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Finance Bill

Again, that is precisely what the investment allowance is about. These are all matters that we must keep under review. I am grateful to the hon. Gentleman for his acknowledgment that the start-up figure is holding up and is good news. Amendment No. 8 seeks to delay the implementation of clause 6 pending a Treasury report on how capital gains tax reform will affect businesses seeking investment, investors who normally pay tax via capital gains tax, and the availability and cost of houses to buy and rent. It is unnecessary, and worse still, by abandoning the 6 April 2008 commencement provision, it would mean significant disruption for taxpayers who would no longer know where they stand. The Government have been clear from the outset that the reformed regime will be much more straightforward for people who pay capital gains tax. We announced the changes in advance to give people time to arrange their affairs accordingly, and we listened to the concerns that were raised by business groups following the announcement introducing a new tax relief targeted on entrepreneurs to meet these concerns.