HC Deb 28 March 1996 vol 274 cc1195-6

Amendment proposed: No. 33, in page 113, line 41, after `1996,' insert—

`(iia) any amount which in pursuance of a claim under paragraph 4(3) of that Schedule is carried back to that period and (in accordance with paragraph 4(5) of that Schedule) applied in reducing profits of the company for that period,'.—[Mrs. Angela Knight.]

Mr. Alistair Darling (Edinburgh, Central)

I was wondering whether the Economic Secretary might say a little more. Rather than formally proposing the amendment, will she tell us why the Government have chosen that particular form of words. Are we now dealing with amendment No. 33?

The Financial Secretary to the Treasury (Mr. Michael Jack)

I thought that we were still on the amendments grouped with amendment Nos. 68 and 32. We have not yet decided them.

Mr. Deputy Speaker

We are on amendment No. 33.

Mr. Darling

I can understand the Financial Secretary's confusion: sometimes procedure is a great mystery, even to those of us who have served on Finance Committees for many years. When I rose to my feet to remonstrate with the Economic Secretary, who attempted to get amendment No. 33 agreed to formally, I said that I thought it might be helpful if the Government set out what the amendment is meant to achieve. If the Financial Secretary, who has now found the relevant briefing note, could tell us what the amendment is designed to do, I should be profoundly grateful.

Mr. Jack

The amendment is a straightforward and simple addition to what was added subsequently to clause 156 in Committee. The subsequent legislation allowed insurance companies carry-back facilities in respect of loan relationships. This amendment inserts that into the taxation procedures of life insurance companies.

Mr. Darling

I am grateful to the Minister. I know that we had an agreement to allow some amendments to pass formally, but this one gave rise to a query on the part of those advising us. It is helpful when Ministers set out what amendments are meant to achieve.

I did not mean to embarrass the Financial Secretary. If I succeeded in doing so, I apologise.

Amendment agreed to.

Amendment made: No. 34, in page 114, line 27, after `(5)' insert `Subject to paragraph 4(10A) to (10C) of Schedule 10 to the Finance Act 1996,'.—[Mr. Jack.]

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