Is this a bringing forward of a Schedule of penalties from previous tax legislation?
SECTION 227.
Question proposed: "That section 227 stand part of the Bill."
It is an update of the list which had not been done for the past 20 years.
What was used as a basis for the update? Was it the Consumer Price Index?
Yes, it was the CPI.
Question put and agreed to.
SECTION 228.
Amendment No. 150a not moved.
Question proposed: "That section 228 stand part of the Bill."
Perhaps the Minister would indicate what this is about?
Section 228 relates to the system operated through the Capital Services Redemption Account, designed to amortise voted capital expenditure over a 35 year period. Each year a new 35 year annuity is set up based on an estimated expenditure on voted capital services for that year. The following year, when actual expenditure is known, the annuity is adjusted.
Question put and agreed to.
Sections 229 and 230 agreed to.
NEW SECTION.
I move amendment No. 151:
In page 233, before section 231, to insert the following new section:
"231.—The Voluntary Health Insurance Board shall pay a levy of £3,000,000 into the Central Fund on or before the 30th day of June, 1992, in respect of the year 1992.".
That is the VHI levy.
Yes, that is the £3 million coming from VHI. It had been agreed last year in the Estimates but when they went to transfer it they were legally advised that they did not have the power to do so under their own Act. It was a commitment made by the board at the time and it had to be put into the Act. That is why it is here.
The policy has been made, I presume the cheque has been cashed.
It had been all agreed in the middle of last year when they went to make the transfer they discovered it required a section in the Act.
It is a once-off event.
Yes.
It will never happen again, we hope.
It happened prior to my time.
Amendment 231 agreed to.