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| | (Except Clauses 3, 5, 6, 15, 21, 49, 90 and 117
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| | and new Clauses amending section 74 of the Finance Act 2003)
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| | [third and fourth sittings]
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| | Schedule 2, page 109, line 3, at end insert— |
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| | | ‘(6A) | For the purpose of determining whether a company which has a qualifying |
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| | | shareholding in a joint venture company is a trading company— |
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| | | (a) | any holding by it of shares in the joint venture company is to be |
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| | | (b) | it is to be treated as carrying on an appropriate proportion of the activities |
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| | | of the joint venture company or, where the joint venture company is the |
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| | | holding company of a trading group, of the activities of that group; |
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| | | | and in paragraph (b) above “appropriate proportion” means a proportion |
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| | | corresponding to the percentage of the ordinary share capital of the joint venture |
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| | | company held by the company.’. |
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| | Schedule 2, page 109, line 37, at end insert— |
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| | | ‘(10A) | For the purpose of determining whether a group of companies is a trading group |
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| | | in a case where any one or more members of the group has a qualifying |
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| | | shareholding in a joint venture company which is not a member of the group— |
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| | | (a) | every holding of shares in the joint venture company by a member of the |
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| | | group having a qualifying shareholding in it is to be disregarded, and |
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| | | (b) | each member of the group having such a qualifying shareholding is to be |
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| | | treated as carrying on an appropriate proportion of the activities of the |
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| | | joint venture company or, where the joint venture company is a holding |
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| | | company of a trading group, of the activities of that group; |
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| | | | and in paragraph (b) above “appropriate proportion” means a proportion |
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| | | corresponding to the percentage of the ordinary share capital of the joint venture |
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| | | company held by the member of the group.’. |
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| | Schedule 2, page 109, line 38, leave out from first ‘of’ to ‘are’ in line 39 and insert |
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| | ‘this section the activities of the members of a group of companies’. |
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| | Schedule 2, page 116, leave out lines 11 to 29. |
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| | | Schedule, as amended, Agreed to. |
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| | Clause 7, page 3, line 23, at end insert— |
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| | | ‘(2) | Within twelve months of the commencement of this section, the Treasury shall |
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| | | compile and lay before the House of Commons a report containing an assessment |
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| | | of the impact of the entrepreneurs’ relief limit on the rate of investment of serial |
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| | Schedule 3, page 120, line 20, leave out from ‘use’ to ‘for’ in line 21. |
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| | Schedule 3, page 120, line 22, after ‘business’, insert ‘where such assets have been |
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| | in such use for a period of not less than two years at the time of the disposal’. |
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| | Schedule 3, page 120, line 26, leave out from ‘throughout’ to first ‘the’ in line 27 |
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| | and insert ‘a 12-month period beginning not more than two years before’. |
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| | Schedule 3, page 120, line 30, leave out from ‘throughout’ to first ‘the’ in line 31 |
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| | and insert ‘a 12-month period beginning not more than two years before’. |
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| | Schedule 3, page 120, line 31, leave out from ‘which’ to end of line 34 and insert |
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| | ‘the disposal of the asset takes place’. |
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| | Schedule 3, page 120, line 37, leave out from ‘throughout’ to second ‘the’ and |
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| | insert ‘a 12-month period beginning not more than two years before’. |
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| | Schedule 3, page 120, line 39, leave out ‘the individual’s personal company’ and |
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| | [Adjourned till Tuesday at 10.30 a.m. |
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