Clause 12 - Employee securities: anti-avoidance

Finance Bill

Public Bill Committees, 21 June 2005, 12:30 pm

Photo of Mark Field

Mark Field (Shadow Minister, Treasury; Cities of London & Westminster, Conservative)

We have amendments to clause 12 under schedule 2.

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Nicholas Winterton (Macclesfield, Conservative)

I have to tell you that that comes under schedule 2. Do you wish to speak to stand part?

Photo of Mark Field

Mark Field (Shadow Minister, Treasury; Cities of London & Westminster, Conservative)

As you will see, Sir Nicholas, clause 12 introduces schedule 2. If we can have a stand part debate in relation to schedule 2 at the end of the consideration of our amendments, I should be   grateful. I hope that, with leave, you will allow us to do that.

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Nicholas Winterton (Macclesfield, Conservative)

That depends on how it goes. If I believe that adequate debate has taken place on all parts of schedule 2, I would not allow time for a stand part debate. I cannot make that decision, however, until I see how the debate on schedule 2 has taken place. I say to the hon. Gentleman that clause 12 merely introduces schedule 2. The Committee must trust me on this matter.

Photo of Dawn Primarolo

Dawn Primarolo (Paymaster General, HM Treasury; Bristol South, Labour)

On a point of order, Sir Nicholas, I wish to make a couple of opening remarks before we start the debate on the amendments. Would it be in order for me to do that at the beginning of schedule 2, or should I do it on clause 12?  

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Nicholas Winterton (Macclesfield, Conservative)

I should have thought that it would perhaps be sensible for general remarks to be made under clause 12 stand part.

Question proposed, That the clause stand part of the Bill.

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Dawn Primarolo (Paymaster General, HM Treasury; Bristol South, Labour)

Thank you for your guidance, Sir Nicholas. I want to make a few opening remarks on clause 12, as it introduces schedule 2. I wanted to start by making it clear that the targets with regard to the arrangements are where a minority of individuals remain intent on devising ever more complex—

It being One o'clock, The Chairman adjourned the Committee without Question put, pursuant to the Standing Order.

Adjourned till this day at half-past Four o'clock.