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Clause 23 - Loan relationships: debts becoming held by connected company

Part of Finance Bill – in a Public Bill Committee at 5:15 pm on 12th June 2012.

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Photo of David Gauke David Gauke The Exchequer Secretary 5:15 pm, 12th June 2012

HMRC is not aware of other examples of similar avoidance in this area. Of course, under disclosure of tax avoidance schemes legislation, it is necessary for a taxpayer to notify in such circumstances. Considerable attention has been placed on such schemes, so the current assessment is that HMRC is not aware of other taxpayers who have made use of the mechanism.