Tag: 1982

Below is the text of Mr Major’s Parliamentary written question on Engagements, published on 1st July 1982.

Mr. Major Asked the Prime Minister if she will list her official engagements for Thursday 1 July.

The Prime Minister This morning I presided at a meeting of the Cabinet and had meetings with ministerial colleagues and others. In addition to my duties in the House, I shall be having further meetings later today.

Below is the text of Mr Major’s Parliamentary written question on Secondhand Bonds, published on 24th June 1982.

Mr. Major Asked the Chancellor of the Exchequer if he is satisfied with the present tax treatment of secondhand bonds; and whether he will make a statement.

Mr. Ridley Advantage has been taken of existing tax provisions to avoid income tax on the profits on certain life policies and life annuity contracts.

Sections 393 to 402 of the Taxes Act – the “chargeable events” legislation – provide for income tax to be charged on the profits arising on these policies and contracts. By virtue of section 394(4), where a life policy has been assigned for money or money’s worth, any profits subsequently arising are taken out of the charge to income tax and become subject to a commonly much lower or nil charge to capital gains tax. Section 396(2) makes similar provision in relation to assignments of life annuity contracts.

There has been a serious and, in recent weeks, growing exploitation of these provisions by means of the device known as secondhand bonds under which individuals have been purchasing such policies and contracts from intermediaries thereby avoiding income tax on any ultimate profits on the investment.

The Government have therefore decided to introduce legislation in next year’s Finance Bill to amend sections 394(4) and 396(2) with effect from midnight on Friday 25 June 1982. An assignment thereafter for money or money’s worth of any policy or contract – including existing policies and contracts – will no longer remove any subsequent profit arising from the charge to income tax.

Below is the text of Mr Major’s Parliamentary written question on the Manpower Services Commission, published on 16th June 1982.

Mr. Major Asked the Secretary of State for Employment if he will set out in the Official Report the current staff level and prospective staff establishment of the headquarters of the Manpower Services Commission in Sheffield, together with details of its cost.

Mr. Peter Morrison The head office staff of the Manpower Services Commission in London is being dispersed to Sheffield. The employment services division is already there, and the transfer of the other divisions is expected to be completed by the end of 1982. The total number of staff in the MSC head office in all locations at 1 April 1982 –including casual staff – was 2,075, and expenditure on salaries etc. in 1981-82 was £20.1 million. In its corporate plan for 1982-86 the commission has assessed its total head office staff requirements for 1984-85 as 2,158 and their cost as £20.9 million. These figures take account of additional costs for the administration of YOP and the youth training scheme, and of further economies in head office staffing.

Mr. Major Asked the Secretary of State for Employment if he will review the staffing level of the headquarters of the Manpower Services Commission; and if he is satisfied with the cost-efficiency of its administration.

Mr. Peter Morrison The chairman of the commission is responsible for the efficient and cost effective use of the staff it employs in discharging its responsibilities. I am assured that staffing reviews are being carried out in head office branches already in Sheffield and that other reviews are planned as work is transferred there under the dispersal programme, and I am satisfied that these reviews will ensure that MSC’s head office staff are properly employed.

The text of Mr Major’s Parliamentary written question on Lorries and the Environment, published on 14th May 1982.

Mr. Major Asked the Secretary of State for Transport if he will list the statutory provisions under which local authorities may take steps to minimise the impact of heavy lorries upon the local environment.

Mr. Eyre Local authorities have wide powers under the Road Traffic Regulations Act 1967 as amended by the Heavy Commercial Vehicles (Controls and Regulations) Act 1973 to control the movement and parking of heavy lorries. About 850 orders involving lorry bans have been made on amenity grounds in recent years. We have recently issued further advice on the use of these powers and urged local authorities to adopt a more vigorous approach.