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| (except Clauses 11, 18, 40, 43, 44 and 69 and Schedule 8)
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| [Third And Fourth Sittings]
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| Clause 24, page 21, line 4, leave out from ‘the’ to ‘that’ in line 5 and insert ‘Special |
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| Commissioners find, on the balance of probability, following an application by the |
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| Commissioners for Her Majesty’s Revenue and Customs’. |
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| Clause 24, page 21, line 5, leave out ‘or may be’. |
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| Clause 24, page 21, line 18, leave out ‘or one of the main purposes’. |
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| Clause 24, page 21, line 20, leave out from ‘question’ to end of line 21 and insert |
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| ‘is significantly greater than it would have been if the relevant transaction was part of a |
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| Clause 24, page 21, line 23, after second ‘the’, insert ‘Special’. |
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| Clause 24, page 21, line 26, at beginning insert ‘Special’. |
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| Clause 24, page 21, line 30, after ‘the’, insert ‘Special’. |
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| Clause 24, page 21, line 32, at end insert— |
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| | ‘(8A) | No notice may be issued pursuant to this section in respect of any transaction |
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| | which is subject to the operation of any anti-avoidance provision already in force |
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| | at the date of coming into force of this chapter. |
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| | (8B) | For the purposes of subsection (8A), anti-avoidance provisions include but are |
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| | not limited to Chapter II of Part VI of ICTA, Part XVII of ICTA, and paragraph |
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| | 13 of Schedule 9 to the FA 1996.’. |
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| | Clause Agreed to on division. |
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| Schedule 3, page 69, line 18, at end insert ‘in so far as it applies to profits or gains |
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| not of a capital nature’. |
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| Schedule 3, page 69, line 19, after third ‘tax’, insert ‘in so far as it applies to profits |
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| or gains not of a capital nature’. |
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| Schedule 3, page 69, line 25, at end insert ‘and the instrument, shares, securities or |
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| debt instrument involved is not of a class of instrument, share, security or debt instrument |
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| which is traded upon a recognised stock exchange or upon a recognised investment |
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| exchange within the meaning of section 841 of ICTA,’. |
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| Clause 25, page 22, line 3, leave out ‘no amount is’ and insert ‘an amount’. |
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| Clause 25, page 22, line 4, after ‘Acts’, insert ‘is reduced’. |
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| Clause 25, page 22, line 5, leave out ‘same expense’ and insert ‘expense in |
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| Clause 25, page 22, line 5, leave out from ‘be’ to ‘for’ in line 6 and insert |
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| ‘otherwise deducted or allowed in computing the income, profits or losses of any person’. |
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| Clause 25, page 22, line 10, at end insert— |
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| | | ‘and to the extent that the entitlement to such deduction or allowance had arisen |
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| | as a result of a scheme the main purpose of which is to achieve a UK tax |
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| Clause 25, page 22, line 11, leave out subsections (4) and (5). |
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| Clause 25, page 22, line 11, leave out from ‘amount’ to ‘for’ in line 12 and insert |
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| ‘otherwise deducted or allowed in computing the income, profits or losses of any person’. |
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| Clause 25, page 22, line 34, leave out ‘For the purposes’ and insert ‘Without |
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| prejudice to the generality’. |
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| Clause 25, page 22, line 36, leave out ‘is’ and insert ‘shall be treated for the |
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| purposes of subsection (6)(c) as’. |
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| | Clause, as amended, Agreed to. |
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| Clause 26, page 24, line 5, leave out from ‘the’ to ‘that’ in line 6 and insert ‘Special |
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| Commissioners find, on the balance of probability, following an application by the |
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| Commissioners for Her Majesty’s Revenue and Customs,’. |
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| Clause 26, page 24, line 6, leave out ‘E’ and insert ‘G’. |
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| Clause 26, page 24, line 6, leave out ‘or may be’. |
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| Clause 26, page 24, line 22, after ‘income’, insert ‘, capital gain, or chargeable |
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| profits computed under setion 747(3) of ICTA,’. |
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| Clause 26, page 24, line 35, after ‘(9)’, insert ‘or (9A)’. |
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| Clause 26, page 24, line 38, leave out from ‘company’ to end of line 39 and insert |
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| ‘in an accounting period within two years from the date on which the qualifying payment |
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| Clause 26, page 24, line 39, at end insert ‘or’. |
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| Clause 26, page 24, line 41, leave out ‘a corresponding’ and insert ‘an’. |
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| Clause 26, page 24, line 41, after ‘period’, insert ‘ending within two years from the |
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| date on which the qualifying payment was made.’. |
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| Clause 26, page 24, line 41, leave out from ‘period’ to end of line 45 and insert— |
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| | ‘(9A) | This subsection applies to an amount that is taken into account in determining the |
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| | debits and credits to be brought into account by a company for the purposes of |
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| | Chapter 2 of Part 4 of FA 1996 as respects a share in another company by virtue |
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| | of section 91A or 91B of FA 1996 (shares treated as loan relationships).’. |
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| Clause 26, page 24, line 41, leave out ‘or’. |
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| Clause 26, page 24, line 45, after ‘obligations)’, insert ‘, and |
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| | (d) | income or gains which are included within chargeable profits of a |
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| | controlled foreign company and the company is subject to a charge in |
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| | accordance with section 747(4)(a) of ICTA or is exempt from an |
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| | apportionment under section 747(3) ICTA due to the company meeting |
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| | the conditions of section 748(1)(a) ICTA.’. |
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| Clause 26, page 25, line 2, leave out ‘benefit’ and insert ‘UK tax advantage’. |
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| Clause 26, page 25, line 3, at end insert— |
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| | ‘(10A) | Condition F is that the main purpose of the scheme is to achieve a UK tax |
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| | advantage for the company. |
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| | (10B) | Condition G is that the amount of the UK tax advantage in question is more than |
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| Clause 26, page 25, line 5, after second ‘the’, insert ‘Special’. |
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| Clause 26, page 25, line 8, at beginning insert ‘Special’. |
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| Clause 26, page 25, line 18, at end add— |
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| | ‘(14) | No notice may be issued pursuant to this section in respect of any transaction |
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| | which is subject to the operation of any anti-avoidance provision already in force |
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| | at the date of coming into force of this chapter. |
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| | (15) | For the purposes of subsection (14), anti-avoidance provisions include but are not |
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| | limited to Chapter II of Part VI of ICTA, Part XVII of ICTA, and paragraph 13 |
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| | of Schedule 9 to the FA 1996.’. |
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| | Clause, as amended, Agreed to. |
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| Clause 27, page 25, line 24, leave out ‘E’ and insert ‘G’. |
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