Clause 67 - Reorganisation of water and sewerage services in Northern Ireland
Finance Bill
4:45 pm
Dawn Primarolo (Paymaster General, HM Treasury; Bristol South, Labour)
None of the hon. Gentleman's questions are relevant to the clause. It simply provides that if, following consultation in Northern Ireland, the decision is taken to transfer to a wholly owned Government company, the transfer of the assets will be dealt with in the same way as transfers to new companies that are wholly owned by a Department. The legislation, the consultation and therefore the change is a matter for the Northern Ireland Office. The legislation, as requested by that Department, makes sure that if a wholly owned Department company is created, there are no tax consequences, which is normal practice.