Schedule 6 - Accounting practice and related matters
Finance Bill
12:15 pm
Rob Marris (Wolverhampton South West, Labour)
Is the hon. Gentleman saying that the explanatory notes to schedule 6 are wrong? They state:
“A Working Group on the tax implications of IAS 39, composed of representatives of the professions, business and HM Revenue and Customs continues to meet. It is concentrating on two areas that have caused particular difficulty: the hedging of foreign currency risk, and the treatment of convertible and asset-linked securities.”
That seems to me to refer to consultation, and therefore directly contradicts what the hon. Gentleman has just said about a lack of consultation on these sorts of matters. Is he saying that that statement in the explanatory notes is incorrect?