Schedule 3 - Qualifying Scheme

Part of Finance Bill – in a Public Bill Committee at 3:45 pm on 23 June 2005.

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Photo of Philip Hammond Philip Hammond Shadow Chief Secretary to the Treasury 3:45, 23 June 2005

I am a little puzzled by the Paymaster General's brief reply. I assure her that the amendments were not designed as wrecking amendments, which is more or less the inference I draw from her comments. Rather than to cut through the heart of the Bill, they were intended to ensure comparable treatment in different jurisdictions because of the strange ways in which capital gains are treated in corporate tax regimes in different jurisdictions.  

I confess to the Committee that the amendments are not the product of my original thought. Others who have expressed concerns will undoubtedly read what the Paymaster General has said and consider her views. If there are issues that need to be further explored, I am sure that we will have an opportunity on a later occasion. I beg to ask leave to withdraw the amendment.

Amendment, by leave, withdrawn.