Clause 141 - Ending of relief for contributions to QUESTS

Part of Finance Bill – in a Public Bill Committee at 4:15 pm on 12 June 2003.

Alert me about debates like this

Photo of Stephen O'Brien Stephen O'Brien Conservative, Eddisbury 4:15, 12 June 2003

I beg to move amendment No. 242, in

clause 141, page 82, line 8, at end insert—

'(1A) Section 68 of that Act (principal charges to tax) shall be amended as follows:

(a) in subsection (2)(c) for ''the rate applicable to trusts'' substitute ''the chargeable rate'';

(b) insert a new subsection (8)—

''(8) For the purposes of this section the 'chargeable rate' is—

(a) in respect of a chargeable event occurring before 1st January 2003, the rate applicable to trusts, and

(b) in respect of any other chargeable event, the average marginal rate of corporation tax of all qualifying companies''.'.