We have amendment No. 137 in the name of an tAire.
SECTION 206.
Chairman
I move:
In page 207, paragraph (b) (ii), lines 8 and 9, to delete "(as defined in section 22 of the Finance Act, 1983)".
This is a technical amendment.
On section 205, how far back do you intend the retrospection to be?
I do not think there is any retrospection on section 205.
There is.
It is suggested that this section is retrospective since it requires returns from companies for accounting periods ending on or after 6 April 1992 and for others in 1991-92. The inspectors already have the power to require such returns under existing legislation and could now issue notices to this effect.
I will come back to this on Report Stage.
The section does not call for any new returns or place obligations on any person to make returns who would not be required to do so under existing legislation.
There is a penalty if the information is not included in the taxpayer's original return, and I will deal with this in more detail on Report Stage.
If I may return to my own amendment, No. 136. The reply I received in relation to this was that the obligation to supply this information was very onerous on traders and taxation practitioners, and the reason for inserting "if requested in writing" was, rather than automatically sending in the information in relation to all these transactions, a person would only have to submit it if they were requested in writing to do so by the returning officer. It was as much an argument for efficiency as it was one for civil rights. I have mislaid my briefing notes in relation to this matter.
Amendment No. 137 agreed to.
Chairman
Is section 206 as amended, agreed? Agreed.