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Finance Bill

We will probably return to the issue several times in Committee. I do not accept what the hon. Gentleman is saying; we are introducing serious and welcome simplifications. I do not accept the hon. Gentleman's suggestion that the changes discourage long-term investment. When concerns are raised, it is always sensible to listen to them, but I say to him that the Government's success in delivering macro-economic stability has created the conditions in which individuals can plan for the long term. The reformed CGT regime removes distortions and will be more sustainable and straightforward for taxpayers and help everyone to plan for the future. The new entrepreneurs relief is targeted to reward business owners and material investors, who have worked hard to grow their businesses. I reiterate the importance of certainty for businesses and investors. I am well aware that there are differing points of view on the merits of capital gains tax reform, but I hope that all parties will recognise that the uncertainty that would result from the abandoning of the 6 April 2008 start date would be highly disruptive and must be avoided. I hope that the hon. Member for Dundee, East will withdraw the amendment, although I do not believe that he will. If he presses it to a Division, I urge hon. Members to reject it.