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Legislative and Regulatory Reform Bill

I will come back to the right hon. Gentleman on that matter. The amendment addresses the unwanted consequences that might arise from the transfers that I have just described. It will allow the Treasury to make tax provision by regulations in relation to a transfer of property, rights and liabilities under an order under part 1. This power will enable the Treasury to make appropriate tax provision at the appropriate time to ensure that a transfer does not give rise to a tax charge, or confer a tax advantage, on either party. It is unlikely that the powers will be used often; they will be used only in the unusual instance that a merger is being pursued by order which involves the transfer of such property, right and liabilities. I hope that the House will agree to the Lords amendment.