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Finance Bill Debates

Alan Dolton continues our coverage of the Finance Bill Debates in Standing Committee B
Standing Committee B resumed its consideration of the Finance Bill on Thursday 23 June beginning its discussion of the provisions to counter 'avoidance involving tax arbitrage'. Conservative spokesman Philip Hammond (Runnymede & Weybridge) proposed a substantial number of amendments. He described arbitrage as 'the exploitation of differences within or between tax systems when the two parties to a transaction are treated differently under different systems'; and commented that the Opposition had 'questions about some aspects of the measure such as whether the attack is appropriate and whether it will be efficacious in what it will deliver to the United Kingdom Exchequer and economy'. (Col 82.) He expressed concern that:
'There is scope for huge collateral damage...

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