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Finance Bill Debates

 
Alan Dolton Editor of Tolley's Tax Cases continues our summaries of the Public Bill Committee debates on the Finance Bill
 
Schedule 22 (financial arrangements avoidance) saw five Government amendments. The Financial Secretary explained the reasoning behind the Schedule:
 
'HMRC has been notified of a number of schemes that involve companies designing securities so that they are treated as paying distributions rather than interest. The amounts paid are equal to the returns that would be paid on an investment at interest but are claimed to be non-taxable because of the distributions rules. The debtor company will generally be party to an arrangement that allows it to obtain a tax deduction for the amount treated as a distribution or it is unconcerned about whether it obtains such a deduction because it has...

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