Commonwealth Development Corporation

HL Deb 16 February 1999 vol 597 c74WA

Baroness Rawlings

asked Her Majesty's Government:

What progress has been made in discussions with the Treasury and the Inland Revenue on the Commonwealth Development Corporation's tax status; and [HL969]

What tax concessions they are planning to grant the Commonwealth Development Corporation; and [HL970]

What is their view of the consequences of the delay in progressing the Bill for the establishment of the Commonwealth Development Corporation public/private partnership; and [HL971]

What steps they will take if no agreement is reached with the Treasury and the Inland Revenue on a tax effective status for the Commonwealth Development Corporation. [HL972]

Lord McIntosh of Haringey

The Government have agreed the broad principles for a tax solution that will provide the Commonwealth Development Corporation Public Private Partnership (PPP) with the required tax efficiency. Work is continuing on the details. Necessary amendments to the CDC Bill will be introduced at the appropriate time. We do not anticipate that this work will delay the creation of the PPP.