Clause 35 - Elimination of double counting etc

Part of Finance Bill – in a Public Bill Committee at 4:15 pm on 11th May 2004.

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Photo of Dawn Primarolo Dawn Primarolo Paymaster General (HM Treasury) 4:15 pm, 11th May 2004

Briefly, the amendments make detailed corrections to the clause to correct errors noticed since the Bill was published and to ensure that the clause has the intended effect. Amendments Nos. 75, 77 and 78 ensure that the definition of a paragraph 6C claim applies for the purposes of schedule 28AA as a whole. They correct the mechanism that allows lenders to make early claims for gross payment of interest. The correction is no more than a matter of terminology.

Amendment No. 76 corrects a detailed cross-reference. It inserts a cross-reference into a rule that will allow a company to make a late claim to a compensating adjustment when the need arises. That is part of ensuring that the extension of transfer pricing rules does not lead to double taxation.

I apologise to the Committee for the need to make the corrections, but they have been identified since the Bill's publication, and they will enable it to operate as intended. I commend them to the Committee.