Clause 62 - First-year allowances for expenditure wholly for a ring fence trade

Part of Finance Bill – in a Public Bill Committee at 12:45 pm on 11 June 2002.

Alert me about debates like this

Photo of Mark Field Mark Field Conservative, Cities of London and Westminster 12:45, 11 June 2002

A distinction should be drawn between individual taxpayers and the oil industry on two grounds; first, the substantial effect that this will have on the oil industry, and secondly, and perhaps more importantly, the fact that the oil industry was—so we are told—kept as an integral part of this entire process, because it was part and parcel of the industry

consultation that allegedly took place prior to this happening. However, as we all know, the oil industry has been surprised by the recommendations.

Therefore, there is a fundamental difference between the adjustment that an individual taxpayer makes and that which is being imposed on the oil industry as a result of these measures.