Clause 14

Saving Gateway Accounts Bill – in a Public Bill Committee at 9:00 am on 5th February 2009.

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Relief from income tax and capital gains tax

Photo of Mark Hoban Mark Hoban Shadow Minister (Treasury)

I rise to speak to amendment No. 35, in clause 14, page 6, line 24, leave out ‘may’ and insert ‘will’.

I welcome you to the chair this morning, Mr. Taylor. Amendment No. 35 is now redundant, because it was a probing amendment to establish the tax arrangements for saving gateway accounts. I was operating on the basis that they should be exempt from both capital gains tax and tax on any interest. The regulations now address that issue. I shall therefore not move the amendment.

Clause 14 ordered to stand part of the Bill.