§ Question proposed, That the clause stand part of the Bill.
§ Mr. BlairI am wondering whether I have correctly understood the effect of Clause 60. I understand that it is an anti-avoidance provision. It relates to companies that are in a group—normally banks. An avoidance scheme would allow the tax liability of the group to be deferred for a year. Will the Minister confirm that the purpose of the clause is to close that loophole?
§ The Paymaster General (Mr. Peter Brooke)I confirm that the purpose of Clause 60 is anti-avoidance and that it is intended to secure the objective that the hon. Gentleman has mentioned.
§ Question put and agreed to.
§ Clause 60 ordered to stand part of the Bill.
§ Clause 61 ordered to stand part of the Bill.