Let me answer those questions as briefly as I can. On the subject of the word, “But”, we shall reflect and try to draw wider lessons as part of the Finance Bill process about the excessive use of that word at the beginning of sentences. The hon. Member for Fareham made three points. The first concerned the definition of structural assets and insurance dependants. Insurance dependants are by far the most significant set of assets, which is why the provision provides for them expressly. However, the schedule includes the power to add other assets by means of regulation. Discussion will continue, and if other assets need to be added to the same category, that will be possible.

There is a misapprehension on the second point; interest receivable will be taxed, so there is no asymmetry. On the third point, I refer the hon. Gentleman to the industry views that I quoted in my introduction to this part of the Bill. Ernst and Young’s Budget website said:

“A key lesson from the life tax consultation is the efficiency of the working group approach. The use of the working group as the primary means of progressing issues of both broad policy and fine detail is now deeply embedded as a feature of the regular working relationship between HMRC, industry and advisors.”

That constitutes substantial progress from where we were 18 months ago, so although I do not hesitate to say that improvement was clearly needed, I hope that that has been delivered.

There were late representations from the ABI and others in relation to the new provision—I do not use the word “late” in a value-loaded way, I mean merely that the issues arose late in the consultation. We could easily have decided to postpone any attempt to sort those issues out, but we decided that we could deal with Government amendments Nos. 91 and 92 consensually, when more time was available. The ABI requested clarification and indeed relaxation, and our judgment in relation to Government amendments Nos. 130, and 131 to 133, was that clarification was the right course, even if we could not deliver the degree of relaxation that the ABI wanted. I know that it is disappointing that we cannot go as far as the industry would like, but we judged that maximum clarity at this stage would be the better choice.

As I have said, the issues are very complicated—even more so than some of those that we have already debated in connection with the relevant clauses. We do not know how much the problem is theoretical rather than real, and the best commitment that I can give to the ABI and to the Committee is that we shall closely monitor the operation of the system. If it works heavy-handedly or if there are indeed problems in relation to capital gains treatment, we shall revisit the legislation. I have already expressed my willingness to table further amendments or regulations before next year if necessary.