Clause 101 - References to accounting practice and periods of account
Finance Bill
5:45 pm
Ms Ruth Kelly (Financial Secretary, HM Treasury; Bolton West, Labour)
I have two points in response. First, there is nothing new in the provision. It makes a reference that was already in the tax system explicit by putting a definition in one place for ease of reference. Secondly, consistency of tax treatment in the UK is important. Although there may not be great differences between member states in the European Union, such uniformity is important. The last thing that we want to do is to introduce arbitrage when a company decides that it is advantageous for it to use one treatment rather than another. I urge the hon. Gentleman to withdraw the amendment.