Part of Finance Bill – in a Public Bill Committee at 10:15 am on 17 October 2017.
Peter Dowd
Shadow Chief Secretary to the Treasury
10:15,
17 October 2017
I beg to move Amendment 17, in Clause 7, page 15, line 11, at end insert—
‘(4A) After section 227G (when pension rights are first flexibly accessed), insert—
“
(1) Prior to 30 June 2019, the Commissioners for Her Majesty’s Revenue and Customs shall complete a review of the effects of the changes made to this Act by section 7 of the Finance (No. 2) Act 2017.
(2) The review shall consider in particular—
(a) the change to the tax charge applied in each tax year, and
(b) the behavioural effects of the changes.
(3) The Chancellor of the exchequer shall lay a report of the review under this section before the House of Commons as soon as practicable after its completion.”’
This amendment would require HMRC to undertake a review of the effects of the change to the money purchase annual allowance in Clause 7.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
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