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| Page 45, line 5 [Clause 78], at end insert—
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| ‘The Schedule shall come into force on a date specified by the Treasury by an order made |
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| by Statutory Instrument, which may not be made until an agreed packaged of mitigation |
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| measures for energy-intensive industries has been laid before the House of Commons and |
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| approved by a resolution of the House of Commons. The dates specified in paragraphs |
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| 8(3) and 9(5) of the Schedule shall be replaced by the date specified in the order under this |
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| section if it is later.’. |
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| Mr Chancellor of the Exchequer |
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| Page 48, line 16 [Clause 87], leave out subsection (4). |
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| Mr Chancellor of the Exchequer |
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| Page 166 [Schedule 7], leave out line 18 and insert ‘day specified in the election as the |
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| day on which it takes effect (which must be later than the day on which the election is |
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| Mr Chancellor of the Exchequer |
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| Page 166, line 21 [Schedule 7], leave out subsection (3) and insert— |
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| | ‘(2A) | An election under section 9A(2)(a) may be revoked by notice of the revocation |
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| | being given to an officer of Revenue and Customs before the election takes effect. |
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| | (3) | Subject to that, an election has effect until immediately before— |
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| | (a) | the day on which another election by X takes effect, or |
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| | (b) | the day on which a revocation event occurs, |
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| | | (whichever first occurs).’. |
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| Mr Chancellor of the Exchequer |
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| | |
| Page 166, line 41 [Schedule 7], at end insert— |
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| | ‘(5A) | Subsections (5B) and (5C) apply if a period of account of X (“the straddling |
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| | period of account”) begins before, and ends on or after, the day on which— |
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| | (a) | an election under section 9A(2)(a) takes effect, or |
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| | (b) | a revocation event occurs. |
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| | (5B) | It is to be assumed, for the purposes of this Chapter, that the straddling period of |
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| | account consists of two separate periods of account— |
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| | (a) | the first beginning with the straddling period of account and ending |
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| | immediately before that day, and |
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| | (b) | the second beginning with that day and ending with the straddling period |
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| |
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| | | and X’s profits and losses are to be computed accordingly for the purposes of |
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| | |
| | (5C) | For those purposes, it is to be assumed— |
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| | (a) | that X prepares its accounts for each of the two periods in the same |
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| | currency, and otherwise on the same basis, as it prepares its accounts for |
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| | the straddling period of account, and |
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| | (b) | that if the accounts for the straddling period of account, in accordance |
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| | with generally accepted accounting practice, identify a currency as X’s |
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| | functional currency, the accounts for each of the two periods do |
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| | |
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| Mr Chancellor of the Exchequer |
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| Page 167, line 28 [Schedule 7], leave out from ‘but’ to end of line 37 and insert ‘for |
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| a change in the company’s functional currency (within the meaning of section 17(4) of |
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| | (a) | the period of account of the company in which the gain or loss arises, and |
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| | (b) | a period of account of the company ending in the 12 months immediately |
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| | preceding that period.”’. |
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| Mr Chancellor of the Exchequer |
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| Page 167, line 44 [Schedule 7], leave out from ‘but’ to end of line 9 on page 168 |
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| and insert ‘for a change in the company’s functional currency (within the meaning of |
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| section 17(4) of that Act) as between— |
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| | (a) | the period of account of the company in which the gain or loss arises, and |
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| | (b) | a period of account of the company ending in the 12 months immediately |
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| | preceding that period.”’. |
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| Mr Chancellor of the Exchequer |
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| Page 168, line 14 [Schedule 7], at end insert— |
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| | ‘() | Where an election made by a company before 27 June 2011 does not specify |
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| | the day on which it takes effect, the election is to be treated as if it specified |
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| | the first day of the first period of account of the company beginning after the |
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| Mr Chancellor of the Exchequer |
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| Page 209, line 39 [Schedule 13], leave out from ‘company’ to end of line 40 and |
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| insert ‘beginning on or after the relevant day. |
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| | (1A) | “The relevant day” is the day on which, at the time of the election, the |
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| | accounting period following that in which the election is made is |
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| | |
