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Powerful words

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05 August 2008 / Richard Curtis
Categories: Comment & Analysis , HMRC powers , Investments
ALLISON PLAGER and RICHARD CURTIS review the 15th and 16th sittings of the Public Bill Committee

KEY POINTS

  • Preventing the abuse of pension schemes
  • Changes to SDLT group relief
  • HMRC's new information and inspection powers

Continuing the debate on the new capital allowances regime Jeremy Browne noted that the clause 85 'power to make consequential and transitional provision' was a 'catch-all power' including the clauses covering the abolition of industrial and agricultural buildings allowances.

He was concerned that retrospective changes would adversely affect people who made planning assumptions about business investments in the 1980s.

Financial Secretary to the Treasury Jane Kennedy said that the clause gave the Treasury the power to make any transitional and savings provisions necessary as a result of the reforms. They would only be retrospective 'when the change does not increase someone's liability to tax'.

Clause 85 was ordered to stand part of the Bill.

Pensions

Turning to Sch 28 'inheritance of tax-relieved...

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