Clause 47 - Use of trading losses against chargeable gains
Finance Bill
4:45 pm
Ms Ruth Kelly (Economic Secretary, HM Treasury; Bolton West, Labour)
Obviously, I have been discussing the general clause, because it is necessary to understand it in order to understand the complexity that would be introduced by the proposal of the hon. Member for Arundel and South Downs. However, the substance is clearly in the clause rather than the amendment. Amendment No. 12 would complicate the process and run counter to the way in which relief is given for losses in other contexts. Therefore, I urge the Committee not to accept the amendment.