Division No. 10]
Question accordingly negatived.
Amendments made: No. 155, in clause 93, page 56, line 7, leave out 4A(1) and insert 4A.
No. 156, in clause 93, page 56, line 8, after transactions),, insert
(a) in sub-paragraph (1),.
No. 157, in clause 93, page 56, line 9, at end insert
(b) after that sub-paragraph insert
(1A) Sub-paragraph (1) has effect subject to sub-paragraph (3A).,
(c) in sub-paragraph (3)
(i) for sub-paragraph (1)(a) substitute this paragraph, and
(ii) for this sub-paragraph substitute this paragraph, and
(d) after sub-paragraph (3) insert
(3A) Sub-paragraph (1) does not apply where
(a) there is a change in the control of the purchaser because a loan creditor (within the meaning of section 417(7) to (9) of the Taxes Act 1988) obtains control of, or ceases to control, the purchaser, and
(b) the other persons who controlled the purchaser before that change continue to do so..
No. 158, in clause 93, page 56, line 12, leave out from 2008 to end of line 19.[Kitty Ussher.]
Clause 93, as amended, ordered to stand part of the Bill.
Transfers of interests in property-investment partnerships
Question proposed, That the clause stand part of the Bill.
Mr. Gauke: I have only one brief point to make about the clause, which aims to restrict the scope of the anti-avoidance measures introduced in the Finance Act 2007 by ensuring that when there is a transfer of an
The clause represents one of those occasions when the concerns that they and various professional groups raised have been recognised. On the one hand, I welcome the Treasurys recognition of those concerns, but this time last year, it was apparent that the legislation in the 2007 Finance Bill was flawed and would have an unfortunate effect. As a consequence, there has been a period of uncertainty, and I just wanted to put on record that it is regrettable that clause 94 is necessary because of flaws in last years legislation. They were known to the professionals and to the equivalent Committee last year.
Question put and agreed to.
Clause 94 ordered to stand part of the Bill.
Schedule 31 agreed to.
Clause 95 ordered to stand part of the Bill.
Mr. Bob Blizzard (Waveney) (Lab): I beg to move that further consideration of the Bill be now adjourned. I just think that it is easier to stop here, before the debate on clause 96 starts, because we have Treasury questions in seven minutes time.
Further consideration adjourned.[Mr. Blizzard.]
Adjourned accordingly at twenty-three minutes past 10 oclock till this day at One oclock.
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