Clause 113 - Authorised unit trusts: treatment of

Finance Bill – in a Public Bill Committee at 10:30 am on 25th May 2004.

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Question proposed, That the clause stand part of the Bill.

Photo of Mr Howard Flight Mr Howard Flight Shadow Chief Secretary To the Treasury, Economic Affairs, Shadow Chief Secretary to the Treasury

The clause arises because the current definition of an authorised unit trust may not work as intended in respect of umbrella schemes. It is a welcome technical improvement. I should also declare an interest, as the individual who invented the umbrella scheme structure 20 years ago. I am pleased to support the clause.

Question put and agreed to.

Clause 113 ordered to stand part of the Bill.