Clause 56 - Community investment tax relief
Finance Bill
10:00 am
Mr Howard Flight (Arundel and South Downs, Conservative)
I beg to move amendment No. 28, in page 38, leave out from beginning of line 39 to end of line 9 on page 39 and add—
'(3) Schedules 16 and 17 shall come into force on 1st April 2002.
(4) For the purposes of subsection (3), Schedule 16 shall have effect in relation to—
(a) investments made on or after 17th April 2002, and
(b) claims made in a year of assessment ending on or after 17th April 2002.
(5) For the purposes of subsection (3), Schedule 17 shall have effect so that—
(a) paragraphs 2 to 4 shall have effect for years of assessment ending on or after17th April 2002, and
(b) paragraph 5 of Schedule 17 shall have effect for accounting periods endingon or after that day.'.
The amendment addresses the same issue as has been raised previously. It would commence the community investment tax with the provisions on 17 April 2002, rather than a day to be appointed in the future. Perhaps it is for the same EU reasons that a day has not been specified, but we should like to understand the Government's thinking.