Finance Bill

It is possible to have a test of why an individual is making an investment. If they are making the investment only because they have a loss they wish to offset, they would fail the test. That is what the legislation should be designed to correct, not to attack legitimate and genuine investment for bona fide commercial purposes. I very much hope that in Committee we shall be able to propose amendments that allow the Paymaster General to recognise that fact, as the Bill’s existing measures will lead to the end of many bona fide commercial transactions.