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| (except Clauses 13 to 15, 26, 61, 91 and 106, Schedule 14, and new Clauses relating to the effect
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| of provisions of the Bill on section 18 of the Inheritance Tax Act 1984)
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| [NINTH and TENTH Sittings]
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| Clause 56, page 43, line 20 [Vol I], leave out ‘shall’ and insert ‘may at the |
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| election of the charity’. |
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| Clause 56, page 43, line 26 [Vol I], leave out ‘shall’ and insert ‘may at the |
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| election of the charity’. |
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| Clause 57, page 43 [Vol I], leave out line 36. |
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| | Clause, as amended, Agreed to. |
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| Page 44, line 3 [Vol I], leave out Clause 58. |
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| Clause 58, page 44, line 11 [Vol I], at end insert— |
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| | ‘(3A) | After subsection (3E) insert— |
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| | “(3F) | Reliefs under this section shall be as follows— |
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| | (a) | for donations not exceeding £100, 25 per cent. of the gift; |
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| | (b) | for donations exceedings £100 but not exceeding £1000, £25; |
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| | (c) | for donations exceeding £1000, 2.5 per cent. of the gift up to a |
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| | Clauses 59 and 60 Agreed to. |
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| | Clauses 62 to 68 Agreed to. |
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| Clause 69, page 54, line 10 [Vol I], at end insert— |
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| | ‘(2D) | Arrangements where the tax advantage arises due to the creation or utilisation of |
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| | an allowable loss shall not be treated as arrangements for the purposes of Part VII |
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| | (2E) | Where an allowable loss accrues to a company in circumstances that are not |
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| | disqualifying circumstances, then for the purposes of the Tax Acts it should be |
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| | assumed that the Promoter and the company did not wish that the element of the |
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| | arrangements that secured a tax advantage not to be disclosed to any other |
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| | promoter or Her Majesty’s Revenue and Customs.”’. |
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| Clause 69, page 54, line 4 [Vol I], after ‘enforceable)’, insert ‘but |
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| arrangements shall not include any election under section 24, 161 or 171A and shall not |
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| apply to either the whole or part of the loss to the extent that the allowable loss |
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| corresponds to an equivalent economic loss suffered by the company’. |
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| Clause 69, page 54, line 10 [Vol I], at end insert— |
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| | ‘(2D) | Subsection (2)(b) above shall not apply where, before the end of the accounting |
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| | period in which the allowance loss accrues, the Board have on the application of |
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| | the company notified the company that the Board are satisfied that the disposal or |
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| | deemed disposal does not accrue in disqualifying circumstances. |
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| | (2E) | Subsection (2D) shall be subject to the same procedures contained within section |
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| Clause 70, page 57, line 10 [Vol I], at end insert— |
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| | ‘184DA | Sections 8, 184A and 184B: meaning of “main purpose” |
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| | For the purposes of sections 8, 184A and 184B “main purpose” means a purpose |
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| | without which the underlying commercial transaction would not have occurred.’. |
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| Clause 70, page 60, line 4 [Vol I], at end insert— |
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| | ‘(4A) | At the end of section 176, add— |
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| | “(10) | This section shall not apply to companies for disposals accruing after 5th |
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| Clause 70, page 60, line 6 [Vol I], leave out from ‘212)’ to end of line 13 and |
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| add ‘subsections (8H) and (8I) shall cease to have effect.’. |
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| Clause 70, page 60 [Vol I], leave out lines 25 to 28. |
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| Clause 70, page 60, line 29 [Vol I], leave out from beginning to end of line 2 on |
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| Clause 71, page 61, line 30 [Vol I], at end insert— |
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| | ‘(5A) | The chargeable gain accruing to a company shall not be taxed as a chargeable gain |
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| | but instead shall be taxed as income in accordance with section 9 of the Income |
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| | and Corporation Taxes Act 1988.’. |
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| Clause 71, page 61 [Vol I], leave out lines 31 to 44. |
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| Clause 71, page 62, line 47 [Vol I], at end insert— |
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| | ‘(5A) | Subsection (2)(b) above shall not apply where, before the end of the accounting |
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| | period in which the allowable loss accrues, the Board have on the application of |
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| | the company notified the company that the Board are satisfied that the disposal or |
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| | deemed disposal does not accrue in disqualifying circumstances. |
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| | (5B) | Subsection (2)(b) shall be subject to the same procedures as those contained in |
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| Clause 71, page 62, line 47 [Vol 1], at end insert— |
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| | ‘(5A) | The chargeable gain accruing to a company shall not be taxed as a chargeable gain |
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| | but instead shall be taxed as income in accordance with section 9 of the Income |
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| | and Corporation Taxes Act 1988.’. |
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| Clause 71, page 63, line 1 [Vol I], leave out from beginning to end of line 18 on |
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| Page 61, line 3 [Vol I], leave out Clause 71. |
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| | Clauses 72 to 76 Agreed to. |
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| Schedule 6, page 185, line 5 [Vol I], leave out sub-paragraph (1) and insert— |
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| | ‘(1) | After section 85B of FA 1996 (amounts recognised in determining company’s |
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