Finance Bill Debates

Alan Dolton

Alan Dolton Editor of Tolley's Tax Cases begins our coverage of the Report Stage debates on the Finance Bill

Having been considered by the Public Bill Committee the Finance Bill returned to the House of Commons for its Report Stage on Monday 25 June. The Financial Secretary (John Healey) proposed a new clause to amend ICTA 1988 s 75 (management expenses). He explained:

'New clause 5 introduces a targeted anti-avoidance rule that tackles the use of tax avoidance schemes designed to generate deductions in respect of “expenses of management” under section 75 of the Income and Corporation Taxes Act 1988. If left unchecked those schemes would cost the UK Exchequer — the public purse — £1 billion a year. Section 75 of the 1988 Act...

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Alan Dolton Editor of Tolley's Tax Cases begins our coverage of the Report Stage debates on the Finance Bill

'New clause 5 introduces a targeted anti-avoidance rule that tackles the use of tax avoidance schemes designed to generate deductions in respect of “expenses of management” under section 75 of the Income and Corporation Taxes Act 1988. If left unchecked those schemes would cost the UK Exchequer — the public purse — £1 billion a year. Section 75 of the 1988 Act...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: