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Finance Bill Debates

Alan Dolton editor of Tolley's Tax Cases continues our coverage of Standing Committee A's consideration of the Finance Bill
Standing Committee A resumed on Thursday 15 June continuing its discussion of Schedule 20 (Inheritance tax: rules for trusts). Conservative spokeswoman Theresa Villiers (Chipping Barnet) proposed an amendment to 'postpone the operation of Schedule 20 in relation to setting up life interest trusts and … mean that the schedule applied only to deaths after 6 April 2007'. The amendment was defeated by 17 votes to 8.
She proposed a further amendment to provide that Section 71A should not apply to 'immediate self-settled interests'. The Paymaster-General (Dawn Primarolo) responded to Mrs Villiers stating that:
'Clause 157 and Schedule 20 are being introduced to counter IHT avoidance....
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