Clause 5 — Power to repeal high income excess relief charge

Part of Bill Presented — Superannuation Bill – in the House of Commons at 3:15 pm on 15th July 2010.

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Photo of Angela Eagle Angela Eagle Shadow Minister (Treasury) 3:15 pm, 15th July 2010

I certainly appreciate the information that the Minister has put before us, and it helps us to get on with the debate. I suppose it means that she and her officials will have time for at least a little bit of a holiday this August. Under our plans, the yield begins to come in during the next financial year. I was under the impression that she would have had to ensure that she legislated for an entirely new system in the September 2010 Finance Bill. She now tells us that potential measures for an alternative system will be forced into next year's Finance Bill, which means that an extra £0.2 billion of revenue that was scored for the next financial year will have to be raised. I assume that she will take account of that.

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