Clause 8

Part of Finance (No. 3) Bill – in a Public Bill Committee at 6:30 pm on 10th May 2011.

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Photo of David Hanson David Hanson Shadow Minister (Treasury) 6:30 pm, 10th May 2011

It is indeed uncontroversial. I am grateful to the Minister for responding to my points. To be clear, he has confirmed that, next year, the annual exempt amount will be dealt with by CPI rather than RPI, which means, effectively, that there will be an additional cost to individuals who will have exempt amounts of capital gains next year. I want to place that on the record, because it is important confirmation that the clause will have a detrimental effect on that level of activity and that the CPI to RPI change will make savings to the Exchequer. It will, therefore, be another detrimental thing to add to the many detrimental things that are happening to people in our society at the moment in terms of their incomes and their ability to have positive gains in their community. I shall leave it at that.