Schedule 2 - Employee securities: anti-avoidance
Finance Bill
4:30 pm
Mark Field (Shadow Minister, Treasury; Cities of London and Westminster, Conservative)
If we took at face value the Paymaster General's warm words it would be pointless having the debate that I suspect we shall have over the next hour or so. I accept that this is a complex area and that the Treasury has received many representations on it. The anti-avoidance proposals are set out in detail in schedule 2, which deals with employment remuneration. However, for our part, it is difficult to avoid the conclusion that many of the anti-avoidance proposals are driven by an increasingly desperate Treasury desire to fill its revenue black hole without regard to the damaging effect that it will have on the development of start-up ventures, and, indeed, of some bona fide remuneration schemes.
I am amused that there is such amusement coming from you, Sir Nicholas. I suspect it has nothing to do with what I have said—at least I hope that that is the case.