Part of Finance Bill – in a Public Bill Committee am 4:45 pm ar 30 Mehefin 2005.
None of the hon. Gentleman's questions are relevant to the clause. It simply provides that if, following consultation in Northern Ireland, the decision is taken to transfer to a wholly owned Government company, the transfer of the assets will be dealt with in the same way as transfers to new companies that are wholly owned by a Department. The legislation, the consultation and therefore the change is a matter for the Northern Ireland Office. The legislation, as requested by that Department, makes sure that if a wholly owned Department company is created, there are no tax consequences, which is normal practice.