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Ray of sunshine

10 July 2012 / Allison Plager
Issue: 4361 / Categories: Comment & Analysis , Admin
ALLISON PLAGER covers the 11th and 12th sittings of the Public Bill Committee’s debates on the Finance Bill


  • Company distributions.
  • Capital gains on overseas accounts.
  • Enterprise investment schemes.
  • Capital allowances.
  • Non-domiciles living in the UK.

In its 11th sitting the Public Bill Committee almost cantered through a number of clauses barely falling at any fences.

To start proceedings the committee briefly considered clause 33 ‘company distributions’.

David Gauke Exchequer secretary to the Treasury explained the clause would ensure transfers between UK-resident companies could be treated as income distributions for corporation tax purposes.

The treatment would be aligned with ‘that which usually applies when a non-UK resident company is involved in a transfer’.

He said the changes would also ‘ensure that the confusing overlap in the scope of the two different definitions of the terms “distribution” is removed’. Referring to a query from John Mann...

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