§ Lord James Douglas-Hamiltonasked the Chancellor of the Exchequer if he will issue a directive to all relevant officers of the Inland Revenue on the application of section 126 of the Capital Gains Tax Act 1979 to a farmer or farmers who bring his or their own land into a business partnership of which he or they are partners; if he will arrange for a statement of practice in this matter to be available to professional advisers and taxpayers on request; and if he will make a statement.
§ Mr. Moore[pursuant to his reply, 13 February 1984, c. 77]: The general practice is that in the circumstances outlined, capital gains tax relief is not available to the extent that consideration is received by the transferor of the land. The usual avenues of appeal are, of course, available to any taxpayer who wishes to dispute the application of these provisions to the facts of a particular case.