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Debate on bill on Tuesday, 7 June 2005, in the House of Commons, led by Baroness Primarolo. The answering member was Lord Hammond of Runnymede.

Finance Bill

Finance Bill. Second reading debate. Agreed to on question. Motion that clauses 11, 18, 40, 43, 44 and 69 and Schedule 8 be committed to a Committee of the Whole House; the remainder of the Bill be committed to a Standing Committee; and that when provisions of the Bill considered by the Committee of the whole House and by the Standing Committee have been reported to the House, the Bill will be proceeded with as if the Bill had been reported as a whole to the House from the Standing Committee. Agreed to on question. Ordered that during proceedings on the Bill the Standing Committee shall have leave to sit twice on the first day on which it shall meet.

Secondary information

Type
Parliamentary proceeding
Reference
434 c1132-213 
Session
2005-06
Department
Treasury
Legislative stage
Second reading
Chamber / Committee
House of Commons chamber
Related items
Finance Bill
Wednesday, 25 May 2005
Bills
House of Commons
Deposited Paper Dep 05/952
Wednesday, 22 June 2005
Deposited papers
House of Commons
Proceeding contributions
Kerry McCarthy | 434 c1165-8 (Link to this contribution) I am grateful for the opportunity to make my maiden speech today and it is a privilege to follow my ...
Philip Davies | 434 c1178-80 (Link to this contribution) Thank you, Madam Deputy Speaker, for giving me the opportunity to make my maiden speech. I start by ...
Show all contributions (110)
Peter Bone | 434 c1180-1 (Link to this contribution) I am grateful to you, Madam Deputy Speaker, for calling me to make my maiden speech. I enjoyed all t...
Lord Gove | 434 c1185-9 (Link to this contribution) Thank you very much, Madam Deputy Speaker, for allowing me to catch your eye and giving me the oppor...
Baroness Clark of Kilwinning | 434 c1162-4 (Link to this contribution) Thank you, Mr. Deputy Speaker, for giving me the opportunity to speak for the first time in the Hous...
Brooks Newmark | 434 c1168-72 (Link to this contribution) I am most grateful for this opportunity to address the House for the first time. I congratulate the ...
Graham Stuart | 434 c1183-5 (Link to this contribution) Thank you, Madam Deputy Speaker, for calling me to make my maiden speech in the House today. As my h...
Peter Bone | 434 c1181-3 (Link to this contribution) That saying’s time had not yet come, but there is another—““If at first you don’t succeed, try, try ...
Jessica Morden | 434 c1154-7 (Link to this contribution) Thank you, Mr. Deputy Speaker, for giving me the opportunity to make my maiden speech in this debate...
Baroness Kramer | 434 c1189-90 (Link to this contribution) May I congratulate the hon. Member for Surrey Heath (Michael Gove) on his maiden speech. To have so ...
Theresa Villiers | 434 c1191-4 (Link to this contribution) I address the House with a degree of trepidation on such a difficult and technical matter as a Finan...
Adam Afriyie | 434 c1195-6 (Link to this contribution) I thank my hon. Friend for that intervention and I agree wholeheartedly. My background is in busines...
Stephen Hammond | 434 c1196-9 (Link to this contribution) You called me to make my maiden speech two and a half weeks ago, Madam Deputy Speaker, and I am extr...
Adam Afriyie | 434 c1194-5 (Link to this contribution) I am grateful for the opportunity to speak in such an important debate. Despite the haste with which...
Tobias Ellwood | 434 c1195 (Link to this contribution) I thank my hon. Friend for giving way. Does he agree that the over-regulation imposed by this Govern...
John Healey | 434 c1207 (Link to this contribution) It is a pleasure to follow the hon. Member for West Suffolk (Mr. Spring) for the first time from the...
Lord Risby | 434 c1200-7 (Link to this contribution) We have had an excellent debate and heard some very good speeches, and I particularly welcome the ma...
Lee Scott | 434 c1199-200 (Link to this contribution) I congratulate all hon. Members on their maiden speeches. I have been approached by a charity in my...
Lord Risby | 434 c1173 (Link to this contribution) That is one way of describing it.
Stephen Hesford | 434 c1173-4 (Link to this contribution) The point that I am making is that there is a simple principle behind the so-called complexity. I as...
