Clause 32
Finance Bill
2:15 pm
Edward Balls (Economic Secretary, HM Treasury; Normanton, Labour)
The definition in the original clause 32 was based on one already in use in tax legislation specific to Lloyd’s, which we had no reason to suspect was not operating as had been intended. The change in Lloyd’s rules to that definition only came to light during consultation with industry representatives on the financial clauses and was made in response to comments from Lloyd’s and other industry representatives.
The answer to the hon. Member for Fareham’s question is that “other consideration” applies to anything other than money. The existing definition to which I have referred was in section 107 of the Finance Act 2000 and will be repealed by schedule 11 to clause 41 of the Bill. Therefore, there is no need for a further change in definition.