§ 7.9 pm
§ The Minister for the Regions, Regeneration and Planning (Mr. Richard Caborn)
I beg to move,That, for the purposes of any Act resulting from the Regional Development Agencies Bill, it is expedient to authorise the imposition of charges to corporation tax by provisions relating to the taxation of persons who are transferors or transferees in relation to schemes under the Act for the transfer of property, rights or liabilities.
I shall say a few words by way of explanation of the resolution standing in the name of the Financial Secretary. The Bill returned from the other place includes a new clause before clause 38 on corporation tax. The clause is designed to achieve tax neutrality, in that transfers under the Bill should not trigger a charge to tax. The need for ways and means cover arises because the effect of that may, in principle, involve a change in the incidence of tax as between the transferor and the transferee.
§ Question agreed to.
§ Question put and agreed to.