Schedule 10 - Stamp duty land tax: miscellaneous amendments
Finance Bill
4:00 pm
Mark Francois (Shadow Minister, Treasury; Rayleigh, Conservative)
My hon. Friend uses strong language, but the Minister's explanation was not entirely clear and comprehensive.
Paragraph 19 of the schedule still amounts to a general anti-avoidance provision, in all but name. It is unjustifiably broad in scope, which is why a range of organisations including the Chartered Institute of Taxation, the British Property Federation and the Confederation of British Industry have called for it to be withdrawn. Among people who will have to deal with the measure, there is consensus that the Government have gone too far. The Committee should take notice of that, because it has important implications for the future viability of British business, particularly—to return to my original example—where companies are forced to reorganise because of changing commercial circumstances. We in Parliament often talk about the global economy and global competition, and this is a case where global competition really hits home. British business must be able to react to it. The measure could constrain that ability to react, so there is real danger in it.
I listened to the Government's arguments. I show no personal disrespect for the Economic Secretary, but he speaks for Her Majesty's Government, and they have completely failed to convince, so I wish to press the amendment to a Division.