Schedule 2
Finance Bill
9:00 am
Amendments made: No. 54, in schedule 2, page 109, line 37, at end insert—
‘(10A) For the purpose of determining whether a group of companies is a trading group in a case where any one or more members of the group has a qualifying shareholding in a joint venture company which is not a member of the group—
(a) every holding of shares in the joint venture company by a member of the group having a qualifying shareholding in it is to be disregarded, and
(b) each member of the group having such a qualifying shareholding 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 a 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 member of the group.’.
No. 55, in schedule 2, page 109, line 38, leave out from first ‘of’ to ‘are’ in line 39 and insert
‘this section the activities of the members of a group of companies’.—[Jane Kennedy.]