New Clause 8 - Pension flexibility: Treasury analysis

Finance Bill – in a Public Bill Committee at 4:45 pm on 17 June 2014.

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‘(1) The Chancellor of the Exchequer shall, within six months of this Act receiving Royal Assent, publish and lay before the House of Commons any analysis prepared by the Treasury prior to the publication of Budget 2014 relating to the impact of changes made by sections 39 to 43 of this Act to Schedules 28 and 29 to the Finance Act 2004.

(2) The information published under subsection (1) must include—

(a) any assessment made of the impact of the provision for independent face to face guidance on the 2004 Act;

(b) the distributional impact, by income decile of the population, of changes made by sections 39 to 43 of this Act;

(c) a behavioural analysis; and

(d) the financial risk assessment.”—(Shabana Mahmood.)

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The Committee divided: Ayes 14, Noes 19.

Division number 20 Decision Time — New Clause 8 - Pension flexibility: Treasury analysis

Aye: 14 MPs

No: 19 MPs

Aye: A-Z by last name

No: A-Z by last name

Question accordingly negatived.

Question proposed, That the Chair do report the Bill, as amended, to the House.

Photo of David Gauke David Gauke The Exchequer Secretary 5:00, 17 June 2014

On a point of order, Mr Caton. Before you put that Question, I should be grateful if the Committee would indulge me with its attention for a few more minutes. I am sure that hon. Members have not yet heard enough from me today—

Hon. Members:


Photo of Martin Caton Martin Caton Labour, Gower

Order. I am sorry to interrupt you, Minister, but the programme order says that we must finish at 5 o’clock, so perhaps you would keep it brief. I am allowing a little leeway, but we are subject to a programme order to which we are supposed to be sticking.

Photo of David Gauke David Gauke The Exchequer Secretary

Apologies, Mr Caton.

I am pleased that the Bill has received such scrutiny. Inevitably, we have focused on some aspects more than others, but our debate has been wide ranging. There have been many points on which Members have disagreed, but I am pleased that there has been consensus in some areas, including today on important matters of tax avoidance.

I am also pleased that the Committee’s scrutiny has been a model of efficiency. Last Thursday, we had the shortest sitting of the Finance Bill Committee in memory, when we got through 74 clauses and three schedules in 36 minutes. I was sad that we did not manage to keep up that rate all the way through our consideration.

I am grateful to Mr Streeter and to you, Mr Caton, for your valuable input. I thank the representative bodies and other interested parties who have played—

Photo of Martin Caton Martin Caton Labour, Gower

Order. I am sorry, Minister, but I must stop you there. Thank you for your kind words.

Photo of Shabana Mahmood Shabana Mahmood Shadow Minister (Treasury)

Further to that point of order, Mr Caton. I am sure that the Minister was about to thank the officials, Clerks and Whips who have served the Committee so well. I put on record my thanks to all members of the Committee for how they have engaged with our debates on and scrutiny of the Bill. I thank the ministerial team for its courtesy and diligence in responding to our many points and questions, and my Front-Bench colleagues for their contributions.

I thank Mr Streeter and you, Mr Caton, for chairing the Committee and getting us through to the end. We are most grateful.

Question put and agreed to.

Bill, as amended, accordingly to be reported.

Committee rose.

 Written evidence reported to the House

FB 03 Mr Girish Patel

FB 04 EDF Tax Ltd