Clause 26 - Receipts cases
Finance Bill
4:30 pm
Frank Cook (Stockton North, Labour)
With this it will be convenient to discuss the following amendments: No. 38, in clause 26, page 24, line 22, after 'income', insert
', capital gain, or chargeable profits computed under section 747(3) of ICTA,'.
Government amendment No. 75
No. 39, in clause 26, page 24, line 38, leave out from 'company' to end of line 39 and insert
'in an accounting period within two years from the date on which the qualifying payment was made.'.
Government amendment No. 76
No. 40, in clause 26, page 24, line 41, leave out 'a corresponding' and insert 'an'.
No. 41, in clause 26, page 24, line 41, after 'period', insert
'ending within two years from the date on which the qualifying payment was made.'.
Government amendment No. 77
No. 42, in clause 26, page 24, line 41, leave out 'or'.
No. 43, in clause 26, page 24, line 45, after 'obligations)', insert ', and
(d) income or gains which are included within chargeable profits of a controlled foreign company and the company is subject to a charge in accordance with section 747(4)(a) of ICTA or is exempt from an apportionment under section 747(3) ICTA due to the company meeting the conditions of section 748(1)(a) ICTA.'.
No. 44, in clause 26, page 25, line 2, leave out 'benefit' and insert 'UK tax advantage'.
No. 45, in clause 26, page 25, line 3, at end insert—
'(10A) Condition F is that the main purpose of the scheme is to achieve a UK tax advantage for the company.
(10B) Condition G is that the amount of the UK tax advantage in question is more than a minimal amount'.
No. 37, in clause 27, page 25, line 24, leave out 'E' and insert 'G'.