New Clause 1 — Tax Credits for Individual Savings Accounts and Personal Equity Plans

Part of Finance Bill – in the House of Commons at 3:30 pm on 1st July 2003.

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Photo of Mr Howard Flight Mr Howard Flight Shadow Chief Secretary to the Treasury 3:30 pm, 1st July 2003

Does the Minister not agree that as a matter of principle, it is undesirable to have tax signals that could drive investment decisions? There are all sorts of reasons why people might buy bonds or equities, but the Government should recognise that a better deal on taxation of income being available on bond interest than on equity dividends will have an impact on the way in which moneys flow. In principle, that is not a good thing.