Written question asked by David Gauke (Conservative) on Monday, 19 March 2007, in the House of Commons. It was due for an answer on Wednesday, 21 March 2007. It was answered by Baroness Primarolo (Labour) on Tuesday, 27 March 2007 on behalf of the Treasury.

Debt and Derivatives: Tax Law

Question: To ask the Chancellor of the Exchequer what representations he has received on proposals to rewrite the tax law in relation to debt and derivatives.

Answer: The Tax Law Rewrite project's work involves widespread consultation with representative bodies and others interested in tax legislation. In the ordinary course of this process, representations have been received by the project about whether the loan relationships and derivative contract legislation should be rewritten and if so, when.The Consultative Committee of the Tax Law Rewrite project is made up of a wide range of representative bodies including those that made representations about this issue. It recently agreed the proposal to include these rewritten provisions in the first of the two corporation tax rewrite Bills. This decision was endorsed by the project's steering committee.

Secondary information