Part of Finance Bill – in a Public Bill Committee at 10:45 am on 5 June 2003.
I hope that the Chief Secretary will give members of the Committee an accurate description of the disparities between the present tax charged and the tax proposed in the clause. What studies have been undertaken? A regulatory impact assessment has been done. What additional revenue does the Inland Revenue estimate it will raise through the new tax? Why has the provision been included and why have the changes been proposed?