Letter dated 25/07/2007 from Lord Davies of Oldham to Lord Northbrook regarding the capital gains tax anti-avoidance rule in the context of the Finance Bill.

Letter dated 25/07/2007 from Lord Davies of Oldham to Lord Northbrook regarding the capital gains tax anti-avoidance rule in the context of the Finance Bill.

Finance Bill. Royal assent notified 19 July 2007. CHAP 11 2007.

Finance Bill. Royal assent notified 19 July 2007. CHAP 11 2007.

My Lords, I shall certainly withdraw it if the noble Baroness challenges me, because I am sure that she is quite accurate. Let me say that average interest rates over that period were in double figures; that I will assert. If the noble Baroness presses me and I am wrong,...

My Lords, I shall certainly withdraw it if the noble Baroness challenges me, because I am sure that she is quite accurate. Let me say that average interest rates over that period were in double figures; that I will assert. If the noble Baroness presses me and I am wrong,...

My Lords, I thank the Minister for introducing the Finance Bill and I congratulate my noble friend Lord Wakeham on yet another significant report on the Bill from his economic affairs sub-committee. At 309 pages, this year’s Finance Bill is long but relatively modest compared with those of recent years....

My Lords, I thank the Minister for introducing the Finance Bill and I congratulate my noble friend Lord Wakeham on yet another significant report on the Bill from his economic affairs sub-committee. At 309 pages, this year’s Finance Bill is long but relatively modest compared with those of recent years....

My Lords, none of us expects the Minister to produce new tax proposals, but could he help us by saying why the Government are happy with non-domiciled taxpayers, perhaps billionaires, paying no stamp duty on very expensive properties in London while those paying tax at 40 per cent or less...

My Lords, none of us expects the Minister to produce new tax proposals, but could he help us by saying why the Government are happy with non-domiciled taxpayers, perhaps billionaires, paying no stamp duty on very expensive properties in London while those paying tax at 40 per cent or less...

My Lords, I shall come on to the noble Lord’s speech in a moment, but he will recognise that a third represents an extensive increase in taxation directed towards his objectives. He will know how difficult it is to persuade the electorate of the enormous virtues to be seen in...

My Lords, I shall come on to the noble Lord’s speech in a moment, but he will recognise that a third represents an extensive increase in taxation directed towards his objectives. He will know how difficult it is to persuade the electorate of the enormous virtues to be seen in...

My Lords, I am grateful to all noble Lords who have spoken in this debate, particularly the noble Lord, Lord Wakeham, for introducing his important Select Committee report and for highlighting the points that the committee identified. I emphasise the fact that about 60 per cent of the Budget represents...

My Lords, I am grateful to all noble Lords who have spoken in this debate, particularly the noble Lord, Lord Wakeham, for introducing his important Select Committee report and for highlighting the points that the committee identified. I emphasise the fact that about 60 per cent of the Budget represents...

My Lords, I cannot remember the exact figures, but I think that I would like the noble Lord to withdraw the statement that we never had interest rates in single figures, because it is simply not true.

My Lords, I cannot remember the exact figures, but I think that I would like the noble Lord to withdraw the statement that we never had interest rates in single figures, because it is simply not true.

My Lords, that is to presume that, if such individuals then made up their minds that living in London was no longer an option that they wanted to exercise, there would be a straight gain for the Exchequer. All I would say is that I do not think that it...

My Lords, that is to presume that, if such individuals then made up their minds that living in London was no longer an option that they wanted to exercise, there would be a straight gain for the Exchequer. All I would say is that I do not think that it...

My Lords, that simply will not do as an argument. If Russian billionaires are paying almost no stamp duty on houses in London costing £20 million, making them pay will not reduce the yield. What it might do is have an impact on the house price boom in central London,...

My Lords, that simply will not do as an argument. If Russian billionaires are paying almost no stamp duty on houses in London costing £20 million, making them pay will not reduce the yield. What it might do is have an impact on the house price boom in central London,...

