Finance Bill — Repeals — 6 Jul 1999

I beg to move amendment No. 14, in page 97, line 29, column 4, leave out '2,320' and insert '2,230'.

I hope that this amendment will not cause anything like the controversy caused by the previous amendment. It amends schedule 1, which concerns vehicle excise duty for goods vehicles, and corrects a typographical error in the tabled rate for three-axle rigid goods vehicles weighing between 23 and 25 tonnes. The provision should have remained unchanged at 2,230 lbs rather than the 2,320 lbs set out in the schedule.

This corrective amendment reflects Government policy: rates for all goods vehicles, apart from the more heavily loaded vehicles that became available from 1 January, should be frozen, as they were last year. Lorries relicensed since the Budget have of course been charged at the correct rate. I trust that there will be no opposition to the amendment.

Amendment agreed to.

I beg to move amendment No. 1, in page 102, line 15, at end insert--

'(5) For the purposes of subsection (2) above the Commissioners may only give notice in the circumstances specified in subsection (2) above if it appears to the Commissioners that--

(a) a company is engaged in a VAT avoidance scheme,

(b) membership of the group threatens the collectability of tax, or

(c) the revenue loss associated with its membership of the group goes beyond the natural consequences of grouping.'.

Although the amendment will be spoken to by my hon. Friend the Member for West Dorset (Mr. Letwin), I am moving it because of the rules of advocacy. My hon. Friend may conceivably have an indirect interest, which he will doubtless describe to the House.

medium-sized businesses which cannot afford to employ legions of highly paid advisers to protect them against the exercise of those powers.

Amendment negatived.

Amendment made: No. 25, in page 112, line 37, leave out from 'Kingdom' to end of line 38 and insert 'and--

(a) any European Union institution in Brussels, Luxembourg or Strasbourg, or

(b) the national parliament of another member State.".'.-- [Mrs. Roche.]

Amendment made: No. 35, in page 175, line 26, at end insert--

'(2) Business assets: Roll-over relief

Chapter Short title

Extent of repeal 1992 c. 12.

The Taxation of Chargeable Gains Act 1992. Section 193.

This repeal has effect in accordance with section (Business assets: roll-over relief) (2) of this Act.'.-- [Mrs. Roche.]

Order for Third Reading read.

I beg to move, That the Bill be now read the Third time.

The Finance Bill reforms and strengthens the British economy by rewarding work, enterprise and families. Quite rightly, it has been subjected to detailed scrutiny, both on Report and in Committee. I thank all right hon. and hon. Members, some of whom are in the Chamber, who contributed to our consideration of the Bill in Committee. I particularly thank my hon. Friends for the excellence of their work on the Bill, but also thank Opposition Members for their work--not least because it has given us some profound insights into where they stand on so many key issues of tax policy, spending policy and economic policy.

The Bill helps to lock in the economic stability that the Government have been creating since we entered office, and introduces new measures to improve--for the long term--the productivity and performance of the British economy. The Bill contains measures to improve investment, to strengthen links between business and education, and to improve the tax position of growing firms.

The Bill's measures give Britain the lowest rates of company taxation in our history. Indeed, the measures give us the lowest tax rates of any major industrialised country anywhere in the world. Moreover, those rates will not apply for only one year, but will remain at that level, or below, for the remainder of this Parliament. They are evidence of the Government's determination to make Britain the very best place for businesses to invest, and the very best place for businesses to do business.

The Finance Bill helps put in place the building blocks not only for an enterprise economy, but for a fair society--the current Government, unlike the previous one, recognise that the two go together. In our two previous Budgets, we helped people move from welfare

6 Jul 1999 : Column 919

to work. We are now taking that fundamental reform a step further, by ensuring that, when people go into work, it pays.

Question put, That the Bill be now read the Third time:--

The House divided: Ayes 326, Noes 149.

Historical Hansard | Online Hansard |