The Public Bill Committee passed the following government amendments to Finance Bill 2022 on 14 December:
Schedule 2: Qualifying asset holding companies
amendments 1 and 2, expanding the definition of ‘investment management profit-sharing arrangements’ to include entitlements to performance-based rewards (‘carried interest’) that are not held by the person providing the investment management services to which they relate
amendments 3 and 6, providing that a fund that is 70% controlled by category A investors meets the diversity of ownership condition
amendment 4, allowing existing funds marketed before the commencement of the QAHC regime to be treated as meeting Condition A of the genuine diversity of ownership condition in the Offshore Funds (Tax) Regulations, SI 2009/3001 reg 75(2) if certain information has been produced by the fund and has been made available to HMRC, and
amendment 5, adjusting the rules for determining whether a fund is close.
The following government amendments will be considered by the committee when it continues its work in January:
Schedule 15: Large businesses: notification of uncertain tax treatment
amendments 7 and 9, ensuring that, where provision for uncertain PAYE or VAT liabilities is recognised in the accounts of a company or partnership, the accounts may be finalised before HMRC is required to be notified of the uncertainty under Sch 15;
amendments 8 and 10, aiming to ensure that Sch 15 operates as intended where provision for uncertain liabilities is recognised in the accounts of a partnership.
The Public Bill Committee was scheduled to reconvene on Wednesday, 5 January 2022.
The Public Bill Committee passed the following government amendments to Finance Bill 2022 on 14 December:
Schedule 2: Qualifying asset holding companies
amendments 1 and 2, expanding the definition of ‘investment management profit-sharing arrangements’ to include entitlements to performance-based rewards (‘carried interest’) that are not held by the person providing the investment management services to which they relate
amendments 3 and 6, providing that a fund that is 70% controlled by category A investors meets the diversity of ownership condition
amendment 4, allowing existing funds marketed before the commencement of the QAHC regime to be treated as meeting Condition A of the genuine diversity of ownership condition in the Offshore Funds (Tax) Regulations, SI 2009/3001 reg 75(2) if certain information has been produced by the fund and has been made available to HMRC, and
amendment 5, adjusting the rules for determining whether a fund is close.
The following government amendments will be considered by the committee when it continues its work in January:
Schedule 15: Large businesses: notification of uncertain tax treatment
amendments 7 and 9, ensuring that, where provision for uncertain PAYE or VAT liabilities is recognised in the accounts of a company or partnership, the accounts may be finalised before HMRC is required to be notified of the uncertainty under Sch 15;
amendments 8 and 10, aiming to ensure that Sch 15 operates as intended where provision for uncertain liabilities is recognised in the accounts of a partnership.
The Public Bill Committee was scheduled to reconvene on Wednesday, 5 January 2022.
