§ Ms LawrenceTo ask the Chancellor of the Exchequer what is the capital gains treatment of fish quota; and if he will make a statement. [74616]
§ Dawn PrimaroloThe fishing industry will benefit from our decision to give capital gains roll-over relief for fish quota. It will enable fishermen to reinvest in the fishing industry without loss of capital and plan more effectively for the future. Regulations will shortly be laid adding fish quota to the list of chargeable assets qualifying for roll-over relief. The Inland Revenue are also today issuing a statement by way of a Press Release which clarifies the circumstances in which roll-over relief will be available for fish quota and other qualifying assets used in the fishing industry.