Ms Nusrat Ghani

With this it will be convenient to consider the following: Schedule 1. Clauses 8 to 11 stand part. Schedule 2. Clauses 12 stand part. New clause 1—Impact assessment: capital gains tax— “The Chancellor of the Exchequer must, within six months of the passing of this Act, lay before Parliament a review of the impact of the measures contained in clauses 7 to 12 and schedules 1 and 2 of this Act, on— (a) long-term investment; (b) disposable income across different income deciles, and (c) tax revenue.” This new clause would require the Government to produce a report setting out the impact of changes to Capital Gains Tax made in this Act on investment and the disposable income of taxpayers across different income deciles. New clause 4—Section 12: review— “The Chancellor of the Exchequer must, within three months of this Act coming into force, publish a review of the expected impact of the measures in section 12 of this Act on— (a) the timing of asset disposals or transactions; (b) shifting between different assets; (c) shifting between gains and income; (d) tax planning; (e) migration; and (f) non-compliance by non-payment, misreporting or underreporting of chargeable assets, gains or income.” New clause 5—Business asset disposal relief: review of increase in rate— “(1) The Chancellor of the Exchequer must commission and publish an assessment of the expected impact of the provisions of section 8 on the number of Business Asset Disposal Relief claims involving the sale of a business. (2) The assessment must compare estimates for the number of claims involving the sale of a business in the tax year 2024-25 with the number of such claims in the tax year 2025-26. (3) The assessment must compare the impact under the provisions of section 8 with what impact could have been expected had the rate remained unchanged”.