The hon. Gentleman must realise that a number of people will build up £60,000 in their pension funds, and £15,000 is 25 per cent. of that. People with pension funds of that size will not be in a financial position to seek the expertise of members of the Institute of...

The hon. Gentleman must realise that a number of people will build up £60,000 in their pension funds, and £15,000 is 25 per cent. of that. People with pension funds of that size will not be in a financial position to seek the expertise of members of the Institute of...

I am grateful to my right hon. Friend for putting me back on track—as, indeed, did you, Madam Deputy Speaker. He has made an important point. We are asking taxpayers to examine the rules carefully, and to draw their own conclusions about whether they may be recycling lump sums. The...

I am grateful to my right hon. Friend for putting me back on track—as, indeed, did you, Madam Deputy Speaker. He has made an important point. We are asking taxpayers to examine the rules carefully, and to draw their own conclusions about whether they may be recycling lump sums. The...

I shall explain in a moment how we might provide that certainty, but I think the Economic Secretary wants to ““envisage”” something first.

I shall explain in a moment how we might provide that certainty, but I think the Economic Secretary wants to ““envisage”” something first.

Was it ““neo-classical post-endogenous growth cycle””, or a combination of those words in no particular order? I consulted Professor Davidson’s biography to see whether he had written anything about economics, but he had refrained from doing so, dealing entirely with semantics, causes and actions.

Was it ““neo-classical post-endogenous growth cycle””, or a combination of those words in no particular order? I consulted Professor Davidson’s biography to see whether he had written anything about economics, but he had refrained from doing so, dealing entirely with semantics, causes and actions.

I give way to my right hon. Friend.

I give way to my right hon. Friend.

Will my hon. Friend again explain to the Minister that once tax law is complicated to the extent that it is beyond the ken of ordinary people, they cease to believe in its fairness? There is a fundamental problem with the kind of complication with which he has delighted us...

Will my hon. Friend again explain to the Minister that once tax law is complicated to the extent that it is beyond the ken of ordinary people, they cease to believe in its fairness? There is a fundamental problem with the kind of complication with which he has delighted us...

Will my hon. Friend give way? I may be able to help him to return to the new clause.

Will my hon. Friend give way? I may be able to help him to return to the new clause.

What the Economic Secretary has said demonstrates why the position is not as clear as the hon. Member for Wolverhampton, South-West suggested. Let me now deal with an issue that relates to amendments Nos. 62 and 14. The Chartered Institute of Taxation said that it was happy with both the...

What the Economic Secretary has said demonstrates why the position is not as clear as the hon. Member for Wolverhampton, South-West suggested. Let me now deal with an issue that relates to amendments Nos. 62 and 14. The Chartered Institute of Taxation said that it was happy with both the...

Let me give the hon. Gentleman some further reassurance. We have debated the issue before, and I shall return to it shortly, but let me give him a second quotation from the Chartered Institute of Taxation:"““HMRC have consulted effectively on these changes; the resulting rules seek to separate structured tax...

Let me give the hon. Gentleman some further reassurance. We have debated the issue before, and I shall return to it shortly, but let me give him a second quotation from the Chartered Institute of Taxation:"““HMRC have consulted effectively on these changes; the resulting rules seek to separate structured tax...

What does the hon. Gentleman believe the minimum retirement income should be, as specified in new clause 3?

What does the hon. Gentleman believe the minimum retirement income should be, as specified in new clause 3?

I shall make a couple of brief observations in support of new clause 3, proposed by my hon. Friend the Member for Fareham (Mr. Hoban). His concluding comments about the need for consistency and clarity were well made. We are entering a new era for pensions in this country. Following...

I shall make a couple of brief observations in support of new clause 3, proposed by my hon. Friend the Member for Fareham (Mr. Hoban). His concluding comments about the need for consistency and clarity were well made. We are entering a new era for pensions in this country. Following...

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...

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...

I am grateful for the quotation. I shall consider the issue of certainty in a moment.

I am grateful for the quotation. I shall consider the issue of certainty in a moment.

The hon. Gentleman seems to be hovering on the verge of an intervention. Does he wish to intervene again?

The hon. Gentleman seems to be hovering on the verge of an intervention. Does he wish to intervene again?

I am grateful to the hon. Gentleman for his generosity. Perhaps I am not understanding him correctly: I cannot see what is so complicated about knowing whether one has reinvested a lump sum from a pension scheme, returning it to the pension scheme.

I am grateful to the hon. Gentleman for his generosity. Perhaps I am not understanding him correctly: I cannot see what is so complicated about knowing whether one has reinvested a lump sum from a pension scheme, returning it to the pension scheme.

If it is so clear, why are 21 examples and 28 pages of guidance necessary? However, let me take up something that the Economic Secretary said. Clause 159 is quite short and has a broad application, but its impact is mitigated by the 28 pages of guidance, which are very...

If it is so clear, why are 21 examples and 28 pages of guidance necessary? However, let me take up something that the Economic Secretary said. Clause 159 is quite short and has a broad application, but its impact is mitigated by the 28 pages of guidance, which are very...

I thank Members for their contributions, and I emphasise that my party is not asking for special tax privileges for trusts. All we are saying is that the Government should not slap punitive new tax charges on trusts, the vast majority of which are set up for completely non tax-related...

I thank Members for their contributions, and I emphasise that my party is not asking for special tax privileges for trusts. All we are saying is that the Government should not slap punitive new tax charges on trusts, the vast majority of which are set up for completely non tax-related...

The hon. Lady continues to demonstrate her lack of understanding of the complexity of the consultation with regard to definitions of disability, the range of organisations that took part in it, and my acknowledgement that some of those organisations—some of them—did not take the same view as us, and that...

The hon. Lady continues to demonstrate her lack of understanding of the complexity of the consultation with regard to definitions of disability, the range of organisations that took part in it, and my acknowledgement that some of those organisations—some of them—did not take the same view as us, and that...

The right hon. Lady said that she wished to have evidence of representations having been made to the Treasury on the definition of disability. I refer her to a document I have in my hand, ““Response to Inland Revenue proposals: modernising the tax system for trusts”” by the Disability Alliance,...

The right hon. Lady said that she wished to have evidence of representations having been made to the Treasury on the definition of disability. I refer her to a document I have in my hand, ““Response to Inland Revenue proposals: modernising the tax system for trusts”” by the Disability Alliance,...

We dealt with fluctuating conditions in Committee, and I made it absolutely clear to the hon. Lady then what would happen in such circumstances. If she cannot remember that, I cannot help her, but I will send her the reference.

We dealt with fluctuating conditions in Committee, and I made it absolutely clear to the hon. Lady then what would happen in such circumstances. If she cannot remember that, I cannot help her, but I will send her the reference.