Clause 47 - Extinguishment of BNFL losses for tax purposes
Energy Bill [Lords]
3:15 pm
Mr Norman Baker (Shadow Secretary of State for the Environment, Environment, Food & Rural Affairs; Lewes, Liberal Democrat)
This clause has a rather alarming title, and it says that
''after the trigger date, all the relevant losses of every BNFL company arising before that date shall be treated for the purposes of corporation tax as extinguished.''
That seems to wipe the slate clean. I suppose that the Treasury has agreed to that. Can the Minister quantify the losses that will flow from that provision?