Clause 30 - Avoidance schemes involving the transfer of corporate profits

Part of Finance (No. 2) Bill – in a Public Bill Committee at 4:30 pm on 6 May 2014.

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Photo of Ian Swales Ian Swales Liberal Democrat, Redcar 4:30, 6 May 2014

May I press the Minister a little on what she is saying? Will the changes that she is describing include schemes in which interest is transferred to a group company—for example, when the group buys shares in a tax haven and loans money back to the UK group such that profits are transferred through interest payments? That is one of the most common methods used to achieve what she is seeking to stop.