Clause 35

Part of Finance Bill – in a Public Bill Committee at 4:30 pm on 9th June 2009.

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Photo of Mark Hoban Mark Hoban Shadow Minister (Treasury) 4:30 pm, 9th June 2009

Is there a workaround that HMRC could introduce? As I said in my remarks, a purely UK company would still have to work out whether it passed the gateway test even though it had no overseas parent or overseas external debt. Is there guidance? I hate asking for HMRC guidance and I argued against it last year. Is there a pragmatic solution that would say that a UK-only group need not go through the calculations set out in the gateway test?