Clause 211 - Non-residence: money purchase arrangements

Part of Finance Bill – in a Public Bill Committee at 3:00 pm on 17th June 2004.

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Photo of George Osborne George Osborne Conservative, Tatton 3:00 pm, 17th June 2004

First, the hon. Gentleman says that it is difficult to identify his contributions from 30 years ago, but the Government will have to do that anyway under the new regime and uprate his lifetime allowance by the equivalent amount. They clearly believe that that can be done, which is why they have introduced the mechanism.

In reply to the hon. Gentleman's second point, the clause states that the

''ROIC is the amount of the contributions made under the arrangement by or in respect of the individual in any part of the active membership period during which the individual is a relevant overseas individual''.

That is the meaning in the Bill and in our amendment.