Finance Bill – in a Public Bill Committee am 2:15 pm ar 30 Mehefin 2005.
This is not the first time that I have spoken in this Committee, but it is the first time that I have done so under your chairmanship, Mr. Cook. I take this opportunity to welcome you to the Chair.
The clause is relatively non-controversial. It has the effect of amending the administrative arrangements by which tax is collected from the Lloyd's names. It permits the tabling of regulations. Some draft notes on the proposed new regulations were helpfully circulated to the Committee by the Economic Secretary on 22 June. The only question arising from that is that the draft note circulated to the Committee states that the regulations will be laid in future and the Government are intending to consult Lloyd's over their implementation of them, which I am sure Lloyd's will welcome. When does the Economic Secretary anticipate that that consultation period is likely to begin?
It will begin immediately. Lloyd's is, as the hon. Gentleman said, very happy and sees the measure as a logical step forward. I think that I put a little bit more pressure on my officials than they wanted me to, because the note says ''Before December''. But I shall stick with ''immediately'', because Lloyd's has welcomed the proposals and wants to get on with it in the same way that we want to ensure that the measures are implemented. We will get on with the consultation immediately.