Finance Bill

I thank the hon. Gentleman for the measured way in which he at least implied that he and his party would support the step that we are taking. In a sense, I covered the reason for our framing the new clause in such a way in my speech. It covers the known schemes and our anticipation of the way in which other contrived schemes—those that try to take advantage of management expenses relief—may be constructed. We calculate that what Her Majesty’s Revenue and Customs has already examined under the system of notification has put at risk £246 million to the Exchequer. If left unchecked, the schemes would put at risk approximately £1 billion to the Exchequer and the public purse. I hope that that helps to explain the two figures that I used this afternoon and the one figure that I cited in my letter to the hon. Member for Chipping Barnet (Mrs. Villiers). Question put and agreed to. Clause read a Second time, and added to the Bill.