Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 7:48 pm on 7 June 2005.

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Photo of Adam Afriyie Adam Afriyie Conservative, Windsor 7:48, 7 June 2005

I am grateful for the opportunity to speak in such an important debate. Despite the haste with which I think the Bill was drawn up, dissected and delivered to the House, it will affect many people in their working lives and many hard-working people in their later lives, as was pointed out by my hon. Friend Mrs. Villiers. It will determine the competitiveness of British business both here and abroad. It will have an impact not just on the good will of charitable people, but on the good work that charities do. I shall say more about that shortly.

I thank the Paymaster General for her clear explanation of the Bill. I also thank my hon. Friend Mr. Hammond for raising the issue of charitable donations and gift aid. That is the issue on which I want to concentrate.

The Finance Bill is perhaps one of the most important Bills in the Queen's Speech. It is disappointing that there is so little time to debate such an important measure in this House. It is complex, as many previous speakers today have observed, and although it has been truncated it still runs to some 160 pages. I do not believe that four hours is enough time to examine all those pages. I am confident that, when it is considered in Committee, Members in all parts of the House will give the detail very serious consideration, irrespective of party politics. Indeed, it is in some of the Bill's detail that the devil lies.

I have chosen to contribute today because this Bill needs further fine-tuning and refinement. Although it contains some sensible measures on closing tax-avoidance loopholes, they are complex and I am concerned that they receive proper scrutiny. We must be sure that the Government do not drive through tax-avoidance measures that further erode British businesses' competitiveness, act as a disincentive for overseas firms to invest here, or create burdens for all businesses that undermine productivity and negate the benefits that will hopefully be gained from such tax-avoidance measures.

Lest we forget, British businesses are the engine of our economy. They generate all the jobs, incomes and taxes that make for a good society. British businesses, in a way, are the golden goose of our economy.