Stephen Dorrell | 434 c1174-6 (Link to this contribution) I draw the attention of the House to my entry in the Register of Members’ Interests. I congratulate...
Rob Marris | 434 c1176 (Link to this contribution) : I think that I understand the thrust of what the right hon. Gentleman is saying, but he wants to h...
Stephen Dorrell | 434 c1176-8 (Link to this contribution) The hon. Gentleman has shot his own argument out of the water. There is a sense in which one can dra...
Ivan Lewis | 434 c1181 (Link to this contribution) Are you thinking what we’re thinking?
Geoffrey Clifton-Brown | 434 c1207 (Link to this contribution) Would the hon. Gentleman not admit that the real mark of an economy’s competence is the amount of fo...
Chris Huhne | 434 c1152-3 (Link to this contribution) To be frank, the real potential is in abuse. I am not persuaded that the Inland Revenue is in a posi...
Baroness Primarolo | 434 c1153-4 (Link to this contribution) The hon. Gentleman has referred to quite a bit of stuff that is not actually in the Bill, so he will...
Chris Huhne | 434 c1152 (Link to this contribution) I know of no institutional investor who directly manages residential property: they may own it direc...
Rob Marris | 434 c1152 (Link to this contribution) I understood the Paymaster General to say that the assets would be owned by the pension fund, rather...
Chris Huhne | 434 c1151-2 (Link to this contribution) That will be a problem and I am not reassured by the Paymaster General’s response that the Inland Re...
Lord Davies of Stamford | 434 c1152 (Link to this contribution) The hon. Gentleman is wrong about institutional investors: sometimes they decide to take a direct st...
Chris Huhne | 434 c1151 (Link to this contribution) Let me come to that. The hon. Gentleman anticipates the obvious solution that I was going to suggest...
Danny Alexander | 434 c1151 (Link to this contribution) Does my hon. Friend share the view that a further worrying aspect of SIPPs is the likely increase in...
Chris Huhne | 434 c1150-1 (Link to this contribution) We have had a salutary reminder from the hon. Member for Newcastle upon Tyne, North (Mr. Henderson) ...
Rob Marris | 434 c1158 (Link to this contribution) May I refer the hon. Gentleman to the table on page 275 of the Red Book, which gives those figures? ...
Lord Davies of Stamford | 434 c1158 (Link to this contribution) The hon. Gentleman is partially correct, but I repeat my point: curiously, those figures do not go u...
Rob Marris | 434 c1158 (Link to this contribution) Will the hon. Gentleman give way?
Helen Goodman | 434 c1157 (Link to this contribution) My recollection, having been a Treasury civil servant throughout the Tory years, is that Tory Minist...
Lord Davies of Stamford | 434 c1157-8 (Link to this contribution) No, the hon. Lady must be quite wrong about that. I remember Lord Lawson, as he now is, was Chancell...
Lord Risby | 434 c1158 (Link to this contribution) I do not recall Lord Lawson double and treble-counting the figures for the first two or three years ...
Lord Davies of Stamford | 434 c1158 (Link to this contribution) I think that standards in these matters have slipped and eroded, which is unfortunate. Were we to go...
Chris Huhne | 434 c1154 (Link to this contribution) I thank the Paymaster General for that clarification, but we hope that the retrospective elements in...
Lord Davies of Stamford | 434 c1157 (Link to this contribution) The hon. Member for Newport, East (Jessica Morden) gave an extremely attractive maiden speech that w...
Lord Davies of Stamford | 434 c1160-1 (Link to this contribution) The hon. Gentleman has just read out a completely irrelevant quotation. I asked why the Government m...
Lord Davies of Stamford | 434 c1160 (Link to this contribution) The Paymaster General will have to be more specific, and say which of the figures relating to the cu...
Rob Marris | 434 c1160 (Link to this contribution) The hon. Gentleman might find some explanation on page 27 of the Red Book. I shall read out the seco...
Lord Davies of Stamford | 434 c1161-2 (Link to this contribution) I see that the hon. Gentleman is nodding. To move from a £100 billion surplus to the current break-e...
Baroness Primarolo | 434 c1160 (Link to this contribution) I recommend the hon. Gentleman to read the Red Book before speaking in debates such as this.
Lord Davies of Stamford | 434 c1159-60 (Link to this contribution) I will not give way to the hon. Gentleman again immediately. He will have to be patient. I will deve...
