(Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 16
Finance Bill
4:30 pm
Mark Hoban (Shadow Minister, Treasury; Fareham, Conservative)
The hon. Lady said that the consultation process included principles to enable clarity of how the regime would operate. The third thing that the Minister said was reassuring. She said that there would be transparency about the EU arrangements and that they would be posted on a website so that there was no doubt about what instruments were deemed investment transactions and what instruments were not. In that spirit of openness and consultation, I am minded to withdraw the amendment. However, if HMRC goes back to its previous habit of not consulting fully with the industry, the industry will put pressure on the Treasury to reinstate parliamentary scrutiny of the legislation. The amendments would be effective only if the open spirit of consultation that the Minister spoke about earlier continues. If it does, there will be no uncertainty. If it does not, there will be and we shall return to such issues when we discuss the Finance Bill further.