Clause 38
Finance Bill
12:45 pm
David Gauke (Shadow Minister, Treasury; South West Hertfordshire, Conservative)
Briefly, I do not know whether the Economic Secretary plans to make a comment on the basis of taxation for insurance companies, but as I understand it, the arrangements will mean that there will be one basis of taxation. Previously, HMRC was able to alter the basis of taxation in particular circumstances from what is described as “I minus E”. Will the Economic Secretary explain the circumstances in which that would have happened and why? When the Treasury, or HMRC, no longer has the ability to alter the basis of taxation, what will be the effect on revenue?