Twelfth Schedule. — (Excess Profits Levy: Interconnected Bodies Corporate.)

Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 17th June 1952.

Alert me about debates like this

Photo of Mr Reginald Manningham-Buller Mr Reginald Manningham-Buller , Northamptonshire South 12:00 am, 17th June 1952

I beg to move, in page 122, line 9, after "if," to insert "any of."

This is really a drafting Amendment to make something in the Twelfth Schedule quite clear. As the Schedule now stands, the question has been raised whether it is necessary that none of the subsidiaries of a particular company are subsidiaries of a company of which that company is a subsidiary for the subsection to operate. This Amendment makes it clear that if any of the subsidiaries of the intermediate company are not also subsidiaries of the ultimate owner, then there is the right of election for group treatment.

Amendment agreed to.

Bill reported, with Amendments; as amended (in Committee and on re-committal), considered.