| | (1B) | Subsection (1C) applies if an accounting period of the company (“the |
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| | straddling period”) begins before, and ends on or after, the relevant |
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| | |
| | (1C) | It is to be assumed, for the purposes of the Corporation Tax Acts, that |
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| | the straddling period consists of two separate accounting periods— |
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| | (a) | the first beginning with the straddling period and ending |
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| | immediately before the relevant day, and |
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| | (b) | the second beginning with that day and ending with the |
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| | |
| | (1D) | Where for those purposes it is necessary to apportion the profits and |
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| | losses for the straddling period to different parts of the period, that |
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| | apportionment is to be made on a just and reasonable basis.’. |
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| Mr Chancellor of the Exchequer |
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| Page 209, line 41 [Schedule 13], leave out from ‘before’ to end of line 42 and insert |
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| Page 226, line 13 [Schedule 13], leave out ‘on the day on which this Act is passed’ |
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| and insert ‘when a full impact assessment on developing countries’ tax revenue has been |
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| laid before and approved by resolution of the House of Commons.’. |
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| Mr Chancellor of the Exchequer |
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| Page 315, line 34 [Schedule 19], leave out paragraph (b) and insert— |
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| | ‘(b) | M, or another member of the relevant group, has assets which |
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| | correspond to liabilities which N, or another entity which is not a |
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| | member of the group, has to M or (as the case may be) that other |
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| | member (“N’s liabilities”),’. |
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| Mr Chancellor of the Exchequer |
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| Page 315, line 36 [Schedule 19], leave out ‘between M and N’. |
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| Mr Chancellor of the Exchequer |
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| Page 315, line 37 [Schedule 19], at end insert ‘, and liabilities of other members of |
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| the group to N or another entity which is not a member of the group,’. |
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| Mr Chancellor of the Exchequer |
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| Page 316, line 1 [Schedule 19], leave out paragraph (d) and insert— |
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| | ‘(d) | “the netting event occurs” if the insolvency or bankruptcy of— |
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| | (i) | M, or another member of the relevant group which has assets |
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| | which correspond to a liability covered by the provision |
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| | mentioned in sub-paragraph (1)(c), or |
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| | (ii) | N, or another entity which is not a member of the group and |
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| | which has such a liability, |
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| | | gives rise to the termination of any arrangements under which such a |
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| | |
| Mr Chancellor of the Exchequer |
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| Page 316, line 23 [Schedule 19], leave out ‘M’s assets’ and insert ‘the assets of M, |
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| or of another member of the relevant group,’. |
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| Mr Chancellor of the Exchequer |
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| Page 316, line 24 [Schedule 19], at end insert— |
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| | ‘() | But if this paragraph applies in relation to more than one member of the |
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| | relevant group, no part of an asset may be included in the net settlement assets |
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| | of more than one such member.’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 11 [Schedule 19], leave out paragraph (b) and insert— |
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| | ‘(b) | M, or another entity within sub-paragraph (9), has assets which |
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| | correspond to liabilities which N, or another entity not within that sub- |
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| | paragraph, has to M or (as the case may be) to that other entity within |
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| | that sub-paragraph (“N’s liabilities”),’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 13 [Schedule 19], leave out ‘between M and N’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 14 [Schedule 19], at end insert ‘, and liabilities of other entities |
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| within sub-paragraph (9) to N or another entity which is not within that sub-paragraph,’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 35 [Schedule 19], leave out paragraph (e) and insert— |
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| | ‘(e) | “the netting event occurs” if the insolvency or bankruptcy of— |
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| | (i) | M, or another entity within sub-paragraph (9) which has assets |
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| | which correspond to a liability covered by the provision |
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| | mentioned in sub-paragraph (8)(c), or |
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| | (ii) | N, or another entity not within sub-paragraph (9) which has |
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| | |
| | | gives rise to the termination of any arrangements under which such a |
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| Mr Chancellor of the Exchequer |
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| Page 321, line 6 [Schedule 19], leave out ‘M’s assets’ and insert ‘the assets of M, |
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| or of another entity within sub-paragraph (9),’. |
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| Mr Chancellor of the Exchequer |
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| Page 321, line 7 [Schedule 19], at end insert— |
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| | |
| | (a) | if N’s net settlement liabilities include liabilities of a relevant foreign |
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| | bank covered by paragraph 17(17), X% (as determined at Step 2 in |
