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| | | for the purpose of applying section 747(3) to (5) for determining the |
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| | sum (if any) chargeable on the UK resident company under section |
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| | 747(4)(a) (but for no other purpose). |
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| | (4) | The Commissioners may grant the application only if they are satisfied |
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| | that the specified amount does not exceed the relevant amount. |
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| | (5) | In subsection (4) “the relevant amount” means the amount (if any) by |
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| | which it is just and reasonable that the chargeable profits should be |
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| | treated as reduced, having regard to the effect of Parts 3 and 4 of |
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| | Schedule 15 to FA 2009 on amounts brought into account for the |
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| | purposes of corporation tax by the payer, or any other company.” |
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| | 24 (1) | Section 751B (supplementary) is amended as follows. |
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| | (2) | In the heading, for “Section 751A” substitute “Sections 751A and 751AA”. |
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| | (3) | In subsections (1), (2), (3) (in each place) and (5), after “751A” insert “or |
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| | |
| | |
| | (a) | after ““the relevant amount”” insert “— |
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| | (a) | in the case of an appeal in respect of the refusal of an |
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| | application under section 751A,”, and |
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| | (b) | after “mentioned in that subsection” insert “, and |
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| | (b) | in the case of an appeal in respect of the refusal of an |
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| | application under section 751AA, has the meaning |
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| | given by subsection (5) of that section.” |
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| | |
| | (a) | after “751A” insert “or 751AA”, and |
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| | (b) | after “751A(1)” insert “or 751AA(1)”. |
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| | |
| | 25 (1) | The amendments made by this Part have effect in relation to accounting |
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| | periods of controlled foreign companies ending on or after 1 January 2010. |
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| | (2) | For this purpose “accounting period” and “controlled foreign company” have |
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| | the same meaning as they have for the purposes of Chapter 4 of Part 17 of |
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| | |
| | Schedule, as amended, Agreed to. |
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| | |
| Schedule 17, page 189, line 41, leave out ‘£100’ and insert ‘£1’. |
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| Schedule 17, page 190, line 10, at end insert ‘or’. |
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| Schedule 17, page 190, line 12, leave out from ‘partnership’ to end of line 14. |
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| Schedule 17, page 190, line 33, leave out ‘a’ and insert ‘an event or’. |
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| Schedule 17, page 190, line 34, leave out paragraphs (a) and (b). |
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| | |
| Schedule 17, page 191, line 38, at end insert— |
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| | ‘“debenture” does not include a guarantee; |
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| | “transfer” does not include a transfer by way of security.’. |
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| | |
| Schedule 17, page 192, line 9, at end insert ‘or six months after the regulations |
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| referred to in paragraph 4(2) are made, whichever is the later’. |
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| |
| | |
| Schedule 17, page 192, line 10, after ‘Schedule’, insert ‘(with exception of those |
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| made under paragraph 8(2)(e))’. |
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| | |
| | |
| | |
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| | |
| Clause 39, page 19, line 14, at end insert ‘and accordingly section 397A shall not |
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| apply in respect of such dividend’. |
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| |
| | |
| Clause 39, page 19, leave out lines 15 to 18 and insert— |
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| | ‘(3) | For the purposes of this section and subject to subsections (3A) and (3B) below, |
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| | an offshore fund satisfies the qualifying investments test if, on the last day of each |
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| | quarter of the offshore fund’s relevant period of account, the market value of the |
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| | fund’s qualifying investments does not exceed 60% of the market value of all of |
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| | the assets of the fund (excluding cash awaiting investment). |
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| | (3A) | The offshore fund shall not satisfy the qualifying investments test if it makes any |
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| | arrangements with regard to its investments where the purpose of such |
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| |
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| | arrangements is wholly or mainly to satisfy the qualifying investments test on |
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| | such relevant quarter date and where, having regard to the offshore fund’s overall |
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| | investment strategy, the offshore fund would have been unlikely to satisfy the |
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| | qualifying investments test had the test been applied on any other date. |
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| | (3B) | Where any of the investments held by the offshore fund are “qualifying holdings” |
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| | (as defined in section 495 of the CTA 2009), such qualifying holding shall not |
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| | constitute a qualifying investment if the company, scheme or fund which might |
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| | otherwise constitute the qualifying holding has, for the 12 month period |
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| | preceding the date that the dividend is paid, provided written confirmation on a |
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| | quarterly basis to the offshore fund that its investment strategy is to invest in |
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| | assets which the company, scheme or fund anticipates will meet the qualifying |
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| | investments test and it is not aware that this strategy has been breached.’. |
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| |
| | |
| Clause 39, page 19, line 23, leave out from ‘means’ to end of line 31 and insert ‘the |
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| accounting period ending prior to payment of the dividend.’. |
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| | |
| Clause 39, page 19, line 43, at end insert— |
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| | ‘(3A) | Accordingly, in section 367 of ITTOIA 2005 (priority between Chapters within |
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| | Part 4), in subsection (3)— |
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| | (a) | in paragraph (a), after “dividends)” insert “, 378A (offshore fund |
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| | |
| | (b) | in paragraph (b), insert at the end “or Chapter 4 (or both)”.’. |
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| | Clause, as amended, Agreed to. |
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| |
| [Adjourned until Thursday at 9.00 am. |
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