Clause 69 - Forward premiums and discounts under currency contracts
Finance Bill
6:45 pm
Ms Ruth Kelly (Financial Secretary, HM Treasury; Bolton West, Labour)
We have consulted extensively on the clauses that we have been discussing, which have not on the whole been criticised but generally welcomed by those in the industry who deal with complex financial
instruments, derivatives and loan relationships. They mark an advance on the previous legislation. The structural reforms make avoidance far less likely in future, in addition to the specific anti-avoidance measures.
Of course, such measures introduce an additional element of complexity; that is to be expected, but a balance must be drawn between protecting the interests of the Exchequer and the ease with which the measures can be carried out.
The hon. Gentleman suggests that we should have rewritten the rules. In fact, we have done so, and if he reads schedule 26 he will see a case in point.
Question put and agreed to.
Clause 69 ordered to stand part of the Bill.
Clauses 70 to 78 ordered to stand part of the Bill.