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Clause 1 — Main rate of corporation tax for financial year 2011

Part of Finance Bill – in the House of Commons at 5:00 pm on 12th July 2010.

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Photo of Stewart Hosie Stewart Hosie SNP Chief Whip, SNP Deputy Leader, Shadow SNP Spokesperson (Treasury) 5:00 pm, 12th July 2010

The hon. Gentleman is making his case extremely well, but surely he should be pushing at open door, given that the Red Book itself talks about changes

"to prevent avoidance of corporation tax using accounting 'derecognition' rules".

It also discusses tax avoidance involving "the creation" of certain things "for corporate investors", and mentions alternative investment funds, financial securities, inheritance tax on trusts and so on. There is also the possibility of a general anti-avoidance rule, as this is being considered informally by this Government as we speak.

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