Budget Proposals (Hansard, 30 March 1983)

§ Mr. Field

asked the Chancellor of the Exchequer (1) if he will list the overall effect by group of taxpayers earning (a) two thirds average earnings (b) average earnings (c) twice (d) three (e) four (f) five and (g) 10 times average earnings, according to whether the taxpayer is (i) single, (ii) married and (iii) married with one, two, three, four or more children, of his Budget proposal to introduce new rate schedules for both death and lifetime transfers as well as to (1) increase the rate of relief for transfers of minority holdings in unquoted companies from 20 per cent. to 30 per cent., (2) increase the rate of relief fortransfers oftenanted agricultural land from 20 per cent. to 30 percent., (3) extend the period over which tax may be paid by instalments from eight to 10 years and remove the facility to pay by half year instalments, (4) remove the ceiling of £250,000 on the total value of transfers within one year of death to charities which is exempt, (5) remove the specified rule under which persons becoming domiciled in the Channel Islands or the Isle of Man may be regarded domiciled in the United Kingdom fortax purposes, (6) clarify the rules about the incidence of tax on death when the will contains no directions and (7) amend the provisions relating to settled property;

(2) if he will list the overall effect by groups of taxpayers earning (a) two thirds of average earnings (b) average earnings (c) twice (d) three (e) four (f) five and (g) 10 times average earnings, according to whether the taxpayer is (i) single, (ii) married and (iii) married with one, two, three, four or more children of his Budget proposal on capital gains tax to (1) increase the annual 184W exempt amount in line with the increase in the retail price index so that for 1983–84 an individual will be exempt on the first £5,300, and most trusts on the first £2,650 of capital gains, (2) increase the limit on reliefs relating to the transfer of a business on retirement, (3) increase the limit on reliefs relating to the letting of residential accommodation and small parts disposal of land, (4) extend the private residence relief to gains arising to a person required by the terms of his trade or profession to live in other accommodation and abolish the small gifts exemption and the payment by instalment facilities and (5) amend the rules relating to the value at which assets are deemed to be acquired from certain non-resident trusts;

(3) if he will list the net individual income effect on taxpayers earnings (a) two thirds average earnings (b) average earnings (c) twice (d) three (e) four (f) five and (g) 10 times average earnings according to whether the taxpayer is (i) single, (ii) married and (iii) married with one, two, three, four or more children of his Budget proposal to introduce new rate schedules for both death and lifetime transfers as well as to (1) increase the rate of relief for transfers of minority holdings in unquoted companies from 20 per cent. to 30 per cent., (2) increase the rate of relief for transfers of tenanted agricultural land from 20 per cent. to 30 per cent., (3) extend the period over which tax may be paid by instalments from eight to 10 years and remove the facility to pay by half yearly instalments, (4) remove the ceiling of £250,000 on the total value of transfers within one year of death to charities which is exempt, (5) remove the special rule under which persons becoming domiciled in the Channel Islands or the Isle of Man may be regarded as remaining domiciled in the United Kingdom for tax purposes, (6) clarify the rules about the incidence of tax on death when the will contains no directions and (7) amend the provisions relating to settled property;

(4) if he will list the net individual income effect on taxpayers earnings (a) two thirds average earnings, (b) average earnings (c) twice (d) three (e) four (f) five and (g) 10 times average earnings according to whether the taxpayer is (i) single, (ii) married and (iii) married with one, two three, four or more children of his Budget proposal on the capital gains tax to (1) increase the annual exempt amount in line with the increase in the retail price index so that for 1983–84 an individual will be exempt on the first £5,300 and most trusts on the first £2,650 of capital gains, (2) increase the limit on reliefs relating to the transfer of a business on retirement, (3) increase the 185W limit on reliefs relating to the letting of residential accommodation and small part disposals of land, (4) extend the private residence relief to gains arising to a peson required by the terms of his trade or profession to live in other accommodation, and abolish the small gifts exemption and the payment by instalment facilities, and (5) amend the rules relating to the value at which assets are deemed to be acquired from certain non-resident trusts.