Clause 31 - Exemptions for dormant companies and
Finance Bill
2:45 pm
Mr John Butterfill (Bournemouth West, Conservative)
With this it will be convenient to discuss the following:
Amendment No. 10, in
clause 31, page 26, line 9, at end insert—
'5AB(1) Paragraph 1(2) above does not apply in computing for any chargeable period the profits and losses of a potentially advantaged person if that person is a company which satisfies the condition in sub-paragraph (2) below.
(2) The condition is that either—
(a) the company is in insolvent liquidation;
(b) the company is in insolvent administration;
(c) an appointment of a provisional liquidator is in force in relation to the company under section 135 of the Insolvency Act 1986 or Article 115 of the Insolvency (Northern Ireland) Order 1989;
(d) the company is in insolvent administrative receivership; or
(e) under the law of a country or territory outside the United Kingdom, circumstances exist corresponding to any of those described in paragraphs (a) to (d) above.
(3) For the purposes of this paragraph, the company is in insolvent liquidation, in insolvent administration or in insolvent administrative receivership if it is in insolvent liquidation, insolvent administration or insolvent administrative receivership for the purposes of paragraph 6A of Schedule 9 to the Finance Act 1996.'.