Clause 273 - Restrictions on expenditure allowable

Finance Bill – in a Public Bill Committee at 2:30 pm on 22nd June 2004.

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Question proposed, That the clause stand part of the Bill.

Photo of Mr Howard Flight Mr Howard Flight Shadow Chief Secretary To the Treasury, Economic Affairs, Shadow Chief Secretary to the Treasury

This is an anti-avoidance measure designed to stop connected-party transactions, which

increase the cost of qualifying expenditure. I am advised that the tax planning that it addresses possibly did not work anyway, and that there is therefore no particular objection from the industry to the proposal.

Question put and agreed to.

Clause 273 ordered to stand part of the Bill.