My hon. Friend, as always, makes a good and incisive point. The general anti-abuse rule, which will be introduced by the Government—something that was not done in the 13 years of the previous Government —will help to tackle future tax avoidance schemes and help the Government to act more quickly as soon as such schemes come to their notice.

The clause removes an opportunity for avoidance and, at the same time, has simplified tax legislation by removing an obscure relief. I therefore recommend that the clause stand part of the Bill.