§ Mr. Skinnerasked the Chancellor of the Exchequer whether he intends as a 122W matter of urgency to close the loophole in the tax laws relating to section 412 of the Income Tax Act 1952, exposed in the recent Law Lords case dealing with Vestey v Inland Revenue; and if he will make a statement.
§ Mr. Peter Rees:As my right hon. and learned Friend the Chancellor of the Exchequer has said, we have been reviewing the problem and will introduce legislation to deal with it as soon as we are satisfied that we have found the right answer.
§ Mr. Jayasked the Chancellor of the Exchequer when he intends to introduce legislation to close loopholes for income tax avoidance through discretionary trusts.
§ Mr. Peter Rees:I shall let the right hon. Member have a reply as soon as possible.
§ Mr. Rookerasked the Chancellor of the Exchequer how many letters of complaint he has received from the public in respect of the state of the law as decided by the Law Lords in the Vestey case.
§ Mr. Lawson:To date we have received 15 letters from members of the public, either directly or through hon. Members, expressing dissatisfaction with the present position.
§ Mr. Rookerasked Mr. Chancellor of the Exchequer if he will consider introducing general anti-avoidance measures in his next Budget.
§ Mr. Lawson:I shall let the hon. Member have a reply as soon as possible.