Clause 55 - Derivative contracts
Finance Bill
4:30 pm

Richard Spring (Shadow Minister, Treasury; West Suffolk, Conservative)

I beg to move amendment No. 157, in clause 55, page 48, line 29, after 'a', insert

'formation of an SE by'.

The amendment was drafted to ensure consistency with new paragraph 12B(5) of schedule 9 to the Finance Act 1996, which is inserted by clause 54. Will the Minister comment on the proposal? It is a tidying-up exercise to make the provision clearer and to bring consistency to the Bill.

John Healey (Financial Secretary, HM Treasury; Wentworth, Labour)

The hon. Gentleman is trying to ensure clarity in the Bill. However, the heading that immediately proceeds new section 30B, ''Formation of SE by merger'', already forewarns the reader that the new clause applies only in those circumstances. While I concede that both the intention and the effect of the amendment is designed to be constructive, it is not really necessary and I hope that the hon. Gentleman withdraws it.

Richard Spring (Shadow Minister, Treasury; West Suffolk, Conservative)

I thank the Minister for his explanation. Our wording would have made the provision more clear, but I accept his underlying point. I beg to ask leave to withdraw the amendment.

Amendment, by leave, withdrawn.

Clause 55 ordered to stand part of the Bill.