Clause 45 - Lloyd's underwriters: assessment
Finance Bill
2:15 pm
Mark Francois (Shadow Minister, Treasury; Rayleigh, Conservative)
This is not the first time that I have spoken in this Committee, but it is the first time that I have done so under your chairmanship, Mr. Cook. I take this opportunity to welcome you to the Chair.
The clause is relatively non-controversial. It has the effect of amending the administrative arrangements by which tax is collected from the Lloyd's names. It permits the tabling of regulations. Some draft notes on the proposed new regulations were helpfully circulated to the Committee by the Economic Secretary on 22 June. The only question arising from that is that the draft note circulated to the Committee states that the regulations will be laid in future and the Government are intending to consult Lloyd's over their implementation of them, which I am sure Lloyd's will welcome. When does the Economic Secretary anticipate that that consultation period is likely to begin?