Clause 37
Finance (No. 2) Bill
9:30 am
John Hemming (Birmingham, Yardley, Liberal Democrat)
I have a tendency to blink when I am in the Whips Office and find myself on a new Committee. Reading these papers, I must declare a sort of interest, inasmuch as I am in the intellectual property business, but not the film business itself. In the intellectual property business, one spends the money at the start and receives the income generally at the end. In my reading of schedule 4, to which the clause relates, we appear to bring forward the tax date for income. That confuses me. It may be that I have got it all wrong, but as far as I can see on that reading, I should not want to be deemed a film production company, because I would pay tax earlier. I thought that the idea was not to.