§ Mr. Richard Pageasked the Chancellor of the Exchequer what action he proposes to take on the measures dropped from the Finance Bill on the dissolution of the last Parliament.
§ Mr. LawsonI am today tabling resolutions to pave the way for a short Bill to restore changes in income tax and capital transfer tax rates and reliefs and the corporation tax small profits rate limits which were proposed in my predecessor's Budget but were dropped from the original Finance Bill on the insistence of the Opposition. The Bill will also contain a small number of other essential provisions. The Inland Revenue is publishing today a press release giving further details.
Since I hope that the House will complete its consideration of the Bill before the summer recess, I do not propose to include in it all the provisions contained in the original Finance Bill which were not enacted before the general election. I shall of course be considering carefully which should be included in next year's Finance Bill. I propose, therefore, where appropriate, to publish draft clauses, or revised draft clauses, so that next year's Finance Bill can be prepared with the benefit of the fullest possible consultation.
The provisions relating to oil assets (reliefs for expenditure and charge of receipts) will be contained in an oil taxation Bill to be introduced in the autumn.