Part of Finance (No. 2) Bill – in a Public Bill Committee at 6:15 pm on 19 October 2010.
David Gauke
The Exchequer Secretary
6:15,
19 October 2010
I am very grateful to the hon. Gentleman for his comments. He is right to say that the Chartered Institute of Taxation has asked about the scope of existing legislation dealing with company distributions and whether the new legislation will apply for certain distributions made in specie. As we have heard, the points are very detailed and, to be honest, beyond the scope of the debate on this Clause. However, I can confirm to the hon. Gentleman, in response to the CIOT’s questions, that HMRC is already discussing those matters with CIOT and others. It will continue to do so as it develops guidance to cover distribution legislation, which includes, but is not limited to, changes made in the Bill.
I hope that the hon. Gentleman will forgive me for not responding in detail to his particular examples, but I assure him that the matter is very much in hand and that we have our finest minds working on it.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
