Clause 29 - Loan relationships involving connected debtor and creditor

Finance (No. 3) Bill – in a Public Bill Committee at 3:45 pm on 19th May 2011.

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

Photo of David Hanson David Hanson Shadow Minister (Treasury)

I have just one question. The clause appears to apply to controlled foreign companies, which we will consider later in the Bill. How do the new rules interact with the CFC reforms from 2012 onwards?

Photo of David Gauke David Gauke The Exchequer Secretary

I am grateful for that question.

Photo of David Hanson David Hanson Shadow Minister (Treasury)

It is not a point of substance. Perhaps the Minister could clarify that in a note following the Committee? I would be happy with that.

Question put and agreed to.

Clause 29 accordingly ordered to stand part of the Bill.

Clause 30 ordered to stand part of the Bill.

Schedule 5 agreed to.