House of Commons Amendments

Session 2010 - 12
Internet Publications
Other Bills before Parliament

Notices of Amendments: 24 June 2011
2469

Finance (No. 3) Bill, continued


and X’s profits and losses are to be computed accordingly for the purposes of

corporation tax.

(5C)
For those purposes, it is to be assumed—

(a)
that X prepares its accounts for each of the two periods in the same

currency, and otherwise on the same basis, as it prepares its accounts for

the straddling period of account, and

(b)
that if the accounts for the straddling period of account, in accordance

with generally accepted accounting practice, identify a currency as X’s

functional currency, the accounts for each of the two periods do

likewise.’.

Mr Chancellor of the Exchequer

25


Page  167,  line  28  [Schedule  7],  leave out from ‘but’ to end of line 37 and insert ‘for

a change in the company’s functional currency (within the meaning of section 17(4) of

that Act) as between—

(a)
the period of account of the company in which the gain or loss arises, and

(b)
a period of account of the company ending in the 12 months immediately

preceding that period.”’.

Mr Chancellor of the Exchequer

26


Page  167,  line  44  [Schedule  7],  leave out from ‘but’ to end of line 9 on page 168

and insert ‘for a change in the company’s functional currency (within the meaning of

section 17(4) of that Act) as between—

(a)
the period of account of the company in which the gain or loss arises, and

(b)
a period of account of the company ending in the 12 months immediately

preceding that period.”’.

Mr Chancellor of the Exchequer

27


Page  168,  line  14  [Schedule  7],  at end insert—

      ‘()
Where an election made by a company before 27 June 2011 does not specify

the day on which it takes effect, the election is to be treated as if it specified

the first day of the first period of account of the company beginning after the

election was made.’.

Mr Chancellor of the Exchequer

28


Page  209,  line  39  [Schedule  13],  leave out from ‘company’ to end of line 40 and

insert ‘beginning on or after the relevant day.

Notices of Amendments: 24 June 2011
2470

Finance (No. 3) Bill, continued

(1A)
“The relevant day” is the day on which, at the time of the election, the

accounting period following that in which the election is made is

expected to begin.

(1B)
Subsection (1C) applies if an accounting period of the company (“the

straddling period”) begins before, and ends on or after, the relevant

day.

(1C)
It is to be assumed, for the purposes of the Corporation Tax Acts, that

the straddling period consists of two separate accounting periods—

(a)
the first beginning with the straddling period and ending

immediately before the relevant day, and

(b)
the second beginning with that day and ending with the

straddling period.

(1D)
Where for those purposes it is necessary to apportion the profits and

losses for the straddling period to different parts of the period, that

apportionment is to be made on a just and reasonable basis.’.

Mr Chancellor of the Exchequer

29


Page  209,  line  41  [Schedule  13],  leave out from ‘before’ to end of line 42 and insert

‘the relevant day.’.

Ed Balls

Ms Angela Eagle

Mr David Hanson

Chris Leslie

Kerry McCarthy

11

Page  226,  line  13  [Schedule  13],  leave out ‘on the day on which this Act is passed’

and insert ‘when a full impact assessment on developing countries’ tax revenue has been

laid before and approved by resolution of the House of Commons.’.

Mr Chancellor of the Exchequer

2

Page  390,  line  29  [Schedule  25],  leave out ‘other than excluded matters’.

Mr Chancellor of the Exchequer

3

Page  390,  line  31  [Schedule  25],  leave out ‘other than excluded matters’.

Mr Chancellor of the Exchequer

4

Page  390,  line  32  [Schedule  25],  leave out sub-paragraphs (3) and (4).

Notices of Amendments: 24 June 2011
2471

Finance (No. 3) Bill, continued

Mr Chancellor of the Exchequer

5

Page  391,  line  18  [Schedule  25],  leave out sub-paragraph (4).

Mr Chancellor of the Exchequer

6

Page  393,  line  15  [Schedule  25],  at end insert—

‘(ca)
if the foreign claim relates to an agricultural levy and the steps are ones

to be taken in or in relation to Scotland, the Commissioners

concurrently with the Scottish Ministers;’.

Mr Chancellor of the Exchequer

7

Page  393,  line  42  [Schedule  25],  leave out sub-paragraph (2).

Mr Chancellor of the Exchequer

8

Page  395,  line  26  [Schedule  25],  leave out sub-paragraph (3).



© Parliamentary copyright	Revised 27 June 2011