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Finance (No. 2) Bill

With this it will be convenient to discuss the following: Amendment (c) to the new clause, in line 1, leave out from ‘Act’ to end of line 4 and insert—"‘all transfers of value made on or after 22nd March 2006 which would have been exempt under section 18 of the Inheritance Tax Act 1984 (transfers between spouses) if made immediately prior to 22nd March 2006 shall continue to be exempt.’." Amendment (a) to the new clause, in line 2, at end insert—"‘written into trust by will, life assurance policy and lifetime gift’." Amendment (b) to the new clause, in line 3, after ‘spouses’, insert ‘and civil partners’. New clause 2—Application of section IHTA 1984 (No. 2)—"‘Notwithstanding any provision of this Act, section 18 of the Inheritance Tax Act 1984 (transfers between spouses) shall continue to apply to transfers of value written into trust by will, life assurance policy and lifetime gift to spouses and civil partners for two years until——" (a) a full consultation has been undertaken about the operation of that section; (b) a Regulatory Impact Assessment of the operation of that section has been completed; and (c) the impact of the Act on transfers of value written into trust through wills, lifetime gifts and life assurance policies has been calculated.'. New clause 3—Application of section IHTA 1984 (No. 3)— 'Notwithstanding any provision of this Act, all transfers of value made on the death of a person on or after 22nd March 2006 but before 6th April 2008 which would have been exempt under section 18 of the Inheritance Tax Act 1984 (transfers between spouses) if made immediately prior to 22nd March 2006, shall continue to be exempt.'.