The Finance Bill completed its report stage in the House of Commons on 5 July. Amendments to the following clauses and schedules were agreed:
Clause 87 and Sch 25, mutual assistance for recovery of taxes. Government amendments 1 to 8 are designed to ensure that the measures included in the Bill fully replace and repeal existing legislation;
Sch 7, investment companies. Government amendments 22 to 27 ‘ensure that the new rules apply to prevent companies making an election and retrospectively altering their period of account to crystallise exchange losses or prevent the taxation of exchange gains’.
Sch 13, profits of foreign permanent establishments. Government amendments 28 and 29 are designed to prevent ‘retrospective changes by a company of its accounting periods from altering with the benefit of hindsight the times at which branch exemption does or does not apply’.
Sch 19, bank levy. Government amendments 32 to 50 are designed to ensure that the netting provisions operate as intended, and allow HM Treasury to repeal or amend certain rules regarding netting arrangements.
The Bill completed its first reading in the House of Lords on 6 July and its remaining stages are set to be completed on 18 July. The House of Lords cannot amend a ‘Money Bill’, so no further amendments will be made before Royal Assent.
The House of Commons will rise for the summer recess on 19 July, and the Lords will rise on the following day.
The Finance Bill completed its report stage in the House of Commons on 5 July. Amendments to the following clauses and schedules were agreed:
Clause 87 and Sch 25, mutual assistance for recovery of taxes. Government amendments 1 to 8 are designed to ensure that the measures included in the Bill fully replace and repeal existing legislation;
Sch 7, investment companies. Government amendments 22 to 27 ‘ensure that the new rules apply to prevent companies making an election and retrospectively altering their period of account to crystallise exchange losses or prevent the taxation of exchange gains’.
Sch 13, profits of foreign permanent establishments. Government amendments 28 and 29 are designed to prevent ‘retrospective changes by a company of its accounting periods from altering with the benefit of hindsight the times at which branch exemption does or does not apply’.
Sch 19, bank levy. Government amendments 32 to 50 are designed to ensure that the netting provisions operate as intended, and allow HM Treasury to repeal or amend certain rules regarding netting arrangements.
The Bill completed its first reading in the House of Lords on 6 July and its remaining stages are set to be completed on 18 July. The House of Lords cannot amend a ‘Money Bill’, so no further amendments will be made before Royal Assent.
The House of Commons will rise for the summer recess on 19 July, and the Lords will rise on the following day.
