Notices of Amendments: 4 June 2009

65

Finance Bill, continued

(b)	in the case of an appeal in respect of the refusal of an

application under section 751AA, has the meaning

given by subsection (5) of that section.”

(5)	In subsection (10)—

(a)	after “751A” insert “or 751AA”, and

(b)	after “751A(1)” insert “or 751AA(1)”.

Commencement

25  (1)

The amendments made by this Part have effect in relation to accounting

periods of controlled foreign companies ending on or after 1 January 2010.

(2)	For this purpose “accounting period” and “controlled foreign company” have

the same meaning as they have for the purposes of Chapter 4 of Part 17 of

ICTA.’.

Mr Stephen Timms

158

Schedule  19,  page  201,  line  2,  leave out from ‘fund’ to end of line 3.

Mr Stephen Timms

159

Schedule  24,  page  243,  line  9,  leave out ‘14’ and insert ‘15’.

Mr Mark Hoban

160

Schedule  17,  page  190,  line  12,  leave out from ‘partnership’ to end of line 14.

Mr Mark Hoban

161

Schedule  17,  page  190,  line  10,  at end insert ‘or’.

Mr Mark Hoban

162

Schedule  17,  page  190,  line  33,  leave out ‘a’ and insert ‘an event or’.

Mr Mark Hoban

163

Schedule  17,  page  191,  line  38,  at end insert—

‘“debenture” does not include a guarantee;

“transfer” does not include a transfer by way of security.’.

Mr Mark Hoban

164

Schedule  17,  page  192,  line  9,  at end insert ‘or six months after the regulations

referred to in paragraph 4(2) are made, whichever is the later’.

Mr Mark Hoban

165

Schedule  17,  page  192,  line  10,  after ‘Schedule’, insert ‘(with exception of those

made under paragraph 8(2)(e))’.

Notices of Amendments: 4 June 2009

66

Finance Bill, continued

Mr Mark Hoban

166

Schedule  19,  page  204,  line  14,  leave out ‘22’ and insert ‘6’.

Mr Mark Hoban

167

Schedule  19,  page  204,  line  16,  leave out ‘22’ and insert ‘6’.

Mr Mark Hoban

168

Schedule  19,  page  204,  line  18,  leave out ‘22’ and insert ‘6’.

Mr Mark Hoban

169

Schedule  19,  page  202,  line  15,  leave out from ‘397AA’ to end of line 18.

Mr Mark Hoban

170

Schedule  14,  page  136,  line  19,  after ‘dividend’, insert ‘or other distribution’.

Mr Mark Hoban

171

Clause  39,  page  19,  line  14,  at end insert ‘and accordingly section 397A shall not

apply in respect of such dividend’.

Mr Mark Hoban

172

Schedule  19,  page  200,  line  28,  after ‘(6)’, insert ‘, section 378A’.

Mr Mark Hoban

173

Schedule  19,  page  201,  line  2,  leave out from ‘fund’ to end of line 3.

Mr Mark Hoban

174

Clause  39,  page  19,  leave out lines 15 to 18 and insert—

‘(3)	For the purposes of this section and subject to subsections (3A) and (3B) below,

an offshore fund satisfies the qualifying investments test if, on the last day of each

quarter of the offshore fund’s relevant period of account, the market value of the

fund’s qualifying investments does not exceed 60% of the market value of all of

the assets of the fund (excluding cash awaiting investment).

(3A)	The offshore fund shall not satisfy the qualifying investments test if it makes any

arrangements with regard to its investments where the purpose of such

arrangements is wholly or mainly to satisfy the qualifying investments test on

such relevant quarter date and where, having regard to the offshore fund’s overall

investment strategy, the offshore fund would have been unlikely to satisfy the

qualifying investments test had the test been applied on any other date.

(3B)	Where any of the investments held by the offshore fund are “qualifying holdings”

(as defined in section 495 of the CTA 2009), such qualifying holding shall not

constitute a qualifying investment if the company, scheme or fund which might

otherwise constitute the qualifying holding has, for the 12 month period

preceding the date that the dividend is paid, provided written confirmation on a

quarterly basis to the offshore fund that its investment strategy is to invest in

Notices of Amendments: 4 June 2009

67

Finance Bill, continued

assets which the company, scheme or fund anticipates will meet the qualifying

investments test and it is not aware that this strategy has been breached.’.

Mr Mark Hoban

175

Clause  39,  page  19,  line  23,  leave out from ‘means’ to end of line 31 and insert ‘the

accounting period ending prior to payment of the dividend.’.

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Revised 5 June 2009