Finance Bill

My hon. Friend is right. That is precisely the danger to which new clause 5 could give rise, with the difference that building something or progressing with a development is, in principle, good and laudable, whereas avoiding tax is not. There is therefore an even stronger reason not to follow that route. New clause 5 states that HMRC will have a "reasonable" amount of time to comply with the clearance request. Again, I agree with the hon. Member for Fareham. What constitutes "reasonable" in that context? It can take a considerable time before HMRC is in a position to make such a judgment and it could easily be impossible to do that in a timeframe that might be considered reasonable by the taxpayer. I therefore question the usefulness of that sort of clearance to those who are genuinely trying to pay the right amount of tax at the right time, and I strongly argue against adopting the new clause because it would help those whose purpose is purely and clearly to avoid tax. As I said earlier, however, that is not to say that I want to close the door on tightening the disclosure arrangements. Indeed, there may be opportunities for us to do that.