Schedule 4

Part of Finance (No. 2) Bill – in a Public Bill Committee am 6:30 pm ar 19 Hydref 2010.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 6:30, 19 Hydref 2010

My understanding was that although the yield for the Exchequer would be the same in the long run, in the short run it depends very much on the point at which the stocks are disposed of. Only at that point will the tax be paid and the yield gained for the Exchequer. Given that we are in a spending review period in which every single year of revenue yield matters for the profiling of public expenditure, it seems important to ascertain whether there will be a deferral of revenue, with money not coming into the Treasury as quickly as it would do in a cash dividend circumstance. I would be surprised if, as the Minister says, no stock dividend is paid at the point of issuing. That was not my understanding at all.