Results 941–960 of 976 for speaker:Professor Ross Cranston

Clause 19: Pension Funds No Longer Entitled to Payment of Tax Credits (29 Jul 1997)

Professor Ross Cranston: Can the hon. Gentleman explain why the United States does not have our imputation system, and in what way the United Kingdom system is more advantageous than that in the United States? Can he also explain how the neutrality aspect differs as between higher-rate taxpayers, basic-rate taxpayers and pension funds that are tax-exempt?

Clause 19: Pension Funds No Longer Entitled to Payment of Tax Credits (29 Jul 1997)

Professor Ross Cranston: I want to deal with the effect of the changes on investment, which was not covered at length in the Standing Committee, and which the House should deal with. First, however, I congratulate the right hon. Member for Hitchin and Harpenden (Mr. Lilley) on his attitude to the mis-selling of private pensions. That mis-selling has been a tremendous scandal, and it is gratifying to hear the right...

Clause 19: Pension Funds No Longer Entitled to Payment of Tax Credits (29 Jul 1997)

Professor Ross Cranston: The hon. Gentleman anticipates me. In Standing Committee, the hon. Gentleman did not answer one question put to him by my hon. Friends. Yesterday, the hon. Gentleman could not answer one question. On Second Reading, I said that there were distortions as a result of the system that the Finance Bill will change. There are distortions in terms of the investment decisions made by pension funds....

Clause 19: Pension Funds No Longer Entitled to Payment of Tax Credits (29 Jul 1997)

Professor Ross Cranston: I made the point just now that pension fund managers might decide to buy foreign equities.

Clause 19: Pension Funds No Longer Entitled to Payment of Tax Credits (29 Jul 1997)

Professor Ross Cranston: I am not commenting one way or the other. [Laughter.] Hon. Members may laugh. I thought that they believed in free market economics. The existing system has a distortion in it. As I said at the outset, the other effect of the change is that earnings will be retained to a greater extent. In that sense, managers of UK companies can take a long-term view which will benefit the economy. The...

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (28 Jul 1997)

Professor Ross Cranston: Will the hon. Gentleman give way?

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (28 Jul 1997)

Professor Ross Cranston: I have been provoked to rise by the speech by the hon. Member for Guildford (Mr. St. Aubyn), who made certain assertions to which I shall return later. In Committee, certain comments were made about the drafting of the Bill. On other occasions, I have been critical of the style of drafting that we use in this country, but clause 17 could not be a clearer statement of Government policy. As...

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (28 Jul 1997)

Professor Ross Cranston: The Minister will reply specifically to the amendments in a moment. As for rolling monthly contracts—it will be a matter of looking at each contract separately. Is it an indivisible contract, or is it a series of separate contracts?

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (28 Jul 1997)

Professor Ross Cranston: I am not sure I even understood the hon. Gentleman's question—

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (28 Jul 1997)

Professor Ross Cranston: Earlier, my hon. Friend dealt very well with the non-regressive intent behind clause 17, combined with the reduction in VAT. Finally, even the hon. Member for Daventry (Mr. Boswell), on Second Reading, quoted the comments of Mr. William Laing, from the consultants dealing with these matters. He said that this tax relief—the hon. Member for Daventry did not quote the words exactly although...

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (28 Jul 1997)

Professor Ross Cranston: I am reminded of the particular point that the hon. Member for Daventry made on Second Reading. The report from the Economists Advisory Group shows that the abolition of the relief would mean at most 30,000 more persons using the NHS. That certainly does not stack up against the figure of 1 million mentioned by the hon. Member for Guildford.

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (28 Jul 1997)

Professor Ross Cranston: I am about to conclude my remarks. The amendments are of no worth. My hon. Friend the Financial Secretary has already dealt in writing with the points that they raise and will no doubt repeat in a moment what she has already explained.

Orders of the Day — Finance Bill: Pension Funds No Longer Entitled to Payment of Tax Credits (16 Jul 1997)

Professor Ross Cranston: I should be more persuaded by the Opposition's claim that they are the pensioners' friend if my hon. Friend the Economic Secretary to the Treasury did not have to spend so much of her time clearing up the mess left by the previous Government because of the huge misselling of pensions. I should also be more persuaded if the Office of Fair Trading had not published a report this morning on the...

Orders of the Day — Finance Bill: Pension Funds No Longer Entitled to Payment of Tax Credits (16 Jul 1997)

Professor Ross Cranston: The hon. Gentleman completely misunderstands. The imputation system was designed to avoid double taxation in the sense of taxation when the moneys are in the hands of the company and then in the hands of shareholders when they receive dividends. That has nothing to do with double taxation treaties between different countries. As the American experience demonstrates, our system is not...

Orders of the Day — Finance Bill: Pension Funds No Longer Entitled to Payment of Tax Credits (16 Jul 1997)

Professor Ross Cranston: I am pointing out that the measure affects the portfolio decisions of pension funds. As we have seen in recent days, the speculation is that pension funds will turn from UK equities, for example, to commercial property, foreign equities or gilts. The OFT report has underlined that the present system gives protection to inefficient fund managers. We know that fund managers have been able to...

Orders of the Day — Finance Bill: Pension Funds No Longer Entitled to Payment of Tax Credits (16 Jul 1997)

Professor Ross Cranston: I find that intervention helpful. If my right hon. Friend reads the report of my speech in Hansard, he may follow my argument, which I hope and trust is correct. The economic health of pension funds turns in the long run on the state of the economy. In other words, it turns on general economic conditions, including the stable long-term growth of the economy, and the Government have taken...

Orders of the Day — Finance Bill: Pension Funds No Longer Entitled to Payment of Tax Credits (16 Jul 1997)

Professor Ross Cranston: Can the hon. Gentleman provide evidence to support his claim that the figure is 11 per cent?

Orders of the Day — Finance Bill: Pension Funds No Longer Entitled to Payment of Tax Credits (16 Jul 1997)

Professor Ross Cranston: All other things being equal.

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (16 Jul 1997)

Professor Ross Cranston: I start with a digression. The hon. Member for Daventry (Mr. Boswell) referred to my contribution yesterday. When winding up last night, he quoted Shakespeare. I should have thought that a close study of Shakespeare would have given him an appreciation of the use of irony, but apparently not. The hon. Gentleman also does not seem to appreciate the impact of the defeat that his party suffered...

Orders of the Day — Finance Bill: Withdrawal of Relief on Medical Insurance Premiums (16 Jul 1997)

Professor Ross Cranston: The hon. Gentleman does not seem to listen, quite apart from his inability to appreciate irony. The hon. Member for Daventry made certain remarks about the aging population and the increasing demand on the health service that it would impose in coming years. There is certainly an element of truth in that. The important reason why the Government have taken this measure is that it frees up...


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