Rob Marris | 434 c1159 (Link to this contribution) Will the hon. Gentleman give way?
Lord Davies of Stamford | 434 c1159 (Link to this contribution) I will proceed for a little longer before I give way again. I will no doubt do so later, but I do no...
Tobias Ellwood | 434 c1172 (Link to this contribution) Will the hon. Gentleman give way?
Baroness Kramer | 434 c1172-3 (Link to this contribution) I hope that the hon. Gentleman will forgive me if I do not fully understand the manner in which to a...
Stephen Hesford | 434 c1173 (Link to this contribution) That would be a fair point, if there was a principle at stake. I understand that the debate in the L...
Lord Bannside | 434 c1164-5 (Link to this contribution) I begin by congratulating the hon. Member for North Ayrshire and Arran (Ms Clark). Her constituency ...
Lord Bannside | 434 c1165 (Link to this contribution) My hon. Friend makes a vital point. It disturbs me that the proposal will cause more misery in North...
Lord McCrea of Magherafelt and Cookstown | 434 c1165 (Link to this contribution) Does my hon. Friend agree that the setting up of this company will be the first step towards privati...
Doug Henderson | 434 c1147-9 (Link to this contribution) First, I draw the attention of the House to my entry in the Register of Members’ Interests. While t...
Lord Hammond of Runnymede | 434 c1141-2 (Link to this contribution) The Paymaster General has been notified of more than 700 avoidance schemes that are in use, yet noth...
Lord Hammond of Runnymede | 434 c1143 (Link to this contribution) My right hon. Friend is absolutely right. As he knows, many jurisdictions already have general anti-...
Stephen Dorrell | 434 c1142-3 (Link to this contribution) My hon. Friend is raising an important point. If this degree of discretion is to be granted to the t...
Lord Hammond of Runnymede | 434 c1143-4 (Link to this contribution) I can tell the hon. Gentleman that I shall not ask my hon. Friends to vote against the Bill this eve...
Stephen Hesford | 434 c1143 (Link to this contribution) I am listening to the hon. Gentleman with care, but I am somewhat confused. On the one hand, he says...
Lord Hammond of Runnymede | 434 c1144-6 (Link to this contribution) If my hon. Friend will allow me, I want to make a little more progress. Clause 40 and schedule 8 ar...
Lord Hammond of Runnymede | 434 c1140-1 (Link to this contribution) If the hon. Gentleman, who will perhaps be a member of the Standing Committee scrutinising this Bill...
Lord Hammond of Runnymede | 434 c1140 (Link to this contribution) I suspect that the actual outcome is that wealth is redistributed in favour of specialist lawyers an...
John Bercow | 434 c1140 (Link to this contribution) : My hon. Friend will recall, probably very accurately, the many racy and intoxicating debates that ...
Rob Marris | 434 c1140 (Link to this contribution) The hon. Gentleman is espousing some principles and arguing that, in a sense, the Bill offends them....
John Bercow | 434 c1138 (Link to this contribution) Will the Paymaster General give way just once more?
Baroness Primarolo | 434 c1138 (Link to this contribution) Tax credits are not the subject of this debate, but there was an excellent debate about them in West...
Lord Hammond of Runnymede | 434 c1138-40 (Link to this contribution) I draw the House’s attention my entry in the Register of Members’ Interests. I congratulate the Pay...
Baroness Primarolo | 434 c1138 (Link to this contribution) I think I will end my speech now. I commend the Bill to the House.
John Bercow | 434 c1137 (Link to this contribution) : Will the Paymaster General give way?
David Winnick | 434 c1137-8 (Link to this contribution) The measures mentioned by my right hon. Friend will be very much welcomed by Labour Members. On the ...
Adam Price | 434 c1135 (Link to this contribution) Has the Treasury come up with its own estimate of the tax revenue that will be forgone as a result o...
Baroness Primarolo | 434 c1135 (Link to this contribution) I am certainly aware of the press speculation pointing to the sort of trends that the hon. Gentleman...
Andrew George | 434 c1135 (Link to this contribution) Has the Minister had the opportunity to reflect on Government proposals to extend self-invested pers...
Baroness Primarolo | 434 c1133-5 (Link to this contribution) I know that the hon. Gentleman follows these matters closely. Perhaps he will allow me to continue m...
