(2) Regulations under subsection (1) above may in particular—
I beg to move, That the clause be read a Second time.
The purpose of the new clause is to enable banks and building societies to make special arrangements with the Revenue on maintaining records relating to accounts held by their non-ordinarily resident depositors. Where satisfactory internal procedures for self-regulation are introduced, the Inland Revenue's power to audit those accounts will cease to apply. The new clause responds to some genuine anxieties about a provision in last year's Finance Bill. It follows exhaustive discussions between the Revenue and the banks. I hope that the provision meets with the approval of the House.
There is always a balance to be struck between the proper interests of the Revenue and, indeed, of this House in ensuring that tax which is properly due is paid and the interest of retaining proper confidentiality. I have considered the matter carefully and I am satisfied that that balance is properly struck in this case.
I cannot comment on that without being given any notice whatever. It is an interesting and fascinating question, but one to which I am afraid that I must deny the hon. Gentleman an answer.