Clause 274 - Terminal losses

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

Again, this is an anti-avoidance measure. It is designed to correct an imbalance in the rules on terminal losses. It had been possible to circumvent the intended restrictions on loss carried back by transferring fields to operators for a short time during which they were guaranteed to make a loss. The industry views the proposal as sensible.

Question put and agreed to.

Clause 274 ordered to stand part of the Bill.