Limited Partners: Restriction of Reliefs

Orders of the Day — Finance Bill – in the House of Commons at 9:30 pm on 10th July 1985.

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Amendments made: No. 67, in page 127, line 35, leave out from '(3)' to end of line 38 and insert: below—

  1. (a) in respect of a loss sustained by him in a trade, or of interest paid by him in connection with the carrying on of a trade, in a relevant year of assessment, or
  2. (b) as an allowance falling to be made to him for a relevant year of assessment either in taxing a trade or by way of discharge or repayment of tax to which he is entitled by reason of his participation in a trade.'

No. 68, in page 128, line 16, leave out from '(3)' to end of line 19 and insert 'above—

  1. (a) in respect of a loss sustained by him in the trade, or of interest paid by him in connection with carrying it on, in any relevant year of assessment, or
  2. (b) as an allowance falling to be made to him for any relevant year of assessment either in taxing the trade or by way of discharge or repayment of tax to which he is entitled by reason of his participation in the trade;'.

No. 69, in page 128, line 23, leave out ', the expenditure incurred or the interest paid' and insert 'or the interest paid, or for which the allowance falls to be made'.

No. 70, in page 128, line 26, at end insert— '(5) To the extent that an allowance is taken into account in computing profits or gains or losses in the year of loss by virtue of section 169(1) of the Taxes Act it shall, for the purposes of section 47 of this Act and this paragraph, be treated as falling to be made in the year of loss (and not the year of assessment for which the year of loss is the basis year).'

No. 71, in page 128, line 30, leave out from '(3)' to second 'in' in line 32 and insert 'below—

  1. (a) in respect of a loss incurred by a company in a trade, or of charges paid by a company in connection with the carrying on of a trade, in a relevant accounting period, or
  2. (b) as an allowance falling to be made to a company for a relevant accounting period either in taxing a trade or by way of discharge or repayment of tax to which it is entitled by reason of its participation in a trade;
and'.

No. 72, in page 129, line 4, leave out from `(3)' to end of line 7 and insert 'above—

  1. (a) in respect of a loss incurred by the partner company in the trade, or of charges paid by it in connection with carrying it on, in any relevant accounting period, or
  2. (b) as an allowance falling to be made to the partner company for any relevant accounting period either in taxing the trade or by way of discharge or repayment of tax to which it is entitled by reason of its participation in the trade;'.

No. 73, in page 129, line 12, leave out 'or expenditure is incurred or the charges paid' and insert 'is incurred or the charges paid, or for which the allowance falls to be made'.—[Mr. Moore.]