Clause 67 - Securitisation companies and qualifying transformer vehicles

Part of Finance (No. 2) Bill – in a Public Bill Committee at 4:30 pm on 5 January 2022.

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Photo of Lucy Frazer Lucy Frazer The Financial Secretary to the Treasury 4:30, 5 January 2022

I thank the hon. Lady very much for those points. I welcome the fact that she, too, thinks it important that this country remains competitive and flexible, and supports growth in this very important sector.

The hon. Lady asked why we need these changes to be made by secondary legislation. The answer is that technical changes of the type consulted on are more often and more appropriately made through secondary legislation than by primary legislation. Making the changes through secondary legislation gives Government flexibility to ensure that technical changes respond to the evolving nature of the securitisation and ILS markets.

However, it is of course important that we have scrutiny and review. We had a consultation on this issue, from which these provisions follow; of course, anything that comes through secondary legislation will be scrutinised. We will keep this under review, as we do all taxes.