David Winnick | 434 c1137 (Link to this contribution) Will my right hon. Friend give way?
Baroness Primarolo | 434 c1136-7 (Link to this contribution) I well remember that during the debates on the capital gains tax reforms introduced by this Governme...
Ed Balls | 434 c1135-6 (Link to this contribution) Does my right hon. Friend agree that the fact that in Britain we now have a 10 per cent. rate of cap...
Baroness Primarolo | 434 c1135 (Link to this contribution) I can tell the hon. Gentleman that there are no plans for the Government to make changes to these pa...
John Bercow | 434 c1133 (Link to this contribution) Working on the principle that one ought to be grateful for small mercies, perhaps my hon. Friend the...
Baroness Primarolo | 434 c1133 (Link to this contribution) My right hon. Friend the Chancellor will be delighted to hear that my hon. Friend supports his fisca...
Baroness Primarolo | 434 c1132 (Link to this contribution) I beg to move, That the Bill be now read a Second time. As my right hon. Friend the Chancellor outl...
Baroness Primarolo | 434 c1132-3 (Link to this contribution) I know that, as a distinguished member of the Treasury Committee—no doubt he is keen to be reappoint...
Michael Fallon | 434 c1132 (Link to this contribution) Will the right hon. Lady confirm that we are to add 159 pages to the 203 pages of legislation that w...
Baroness Primarolo | 434 c1213 (Link to this contribution) I beg to move,"That,""(1) Clauses nos. 11, 18, 40, 43, 44 and 69 and schedule no. 8 shall be committ...
John Healey | 434 c1212-3 (Link to this contribution) We are engaged in discussions with companies and their representatives on that very point. HMRC is p...
Speaker | 434 c1213 (Link to this contribution) I understand that the committal motion on the Order Paper will not be moved, and that the Government...
John Healey | 434 c1212 (Link to this contribution) My hon. Friend makes a powerful case for HMRC’s local activities. He might have missed the finer poi...
Stephen Dorrell | 434 c1212 (Link to this contribution) I doubt that any such certificates will be issued by the tax office in Chorley, even assuming that i...
Lindsay Hoyle | 434 c1212 (Link to this contribution) Of course tackling tax avoidance is important, but one of the benefits of having local tax offices i...
Lord Davies of Stamford | 434 c1209 (Link to this contribution) That is very kind. Does the Financial Secretary think it right that pensioners in the category that ...
John Healey | 434 c1209-11 (Link to this contribution) I do not accept the hon. Gentleman’s point. My argument is about the importance of prioritising the ...
Lord Bannside | 434 c1211 (Link to this contribution) Will the Minister assure me that the service will be kept in public ownership and will not get into ...
John Healey | 434 c1207-9 (Link to this contribution) In recent years this country has done extremely well at attracting direct foreign investment, and we...
John Healey | 434 c1209 (Link to this contribution) I will, and it is good to see the hon. Gentleman back in his place.
John Healey | 434 c1211-2 (Link to this contribution) The hon. Gentleman will have to raise that in the consultation process. The Bill, and my responsibil...
Stephen Hesford | 434 c1172 (Link to this contribution) No, not at this point. In some sense, I follow the hon. Member for North Antrim (Rev. Ian Paisley) ...
Baroness Primarolo | 434 c1137 (Link to this contribution) I was on my last sentence, but I will give way to my hon. Friend.
Kelvin Hopkins | 434 c1133 (Link to this contribution) I agree that we have a strong economy, especially compared with those of the eurozone. Does my right...
John Healey | 434 c1212 (Link to this contribution) I welcome my hon. Friend to the Chamber for the first time this afternoon, but of course I give way ...
Lord Davies of Stamford | 434 c1151 (Link to this contribution) The hon. Gentleman criticises an important element of the Bill. Is he against the tax break for peop...
Stephen Hesford | 434 c1172 (Link to this contribution) I welcome the hon. Member for Braintree (Mr. Newmark) to his place and congratulate him on his maide...
Subjects
Accountancy Capital gains tax Corporation tax Income tax Gift aid National income Public expenditure Lump sum payments Public sector debt Tax avoidance Taxation VAT Stamp duties
Legislation
Finance Bill 2005-06
Link
View this Parliamentary proceeding on www.publications.parliament.uk