-owned small businesses.