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Consideration of Bill: 28 June 2011                     

2487

 

Finance (No. 3) Bill Continued

 
 

    

(whichever first occurs).’.

 

Mr Chancellor of the Exchequer

 

24

 

Page  166,  line  41  [Schedule  7],  at end insert—

 

‘(5A)    

Subsections (5B) and (5C) apply if a period of account of X (“the straddling

 

period of account”) begins before, and ends on or after, the day on which—

 

(a)    

an election under section 9A(2)(a) takes effect, or

 

(b)    

a revocation event occurs.

 

(5B)    

It is to be assumed, for the purposes of this Chapter, that the straddling period of

 

account consists of two separate periods of account—

 

(a)    

the first beginning with the straddling period of account and ending

 

immediately before that day, and

 

(b)    

the second beginning with that day and ending with the straddling period

 

of account,

 

    

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.”’.

 



 
 

Consideration of Bill: 28 June 2011                     

2488

 

Finance (No. 3) Bill Continued

 
 

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.

 

(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.’.

 



 
 

Consideration of Bill: 28 June 2011                     

2489

 

Finance (No. 3) Bill Continued

 
 

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).

 


 

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).

 


 
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