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Finance Bill

I return to the key point: a very substantial group of investors will steer clear of such things. The Minister says that existing tax provisions are not materially affected, but the whole point of setting up the QIS funds is precisely to ensure, on the initiative of the FSA, that there is a vehicle by which one can have sensible pooled investment funds. That is being done precisely to ensure that there is a material change in tax treatment. Saying that a substantial number of investors will be scared off because of the liabilities that they may incur through no action of their own precisely confirms my point: the investments are going to be registered in Dublin and Luxembourg, and not in London.