Schedule 2
Finance Bill
9:00 am
Jane Kennedy (Financial Secretary, HM Treasury; Liverpool, Wavertree, Labour)
I beg to move amendment No. 53, in schedule 2, page 109, line 3, at end insert—
‘(6A) For the purpose of determining whether a company which has a qualifying shareholding in a joint venture company is a trading company—
(a) any holding by it of shares in the joint venture company is to be disregarded, and
(b) it is to be treated as carrying on an appropriate proportion of the activities of the joint venture company or, where the joint venture company is the holding company of a trading group, of the activities of that group;
and in paragraph (b) above “appropriate proportion” means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the company.’.