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Finance Bill Debates

Alan Dolton Editor of Tolley's Tax Cases and Tolley's VAT Cases continues his coverage of the Finance Bill Debates
The Finance Bill as amended in Committee returned to the House of Commons on Tuesday 6 July. The Paymaster-General (Dawn Primarolo) moved 'That provision may be made in the Finance Bill for the purposes of income tax and corporation tax in relation to arrangements for the transfer of a person's right to receive rentals under a lease of plant or machinery'. She explained that 'The resolution paves the way for a new anti-avoidance provision relating to a newly devised arrangement for the sale of rental streams from leased plant or machinery. The new avoidance schemes have emerged since the Budget hence the need for the resolution and depend on selling taxable...

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