Orders of the Day — 29 Apr 1998
I beg to move amendment No. 27, in page 110, line 9, leave out'1998-99' and insert '1999-2000'.
The bad news for those who are not aficionados of capital gains taxation is that the subject is not entirely exhausted. Enough has been said in previous debates to tell us that there is considerable disquiet about the way in which important reform is being introduced. The previous amendment, tabled and moved by the official Opposition, was largely designed, I suspect, to cover the embarrassment of their official spokesman, who had committed himself to a particular form of reform. With amendment No. 27 we are making a more wide-ranging request that the Government should consult and report back to Parliament on questions of simplicity and economic efficiency.
A regrettable feature of the previous debate was its presentation, which was more partisan than was necessary. When we dealt with the issue on Second Reading, it was fairly clear that there was disquiet on both sides of the Chamber. The hon. Member for Stafford (Mr. Kidney) made an especially good contribution. In common with many of us, he had encountered some of the difficulties that practitioners will experience with the reform. The hon. Gentleman asked the Government to consider the matter afresh. We approach the reform very much in that spirit.
In many other respects, the Government have shown a commendable willingness to consult. The result of that consultation on individual savings accounts was political credit for the Government and improved legislation. On gaming legislation, the Government showed last night that they were willing to listen to criticism and to respond. The amendment is moved in the hope that the Government will react to some of the things that have been said today, many of which my colleagues and I support. We hope that the Government will respond constructively to them in due course.
29 Apr 1998 : Column 385
Question put , That the amendment be made:--
The Committee divided: Ayes 34, Noes 240.
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