Clause 214 - Unauthorised unit trusts

Part of Finance Bill – in a Public Bill Committee am 4:15 pm ar 18 Mehefin 2013.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of David Gauke David Gauke The Exchequer Secretary 4:15, 18 Mehefin 2013

I am tempted to go quite a long way down that road because there are a number of issues there. There are different definitions of tax avoidance. Some behaviour that is consistent with the law may still be considered by some to be unacceptable and be included in that calculation. I strongly defend the HMRC assessment as a proper tax gap, but there are of course policy choices for Governments to address some of those points.

This particular provision protects revenue and is an important part of what we are doing to address tax avoidance, along with a large number of other measures, including support for HMRC. The G8 meeting in Lough Erne, now completed, has demonstrated further progress in dealing with tax avoidance and evasion. I am pleased with that further progress today.

The clause supports the Government’s objective of closing the tax gap. It will also enable simplification of a complex part of the tax code and reduce burdens for business and exempt investors. I hope that it can stand part of the Bill.