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| [Eleventh and Twelfth Sittings]
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| Clause 57, page 27, line 27, leave out subsection (2). |
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| | Clause, as amended, Agreed to. |
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| Clause 59, page 28, line 16, after ‘made’ insert ‘under the law of a territory outside |
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| Clause 59, page 28, line 16, after ‘made’, insert ‘by any taxing authority’. |
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| Clause 59, page 29, line 6, after ‘made’ insert ‘under the law of a territory outside |
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| Clause 60, page 29, line 34, after ‘costs’, insert ‘, and |
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| | ‘(c) | the taxpayer has entered into a scheme or arrangement a main purpose of |
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| | which is to secure that the included funding costs are less than the |
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| | national funding costs’.’. |
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| Clause 60, page 29, line 36, leave out ‘paragraph (b) and (c)’ and insert ‘subsection |
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| Clause 60, page 30, line 4, leave out ‘paragraph (b) and (c) total’ and insert |
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| ‘subsection (3) total (before the application of subsection (3B))’. |
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| Clause 60, page 30, leave out lines 11 to 13. |
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| Clause 60, page 30, line 15, at end insert— |
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| | ‘“subsection (3) total” means the amount to be taken into account under |
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| | subsection (3) for the purposes of section 797(1).’. |
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| | Clause, as amended, Agreed to. |
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| Clause 67, page 32, line 6, leave out ‘12 January’ and insert ‘1 April’. |
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| Clause 67, page 32, line 7, leave out subsections (3) and (4). |
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| | Clauses 68 and 69 Agreed to. |
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| Clause 70, page 34, line 24, leave out ‘section 105A’ and insert ‘sections 105A and |
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| Clause 70, page 34, leave out lines 35 to 37 and insert— |
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| | ‘(d) | the net amount payable by P in relation to the lease by way of lease |
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| | premium is greater than zero.’. |
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| Clause 70, page 34, line 43, leave out from ‘the’ to end of line 21 on page 35 and |
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| insert ‘net amount payable by P in relation to the lease by way of lease premium. |
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| | (3) | For provision about the application of this section in relation to certain |
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| | leases with break clauses, see section 105B. |
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| | (4) | For the purposes of this section the net amount payable by P in relation |
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| | to a lease by way of lease premium is— |
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| | (a) | the total amount (if any) that has been paid, or is or will become |
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| | payable, by P in relation to the lease by way of lease premium, |
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| | (b) | any amount within paragraph (a) that has been repaid or is or will |
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| | (5) | In this section and section 105B “lease premium” means any premium |
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| | (b) | otherwise under the terms on which a lease is granted. |
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| | (6) | In the application of this section to Scotland, “premium” includes a |
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| | 105B | Lease premiums in the case of leases with break clauses |
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| | (1) | This section applies to a lease (“the original lease”) that contains one or |
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| | more relevant break clauses. |
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| | (2) | For the purposes of this section— |
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| | (a) | “break clause” means a provision of a lease that gives a person a |
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| | right to terminate it so that its term is shorter than it otherwise |
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| | (b) | a break clause contained in the original lease is “relevant” if the |
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| | right to terminate the lease that it confers is capable of being |
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| | exercised in such a way that the term of the original lease is 10 |
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| | (3) | For the purposes of section 105A— |
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| | (a) | the term of the original lease, and |
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| | (b) | the net amount payable by P in relation to the lease by way of |
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| | | are to be determined on the assumption that any relevant break clause is |
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| | exercised in such a way that the term of the lease is as short as possible. |
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| | (4) | If a relevant break clause is not in fact exercised in such a way that the |
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| | term of the original lease is as short as possible, the parties to the lease |
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| | are treated for the purposes of section 105A as if they were parties to |
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| | another lease (a “notional lease”) the term of which— |
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| | (a) | begins immediately after the time at which the term of the |
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| | original lease would have ended, if that break clause had been so |
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| | (b) | ends at the time mentioned in subsection (5). |
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| | (5) | The term of a notional lease ends— |
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| | (a) | at the time the term of the original lease would end, on the |
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| | assumption that any relevant break clause that is exercisable only |
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| | after the beginning of the term of the notional lease is exercised |
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| | in such a way that the term of the original lease is as short as |
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| | (b) | if earlier, the tenth anniversary of the beginning of the term of the |
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| | (6) | For the purposes of section 105A, the net amount payable by P in relation |
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| | to a notional lease by way of lease premium is, in the case of a notional |
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| | lease the term of which ends under paragraph (a) of subsection (5)— |
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| | (a) | the net amount that would be payable by P in relation to the |
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| | original lease by way of lease premium on the assumption |
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| | mentioned in that paragraph, less |
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| | (b) | any part of that amount that has already been attributed to a |
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| | period in respect of a lease premium under section 105(4B)(b). |
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| | (7) | For the purposes of section 105A, the net amount payable by P in relation |
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| | to a notional lease by way of lease premium is, in the case of notional |
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| | lease the term of which ends under paragraph (b) of subsection (5), the |
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| | (a) | the net amount that would be payable by P in relation to the |
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| | original lease by way of lease premium, on the assumption that |
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| | no break clause is exercised, less |
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