Clause 48 - Election to forego roll-over relief on transfer of business
Finance Bill
5:00 pm
Ms Ruth Kelly (Economic Secretary, HM Treasury; Bolton West, Labour)
I believe that the deadline is long enough to enable people to make elections in time to obtain the most favourable tax treatment that could apply to their circumstances. That is the critical point. The longer the election period, the more complicated the record keeping and tax calculations will be and, in the end, the higher the interest payments become. The time limit is reasonable and representative bodies seem to be content with it.
Question put and agreed to.
Clause 48 ordered to stand part of the Bill.