With this it will be convenient to discuss the following:
That schedules 11 and 12 be the Eleventh and Twelfth schedules to the Bill.
Government amendments 30 to 35.
Clauses 73 to 75 stand part.
Government amendments 36 to 38.
That schedule 13 be the Thirteenth schedule to the Bill.
Clause 76 stand part.
Government amendments 39 to 64.
Amendment 181, in schedule 14, page 432, line 45, at end insert—
“169VS Expiration of Chapter V provisions
(1) The provisions of Chapter V of part 5 of this Act shall remain in force until five years after their commencement and shall then expire, unless continued in force by an order under subsection (2).
(2) The Secretary of State may by order made by statutory instrument provide—
(a) that all or any of those provisions which are in force shall continue in force for a period not exceeding 12 months from the coming into operation of the order; or
(b) that all or any of those provisions which are for the time being in force shall cease to be in force.
(3) No order shall be made under subsection (2) unless—
(a) a draft of the order has been laid before and approved by a resolution of both Houses of Parliament,
(b) the Secretary of State has laid the report of a review of the operation of Investor’s Relief before both Houses of Parliament.”
Government amendments 65 to 68.
That schedule 14 be the Fourteenth schedule to the Bill.
Amendment 182, in clause 77, page 135, line 17, leave out “£100,000” and insert “£50,000”.
Government amendment 184.
Clauses 77 to 81 stand part.
New Clause 2—Review of remuneration of investment fund managers—
“The Chancellor of the Exchequer must commission a review of ways in which the law could be amended to ensure that no element of the remuneration paid to an investment fund manager may be treated as a capital gain, and that such remuneration shall be treated for tax purposes wholly as income, and must publish the report of the review within six months of the passing of this Act.”
New clause 11—Entrepreneur’s relief: value for money—
“The Chancellor of the Exchequer shall, within six months of the passing of this Act, publish a report giving HM Treasury’s assessment of the value for money provided by Entrepreneur’s Relief.”