My Lords, the noble Lord should not presume that these are straightforward and easy issues. The issue with regard to non-domiciles is obvious: we have to balance the tax loss of not taxing them as fully domestic residents against the obvious mobility of that community and the possibility that their...

My Lords, the noble Lord should not presume that these are straightforward and easy issues. The issue with regard to non-domiciles is obvious: we have to balance the tax loss of not taxing them as fully domestic residents against the obvious mobility of that community and the possibility that their...

My Lords, once again it is time to examine the Finance Bill. We are also grateful for the report produced by my noble friend Lord Wakeham. As usual, his committee has produced a thorough and professional document, to which I shall return shortly. First, I want to make some comments...

My Lords, once again it is time to examine the Finance Bill. We are also grateful for the report produced by my noble friend Lord Wakeham. As usual, his committee has produced a thorough and professional document, to which I shall return shortly. First, I want to make some comments...

My Lords, like other noble Lords, I begin by congratulating the noble Lord, Lord Wakeham, and his colleagues on producing such a thorough and sensible report in such a very tight timetable. I join the noble Lord, Lord Barnett, in expressing the hope that this Chancellor will see this committee...

My Lords, like other noble Lords, I begin by congratulating the noble Lord, Lord Wakeham, and his colleagues on producing such a thorough and sensible report in such a very tight timetable. I join the noble Lord, Lord Barnett, in expressing the hope that this Chancellor will see this committee...

My Lords, I am very pleased to introduce the report of the Economic Affairs Committee on the Finance Bill. It is the fifth annual report in what is already a well established series that confirms the role of this House in the parliamentary scrutiny of Finance Bills. In the past,...

My Lords, I am very pleased to introduce the report of the Economic Affairs Committee on the Finance Bill. It is the fifth annual report in what is already a well established series that confirms the role of this House in the parliamentary scrutiny of Finance Bills. In the past,...

My Lords, my point about the simplification related to the broader range of business taxation. The noble Lord will accept that we are talking about a relatively small group of companies. I accept his point that the increase throws an extra burden on them. He also will recognise that we...

My Lords, my point about the simplification related to the broader range of business taxation. The noble Lord will accept that we are talking about a relatively small group of companies. I accept his point that the increase throws an extra burden on them. He also will recognise that we...

My Lords, I congratulate the noble Lord, Lord Wakeham, on his admirable chairmanship of the committee in the preparation of its report on this year’s Finance Bill. I will restrict my remarks to business taxation and the business tax reform package. I declare an interest as a past president of...

My Lords, I congratulate the noble Lord, Lord Wakeham, on his admirable chairmanship of the committee in the preparation of its report on this year’s Finance Bill. I will restrict my remarks to business taxation and the business tax reform package. I declare an interest as a past president of...

My Lords, I shall think about that again later. We said in the committee—I agreed with it, as I eventually went along with everything that the committee agreed on—that it ““should be”” possible to simplify the tax system. I agree that it should be possible but I am somewhat pessimistic...

My Lords, I shall think about that again later. We said in the committee—I agreed with it, as I eventually went along with everything that the committee agreed on—that it ““should be”” possible to simplify the tax system. I agree that it should be possible but I am somewhat pessimistic...

My Lords, to clarify my point for the noble Lord, Lord Barnett, I said that taxation could be on financial accounts, which would include depreciation as an expense.

My Lords, to clarify my point for the noble Lord, Lord Barnett, I said that taxation could be on financial accounts, which would include depreciation as an expense.

My Lords, I do not agree with many issues raised by the noble Lord, but he was right to say that the House of Commons spend their time on the Finance Bill dealing mainly with political issues. We have a much wider arrangement in this House so we can look...

My Lords, I do not agree with many issues raised by the noble Lord, but he was right to say that the House of Commons spend their time on the Finance Bill dealing mainly with political issues. We have a much wider arrangement in this House so we can look...