Amendments proposed to the Finance Bill - continued	House of Commons
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Mr Chancellor of the Exchequer

107

Page     531,     line     8     [Schedule     30],     at end insert—

'Restriction of interest on repayment of tax resulting from carry back of relievable tax

     25A.—(1) Amend section 826 of the Taxes Act 1988 as follows.

    (2) After subsection (7B) insert—

    "(7BB) Subject to subsection (7BC) below, in any case where—
(a) within the meaning of section 806D, any relievable underlying tax or relievable withholding tax arises in an accounting period of a company ("the later period"),
(b) pursuant to a claim under section 806G, the whole or any part of that tax is treated as mentioned in section 806D(4)(c) or (5)(c) in relation to the single related dividend or the single unrelated dividend arising in an earlier accounting period ("the earlier period"), and
(c) a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that period,

    then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of the claim under section 806G, except so far as concerns interest for any time after the date on which any corporation tax for the later period became due and payable (as mentioned in subsection (7D) below).

    (7BC) Where, in a case falling within subsection (7A)(a) and (b) above—

(a) as a result of the claim under section 393A(1), an amount or increased amount of eligible unrelieved foreign tax arises for the purposes of section 806A(1), and
(b) pursuant to a claim under section 806G, the whole or any part of an amount of relievable underlying tax or relievable withholding tax is treated as mentioned in section 806D(4)(c) or (5)(c) in relation to the single related dividend or the single unrelated dividend arising in an accounting period before the earlier period,

    then subsection (7BB) above shall have effect in relation to the claim under section 806G as if the reference in the words after paragraph (c) to the later period within the meaning of that subsection were a reference to the period which, in relation to the claim under section 393A(1), would be the later period for the purposes of subsection (7A) above."

    (3) In subsection (7D) (date on which corporation tax is due and payable for the purposes of certain provisions) after "(7B)" insert ", (7BB)".

    (4) In subsection (7E) (which, for the purposes of certain provisions, restricts the power in section 59A of the Taxes Management Act 1970 to alter the date on which corporation tax is due and payable) after "(7B),", in both places where it occurs, insert "(7BB),".'.

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Mr David Heathcoat-Amory

15

Page     532,     line     3,     leave out Schedule 31.

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Mr Chancellor of the Exchequer

91

Page     533,     line     43     [Schedule     31],     leave out '(3)' and insert '(4)'.

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Mr Chancellor of the Exchequer

81

Page     543,     line     51     [Schedule     35],     at end insert 'and for "neither of those sub-paragraphs" substitute "none of those paragraphs".'.

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Mr Chancellor of the Exchequer

82

Page     544,     line     26     [Schedule     35],     at end insert—

    '(5) After paragraph (e) (which is inserted by sub-paragraph (4) above) insert—

"(f) wind turbines;
(g) water turbines."'.

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Mr Chancellor of the Exchequer

92

Page     566,     line     21     [Schedule     40],     at end insert—

'1992 c. 48.

The Finance (No.2) Act 1992.

In Schedule 6, paragraph 3.'.

   

Mr Chancellor of the Exchequer

93

Page     566,     line     29     [Schedule     40],     leave out 'that Act' and insert 'the Taxes Act 1988 and the repeal in Schedule 6 to the Finance (No.2) Act 1992'.

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Mr Chancellor of the Exchequer

126

Page     571,     line     18     [Schedule     40],     at end insert—

'1986 c. 41.

The Finance Act 1986.

In sections 67(9), 70(9), 95(1) and 97(1), the words "and is resident in the United Kingdom" and "and is so resident".'.

   

Mr Chancellor of the Exchequer

127

Page     571,     line     23     [Schedule     40],     column 3, at end insert—

     

'Section (Stamp duty and stamp duty reserve tax: transfers between depositary receipt systems and clearance systems).'.

   

Mr Chancellor of the Exchequer

128

Page     571,     line     27     [Schedule     40],     at end insert—

    '1A. The repeals in the Finance Act 1986 have effect in accordance with section (Stamp duty and stamp duty reserve tax: transfers between depositary receipt systems and clearance systems)(5) of this Act.'.

   

Mr Chancellor of the Exchequer

129

Page     571,     line     28     [Schedule     40],     leave out 'repeal in section 131 of this Act has effect—

(a) so far as it relates'

    and insert 'repeals of sections 131 and (Stamp duty and stamp duty reserve tax: transfers between depositary receipt systems and clearance systems) of this Act have effect—

(a) so far as relating'.

   

Mr Chancellor of the Exchequer

130

Page     571,     line     31     [Schedule     40],     leave out 'it relates' and insert 'relating to stamp duty on instruments other than bearer instruments, in accordance with section 108 of that Act; and

(c) so far as relating'.

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Prepared 14 Jul 2000