Clause 32 - Corporation tax starting rate and fraction for financial year 2002

Part of Finance Bill – in a Public Bill Committee at 4:00 pm on 16th May 2002.

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Photo of Edward Davey Edward Davey Shadow Chief Secretary to the Treasury, Shadow Minister (Olympics and London), Liberal Democrat Spokesperson (Olympics and London), Liberal Democrat Spokesperson (Chief Secretary to the Treasury) 4:00 pm, 16th May 2002

I hope that the Paymaster General realises that I made my comments in a balanced way when I asked the Government about their view. I seek an assurance that, if the provision is exploited in the way described by the IFS--that is, in a way that does not add to economic growth, but encourages a change in status to exploit the tax incentive--will the Government take action to stem the loss of tax revenue?