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| | paragraph 24(1)) of the assets corresponding to the liabilities of the |
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| | relevant foreign bank are to be disregarded for the purposes of sub- |
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| | |
| | (b) | if sub-paragraph (12) applies in relation to more than one entity within |
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| | sub-paragraph (9), no part of an asset may be included in the net |
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| | settlement assets of more than one such entity.’. |
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| Mr Chancellor of the Exchequer |
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| Page 324, line 38 [Schedule 19], leave out paragraph (b) and insert— |
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| | ‘(b) | M, or another entity within sub-paragraph (9), has assets which |
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| | correspond to liabilities which N, or another entity not within that sub- |
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| | paragraph, has to M or, as the case may be, to that other entity within |
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| | that sub-paragraph (“N’s liabilities”),’. |
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| Mr Chancellor of the Exchequer |
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| Page 324, line 40 [Schedule 19], leave out ‘between M and N’. |
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| Mr Chancellor of the Exchequer |
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| Page 324, line 41 [Schedule 19], at end insert ‘, and liabilities of other entities |
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| within sub-paragraph (9) to N or another entity which is not within that sub-paragraph,’. |
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| Mr Chancellor of the Exchequer |
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| Page 325, line 15 [Schedule 19], leave out paragraph (e) and insert— |
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| | ‘(e) | “the netting event occurs” if the insolvency or bankruptcy of— |
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| | (i) | M, or another entity within sub-paragraph (9) which has assets |
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| | which correspond to a liability covered by the provision |
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| | mentioned in sub-paragraph (8)(c), or |
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| | (ii) | N, or another entity not within sub-paragraph (9) which has |
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| | |
| | | gives rise to the termination of any arrangements under which such a |
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| | |
| Mr Chancellor of the Exchequer |
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| Page 325, line 36 [Schedule 19], leave out ‘M’s assets’ and insert ‘the assets of M, |
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| or of another entity within sub-paragraph (9),’. |
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| Mr Chancellor of the Exchequer |
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| Page 325, line 37 [Schedule 19], at end insert— |
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| | |
| | (a) | if N’s net settlement liabilities include liabilities of a relevant foreign |
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| | bank covered by paragraph 19(17), X% (as determined at Step 2 in |
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| | paragraph 24(1)) of the assets corresponding to the liabilities of the |
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| | relevant foreign bank are to be disregarded for the purposes of sub- |
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| | |
| | (b) | if sub-paragraph (12) applies in relation to more than one entity within |
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| | sub-paragraph (9), no part of an asset may be included in the net |
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| | settlement assets of more than one such entity.’. |
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| Mr Chancellor of the Exchequer |
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| Page 336, line 33 [Schedule 19], at end insert— |
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| | (1) | The Treasury may by order add to, repeal or otherwise amend any of |
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| | paragraphs 16, 18(8) to (16), 20(8) to (16), 22 and 25. |
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| | (2) | An order under this paragraph may make consequential amendments of this |
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| | |
| | (3) | An order under this paragraph may have retrospective effect in relation to— |
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| | (a) | any chargeable period in which the order is made, or |
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| | (b) | in the case of an order made on or before 31 December 2011, any |
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| | chargeable period ending on or after 1 January 2011. |
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| | (4) | Orders under this paragraph are to be made by statutory instrument. |
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| | (5) | A statutory instrument containing an order under this paragraph may not be |
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| | made unless a draft has been laid before, and approved by a resolution of, the |
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| Mr Chancellor of the Exchequer |
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| | |
| Page 390, line 29 [Schedule 25], leave out ‘other than excluded matters’. |
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| Mr Chancellor of the Exchequer |
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| Page 390, line 31 [Schedule 25], leave out ‘other than excluded matters’. |
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| Mr Chancellor of the Exchequer |
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| Page 390, line 32 [Schedule 25], leave out sub-paragraphs (3) and (4). |
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| |
| Mr Chancellor of the Exchequer |
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| Page 391, line 18 [Schedule 25], leave out sub-paragraph (4). |
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| Mr Chancellor of the Exchequer |
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| Page 393, line 15 [Schedule 25], at end insert— |
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| | ‘(ca) | if the foreign claim relates to an agricultural levy and the steps are ones |
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| | to be taken in or in relation to Scotland, the Commissioners |
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| | concurrently with the Scottish Ministers;’. |
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| Mr Chancellor of the Exchequer |
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| Page 393, line 42 [Schedule 25], leave out sub-paragraph (2). |
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| Mr Chancellor of the Exchequer |
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| Page 395, line 26 [Schedule 25], leave out sub-paragraph (3). |
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