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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 Ian Swales Ian Swales Liberal Democrat, Redcar 5:15 pm, 12th June 2012

Will the Minister clarify whether the connected companies have to be UK companies, or is this intended to catch arrangements made overseas? There are some well documented cases of debt being held by related companies in countries such as Luxembourg, which is clearly designed to avoid UK tax.