§ Order for Second Reading read.
10.25 pm§ The Solicitor-General (Sir Nicholas Lyell)I beg to move, That the Bill be now read a Second time.
The Bill is a consolidation of the enactments relating to the taxation of chargeable gains presently found in the Income and Corporation Taxes Act 1970, the Capital Gains Tax Act 1979 and in annual Finance Acts from 1970 onwards. It extends throughout the United Kingdom.
The legislation re-enacted in the Bill provides for the taxation of chargeable gains accruing to both individuals and to companies and has not previously been consolidated in one Act.
The Bill, which is pure consolidation, has been considered and approved by the Joint Committee on Consolidation, &c., Bills. It has been drafted by a former parliamentary counsel, engaged by the Law Commission. The Law Commission and the draftsman are to be congratulated on their efforts in tidying up this complex aspect of the statute book.
§ Question put and agreed to.
§ Bill accordingly read a Second time.
§ Bill committed to a Committee of the whole House. —[Mr. Patnick.]
§ Bill immediately considered in Committee; reported, without amendment.
§ Motion made, and Question, That the Bill be now read the Third time, put forthwith and agreed to.
§ Bill accordingly read the Third time, and passed, without amendment.