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| | Clause 27, page 19, line 3, at end add— |
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| | | ‘(2) | The Treasury shall prepare a report by 1 January 2012 on the impact of Schedule |
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| | | 3 on charities and community amateur sports clubs.’. |
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| | | Clauses 29 and 30 Agreed to. |
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| | Clause 31, page 20, leave out lines 14 and 15 and insert— |
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| | | ‘(c) | subsection (2) may operate to prevent subsection (1) applying by virtue |
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| | | of paragraph (b), unless subsection (2AB) applies. |
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| | | (2AB) | This subsection applies if company A’s ceasing to be a member of the first group |
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| | | at the same time as one or more associated companies forms part of arrangements |
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| | | the main purpose, or one of the main purposes, of which is the avoidance of a |
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| | | liability to corporation tax.’ |
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| | | Clause, as amended, Agreed to. |
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| | | Clauses 33 and 34 Agreed to. |
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| | Schedule 7, page 157, line 2, at end insert— |
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| | | | In Schedule 24 to ICTA (assumptions for calculating chargeable profits, |
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| | | creditable tax and corresponding United Kingdom tax of foreign companies), |
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| | | in paragraph 4 (reliefs under Corporation Tax Acts dependent upon the making |
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| | | of a claim or election), after sub-paragraph (2) insert— |
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| | | “(2B) | For the purposes of sub-paragraph (1) an election under section 9A |
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| | | of CTA 2010 (designated currency of a UK resident investment |
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| | | company) is not to be regarded as an election upon which relief |
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| | | under the Corporation Tax Acts is dependent, and sub-paragraph |
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| | | (2)(b) does not apply in relation to such an election. |
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| | | (2C) | But if, by notice given to an officer of the Board, the United |
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| | | Kingdom resident company which has or, as the case may be, any |
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| | | two or more United Kingdom resident companies which together |
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| | | have, a majority interest in the company so request, the company |
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| | | shall be assumed (subject to section 9A(2) of CTA 2010) to have |
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| | | made an election under section 9A of that Act in the form specified |
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| | | in the notice (and accordingly that section and section 9B of that |
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| | | Act apply to determine the effect (if any) of that election).”’ |
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| | Schedule 7, page 157, line 15, after ‘arises’ insert ‘(“the relevant period”)’. |
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| | Schedule 7, page 157, leave out lines 16 to 19 and insert— |
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| | | ‘(b) | a change in the company’s functional currency (within the meaning of |
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| | | section 17(4) of that Act) as between the relevant period and a period of |
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| | | account ending in the 12 months immediately preceding that period.’. |
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| | Schedule 7, page 157, line 31, after ‘arises’ insert ‘(“the relevant period”)’. |
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| | Schedule 7, page 157, leave out lines 32 to 35 and insert— |
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| | | ‘(b) | a change in the company’s functional currency (within the meaning of |
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| | | section 17(4) of that Act) as between the relevant period and a period of |
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| | | account ending in the 12 months immediately preceding that period.’. |
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| | | Schedule, as amended, Agreed to. |
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| | [Adjourned until Tuesday 24 May at 9.00 am |
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