§ [Nos.14 to 15]
§ Clause 7, page 10, line 25, leave out from beginning to ("in") in line 28 and insert ("The substitution by section 1(9) above of a new definition for the definition of "financial year" in section 455(1) of the Act of 1948 shall not affect the operation of the original definition").
§ Clause 7, page 10, line 29, leave out from ("period") to end of line 32.
§ Lord WINTERBOTTOMMy Lords, with the permission of the House I should like to move Amendments Nos. 14 and 15 en bloc. This is a highly technical Amendment. Its purpose is to ensure that there is a meaningful definition of the term "financial year" in all circumstances. This Amendment was found to be necessary, as there could otherwise have been circumstances in which the meaning of references to "financial year" would have been uncertain. This is a drafting improvement. I beg to move.
§ Moved, That the House doth agree with the Commons in the said Amendments.—(Lord Winterbottom.)
§ Lord LYELLMy Lords, we are grateful to the noble Lord for explaining this, but we hope that there will be no clash between the definition "financial year" and "accounting reference period" on which we spent a considerable amount of time at an earlier stage. I see this new term "accounting reference period" in the Bill at various times but we accept this particular aspect of drafting, the 816 "financial year". We hope it fits in at this point adequately. We give that a more guarded welcome.