NICOLA WILLIS: So having put these process issues on the record, let me turn now to three key areas where National has concern. The first that we have telegraphed consistently is that we are concerned that this bill will erode the integrity of our tax system. It will do that by encouraging taxpayers to find ways to avoid tax; this is a risk that occurs when there are large differentials between different rates. This will have a high differential—not only with the trust tax rate, but with the corporate tax rate—in fact, an 11-point differential between those two rates. When you see those big differentials opening up, the incentives are clear. The incentives are to find a way to somehow funnel income through the lower tax option. We are concerned that by further increasing these differentials, we will see a further erosion of the integrity of our tax system. And that is absolutely backed up by the advice of the IRD, who, in the papers tabled in this House, acknowledged that that is a major issue that does draw into question actually how much revenue this tax will earn at all, what behaviours we can expect to see, and what impact it will have. So that is what the official advice is telling us. 