Schedule 6 - Minor amendments to Schedule E charge
Finance Bill
5:00 pm
Ms Dawn Primarolo (Paymaster General, HM Treasury; Bristol South, Labour)
We had a very short debate on the clause before considering the schedule. The amendment would change that schedule. I want to explain why we are proposing the changes. The provision is put forward in conjunction with the next tax law rewrite Bill, which is in schedule E. The focus of the amendment is that the rewrite considerations of schedule E to date have thrown up the need to make changes, which are covered in schedule 6. Those changes are to address anomalies or fill small gaps in schedule E legislation that would normally be outside the scope of the fix that the rewrite Bills can undertake but that, none the less, will greatly assist the rewrite. They cover such matters as share options, credit tokens, benefits in connection with the termination of employment, taxation of benefits where income is received free of tax and priority of changes between sections 148 and 595. The amendments about that matter are simply for tidying up.
The hon. Gentleman seeks something entirely different in his amendment. It concerns not tidying up, but a new principle which would relieve the obligation of tax on the receipt of, in this case, shares.