HC Deb 15 July 1987 vol 119 c1178

Question proposed, That the clause stand part of the Bill.

Mr. Blair

I 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.

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