Supplementary and general
Section 17: Review of LBRO
50.Section 17 requires the Secretary of State to review LBRO’s discharge of its functions as soon as is practicable after the end of the period of three years beginning on the day on which this section enters into force.
51.Subsection (3) requires that the review consider whether LBRO is discharging its functions effectively and efficiently and the extent to which, in discharging its functions in sections 6 to 10, it has achieved the objective in section 5.
52.The Secretary of State must, in conducting a review under this section, consult with the Welsh Ministers and such other persons as he considers to be appropriate.
53.Under subsection (5), the Secretary of State must publish the results of any review carried out under this section. Under subsection (6) the Secretary of State must lay a copy of any review carried out under this section before Parliament and the National Assembly for Wales.
Section 18: Power to dissolve LBRO
54.Section 18 confers on the Secretary of State a power to provide for the dissolution of LBRO. The section specifies that the order may, among other things, provide for the transfer of functions, property, rights, or liabilities of LBRO to another person.
55.It is intended that LBRO will be dissolved when it is deemed to have achieved its objective. Before making an order to this effect the Secretary of State must consult, the Welsh Ministers and such persons as will be substantially affected by the dissolution of LBRO. An order under this section, in order to provide for the dissolution of LBRO, may repeal, revoke, or amend any enactment.
Section 19: Dissolution of LBRO: tax
56.Section 19 confers on the Treasury a power to make regulations varying the way in which income tax, corporate tax, capital gains tax, stamp duty or stamp duty reserve tax has effect when an order made under section 18 makes provision regarding the transfer of the property, rights or liabilities of LBRO to another person.
Section 20: Orders under Part 1
57.Section 20 specifies that an order or regulation made under Part 1 must be made by statutory instrument.
58.Where an order is made under sections 4(7), 7(4) or 15(7), the order will be subject to the negative resolution procedure. A statutory instrument containing regulations made by the Treasury under section 19 is also subject to the negative resolution procedure.
59.Where an order is made under sections 4(4) or 18, the order will be subject to the affirmative resolution procedure.
60.Where an order is made under sections 7(4) or 16(7) by the Welsh Ministers, the order will be subject to the negative resolution procedure of the National Assembly for Wales.