§ LORD BALOGHMy Lords, I beg leave to ask the second Question which stands in my name on the Order Paper.
§ The Question was as follows:
§ To ask Her Majesty's Government whether the consultations (promised in the Budget speech) with the oil companies on preventing tax avoidance on the North Sea profits through offsetting book-keeping losses have been completed, and what the results are.
§ LORD DRUMALBYNMy Lords, the consultations have not yet been completed. As my right honourable friend the Chancellor of the Exchequer said in his Budget Statement, the issues involved are complex, and the reason for having full consultations with the industry is to ensure that next year's legislation takes full account of the practical problems involved. The Chancellor made it clear, however, that the Exchequer must not suffer as the result of any delay caused by the need to consult, and that the new legislation would therefore apply from the beginning of the current trading year.
§ LORD BALOGHMy Lords, I thank the noble Lord for that Answer.