Finance Bill

I am pleased that the Financial Secretary has welcomed the initiative taken by the Institute of Chartered Accounts in England and Wales, of which I am a member, to create a joint committee to consider how the rules work in practice and ensure that the issues that will come out of the woodwork over the next year are properly addressed. I am disappointed that the Financial Secretary did not give more consideration to amendments Nos. 20 and 21, which relate to fees and the important issue of competition. As the weeks and months progress, people will start to regard that as a much bigger issue. Notwithstanding the problems to which she referred, there will be a demand to define services, because the current exemptions can be seen as quite narrow. I also recognise that she has acknowledged that some situations will be kept under review, particularly in connection with the treatment of employment-related securities. I am sure that those who have made representations to me will have noted her remarks this evening and will make further representations to her, either directly or through the CBI, on this important issue. On amendment No. 13, the Financial Secretary's comments on how the HMRC will consider the nomination of £30,000 and the interaction with the taxpayer—if that works—will provide the reassurance that people are looking for. The key phrase is ““if it works””. It will be HMRC's responsibility to ensure that it works, but I hope that it will receive the help and support of tax advisers committed to ensuring that their clients comply with the rules. I beg to ask leave to withdraw the amendment. Amendment, by leave, withdrawn. Amendments made: No. 40, page 162, line 15, after 'property,', insert 'service'. No. 41, line 17, leave out from 'property' to end of line 21 and insert ', service or consideration—