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Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 2:20 pm on 20th April 2004.

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Photo of Mr Paul Boateng Mr Paul Boateng Chief Secretary, HM Treasury, The Chief Secretary to the Treasury 2:20 pm, 20th April 2004

The hon. Gentleman must be enjoying enormously what I am saying now.

To encourage the incentive to invest in new businesses, and following consultation with industry, the Bill confirms the Government's commitment to allowing investments in venture capital trusts to secure tax relief of up to £200,000 a year, not at the lower rate of 20p but at the higher rate of 40p. Promoting enterprise and competition is important, but it must be underpinned by fairness. Our objective continues to be ensuring stable public finances and world-class public services, which are served by a fair tax system in which everyone pays or claims for what is due. To protect revenue for investment in the public services that the country wants and needs, we are determined to tackle tax avoidance and evasion. I hope that in Committee that theme will find support among Members from all parts of the House.