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Mr. Peter Rees: I beg to move amendment No. 66, in page 79, line 27, leave out from 'section' to 'has' in line 28 and insert
'444 of the Income and Corporation Taxes Act 1970'.
This is a technical amendment to cure what is in effect a defect of drafting. The original clause was meant to refer to a provision in the Taxes Act which defined "settlor". In fact, the reference should have been to the Income and Corporation Taxes Act 1970, section 444. It was not. It was to cure this error that the amendment was put down. On that basis, I hope that the House will accept it.
Amendment agreed to.
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Mr. Peter Rees: I beg to move amendment No. 67, in page 80, line 9, leave out from first 'by' to 'which' in line 11 and insert
'way of security only either by the Bank of England or by the Post Office for the purposes of a transaction entered into in the ordinary course of that part of the business of the Post Office'.
The effect of the amendment is to ensure that interests held by the Bank of England by way of security only shall be disregarded for the purposes of clauses 58 to 60. I am sure that on that basis it will commend itself to the House.
Amendment agreed to.