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RICHARD CURTIS summarises the ninth and tenth sittings of the Public Bill Committee’s review of Finance Bill 2012
KEY POINTS
- The new 10% corporation tax rate for the patent box.
- Changes to the research and development relief.
- Relaxation of the real estate investment trusts regime.
- Manufactured overseas dividend schemes are blocked.
the Public Bill Committee resumed its consideration of the Finance Bill 2012 with the ninth sitting on 12 June. The first item to be debated was clause 18 – qualifying time deposits.
This clause concerns the deduction of income tax from interest payable by building societies banks and other deposit-takers on investments that are qualifying time deposits.
Income tax is usually deducted from such interest (except for tax-advantaged products such as ISAs) at the basic rate of income tax and paid to HMRC under the tax deduction scheme for interest (TDSI).
However any interest payable on qualifying time deposits has...
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