Clause 69
Finance (No.2) Bill
Public Bill Committees, 23 May 2006, 11:45 am
Helen Goodman (Bishop Auckland, Labour)
I beg to move amendment No. 103, in page 54, line 10 [Vol I], at end insert—
‘(2D) Arrangements where the tax advantage arises due to the creation or utilisation of an allowable loss shall not be treated as arrangements for the purposes of Part VII of the Finance Act 2004.
(2E) Where an allowable loss accrues to a company in circumstances that are not disqualifying circumstances, then for the purposes of the Tax Acts it should be assumed that the Promoter and the company did not wish that the element of the arrangements that secured a tax advantage not to be disclosed to any other promoter or Her Majesty's Revenue and Customs.”'.