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Finance (No. 2) Bill

I shall resist the temptation to return to past debates. I merely wanted to give some reassurance to the hon. Gentleman and the right hon. Member for Suffolk, Coastal (Mr. Gummer). The hon. Gentleman quoted a number of advisers who may or may not have been involved in the marketing of these schemes. May I give him a quotation from the Chartered Institute of Taxation, which may provide some reassurance?"““The PBR announced changes in the pension rules to prevent recycling of pension funds. CIOT was worried lest the ordinary taxpayer, with no tax avoidance motive, would be inadvertently caught, and wrote to HMRC setting out these concerns. HMRC were receptive to these comments and took them into account when drafting the proposed legislation and guidance. We believe the resulting provisions are workable and should prevent marketed avoidance without catching the innocent.””" I hope that that does provide some reassurance. This is well-made policy, which means that the innocent will not be caught, but those who are paying large amounts for tax avoidance purposes will.