When is it proposed to take the Second Stage?
Wealth Tax Bill, 1975: Order for Second Stage.
Bill entitled an Act to charge and impose on certain wealth a duty of inland revenue to be known as wealth tax, to amend the law relating to inland revenue and to make further provisions in connection with finance.
I suggest Wednesday, 5th March.
I am not quite sure of the procedure here. Do we have to order it at this stage or is the matter the Minister is proposing merely a procedural matter?
We have to fix a date at this stage but it can be ordered for a later date if that is not acceptable.
I understand there have been some very preliminary discussions between the Whips on this but that agreement has not been reached. My own attitude is that I should like to see the Capital Gains Tax Bill, if not finished, at least much more advanced before we fix a date for the Wealth Tax Bill. I should also like to see publication of the Capital Acquisitions Tax Bill so that we can judge the whole lot together. It seems inappropriate to be hopping from one to the other.
It is my consistent ambition to please as many people as possible all the time but it becomes increasingly difficult to please the Opposition when they have been complaining until now that we were not taking all pieces of legislation together and now they want to complete one before we start the other.
We want to see the legislation—that is what we said.
These Bills are replacing the iniquitous death duties system which has to be eliminated as from 1st April next and therefore I anticipate the co-operation of the Opposition to ensure that this legislation will be passed so that the death duties can phase out when these are introduced.
As we have indicated on a few occasions and, as we shall have to indicate again on other sections of the Capital Gains Tax Bill, the suggestion that the death duties system is to be phased out is erroneous because that is not being done. Another form of tax arising on death is being substituted for it. I would ask the Minister his view on the advisability of discussing the Wealth Tax Bill and, presumably, at a later stage, the Capital Acquisitions Tax Bill while still dealing with the Capital Gains Tax Bill? It does not seem that there is any advantage in going from one to the other without completing any of them.
The only issue before the House now is the date for a Second Reading of the Bill. The merits of the Bill or of any other Bill do not arise.
I suggest 5th March. No doubt considerable progress will have been made by then on the other legislation to which the Deputy refers but the matter can be considered by the Whips and agreement reached.
Will we have seen the Capital Acquisitions Tax Bill by then?
Hopefully, yes.
The Minister will agree that it is not unreasonable to want to get the complete picture if we are only doing three things to eliminate one piece of legislation.
I appreciate the anxiety of the House and I shall accommodate them to the best of my ability.
Without being absolutely tied to it, could the Minister give an indication of when we might see the Capital Acquisitions Tax Bill?
We are hopeful that it will appear very shortly but as the House appreciates I am in the hands of the parliamentary draftsman and as soon as the work there is completed it will be published.
Have we a date then for the Second Reading of this Bill—Wednesday, 5th March?
As far as we are concerned it can only be agreed on the basis of pure formality. We are not to be taken as agreeing to take that Bill on that date but simply to the formality that it will not be taken before then and that the date on which it will be taken will be subject to agreement between the Whips.
Second Stage ordered for Wednesday, 5th March, 1975.