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Public Bill Committee Proceedings: 11 January 2018        

8

 

Finance (No. 2) Bill, continued

 
 

Peter Dowd

 

Anneliese Dodds

 

Jeff Smith

 

Negatived on division  49

 

Schedule  7,  page  96,  line  22,  at end insert—

 

“Review of operations

 

18A      

After section 259M, insert—

 

“259O

  Hybrid and other mismatches measures: review of operation

 

(1)    

Within 12 months after the passing of the Finance Act 2018, the

 

Chancellor of the Exchequer must review the operation of the

 

measures in this Part.

 

(2)    

The review under this section must consider—

 

(a)    

the impact of the measures on the use of hybrid transfer

 

arrangements;

 

(b)    

the impact of the measures on the revenue effects of the use of

 

hybrid transfer arrangements to reduce a person’s tax liability;

 

(c)    

possible alternative or additional measures to reduce the use

 

of hybrid transfer arrangements to reduce a person’s tax

 

liability;

 

(d)    

whether the measures constitute application of EU Directive

 

2016/1164 (“The Anti Tax Avoidance Directive”), including

 

in what ways the measures do not constitute an application of

 

that directive.

 

(3)    

The Chancellor of the Exchequer must lay before the House of

 

Commons the report of the review under this section as soon as

 

practicable after its completion.””

 

Schedule Agreed to.

 

Clause 24 Agreed to.

 


 

Mel Stride

 

Agreed to  46

 

Schedule  8,  page  100,  line  24,  at end insert “or held for distribution to owners”

 

Mel Stride

 

Agreed to  47

 

Schedule  8,  page  100,  leave out lines 27 to 29 and insert “each of the following

 

expressions has the meaning given by international accounting standards—

 

“held for distribution to owners”

 

“held for sale”

 

“subsidiary”.”

 

Schedule, as amended, Agreed to.


 
 

Public Bill Committee Proceedings: 11 January 2018        

9

 

Finance (No. 2) Bill, continued

 
 

Clause 25 Agreed to.

 


 

Peter Dowd

 

Anneliese Dodds

 

Jeff Smith

 

Withdrawn  48

 

Clause  26,  page  18,  line  35,  at end insert—

 

“(7A)    

Within 12 months of the passing of this Act, the Chancellor of the Exchequer

 

must review the impact of the provisions of this section.

 

(7B)    

A review under subsection (7A) must consider the revenue effects of freezing

 

indexation allowance for gains chargeable to corporation tax.

 

(7C)    

The Chancellor of the Exchequer must lay before the House of Commons the

 

report of the review under subsection (7A) as soon as practicable after its

 

completion.”

 

Clause Agreed to.

 

Clauses 27 to 29 Agreed to.


 
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Revised 11 January 2018