The Public Bill Committee resumed its consideration of the Finance Bill on 7 June.
Clauses 46 and 47 (pre-entry losses and controlled foreign companies), and Sch 11 (pre-entry losses), were agreed without amendment.
Sch 12 (controlled foreign companies) was amended.
Clauses 48 to 52 (profits of foreign permanent establishments, meaning of ‘investment trust’, power to make provision about treatment of transactions, taxable benefits – calculating the appropriate percentage for cars, and furnished holiday lettings) were agreed without amendment.
Sch 13 (profits of foreign permanent establishments) was amended.
Sch 14 (furnished holiday lettings) was agreed without amendment.
Clause 53 (leases and changes to accounting standards) was amended.
Clauses 54 to 67 (leasing companies –withdrawal of election, companies with small profits – associated companies, insurance companies – apportionment of amounts brought into account, tonnage tax – capital allowances in respect of ship leasing, transfer pricing – application of OECD principles, offshore funds, index-linked gilt-edged securities, four clauses dealing with oil-related activities, benefits under pension schemes, annual allowance charge and lifetime allowance charge) were agreed without amendment.
Sch 15 (chargeable gains – oil activities) and Sch 16 (benefits under pension schemes) were agreed without amendment.
Sch 17 (annual allowance charge) was amended.
Sch 18 (lifetime allowance charge) was agreed without amendment.
Clauses 68 to 71 (borrowing by section 67 pension scheme, exemption from tax on interest on unpaid relevant contributions, power to make further provision about section 67 pension scheme, tax provision consequential on Part 1 of Pensions Act 2008 etc) were agreed without amendment.
Sch 19 (the bank levy) was amended.
The Committee is scheduled to meet again tomorrow, 9 June.
The Public Bill Committee resumed its consideration of the Finance Bill on 7 June.
Clauses 46 and 47 (pre-entry losses and controlled foreign companies), and Sch 11 (pre-entry losses), were agreed without amendment.
Sch 12 (controlled foreign companies) was amended.
Clauses 48 to 52 (profits of foreign permanent establishments, meaning of ‘investment trust’, power to make provision about treatment of transactions, taxable benefits – calculating the appropriate percentage for cars, and furnished holiday lettings) were agreed without amendment.
Sch 13 (profits of foreign permanent establishments) was amended.
Sch 14 (furnished holiday lettings) was agreed without amendment.
Clause 53 (leases and changes to accounting standards) was amended.
Clauses 54 to 67 (leasing companies –withdrawal of election, companies with small profits – associated companies, insurance companies – apportionment of amounts brought into account, tonnage tax – capital allowances in respect of ship leasing, transfer pricing – application of OECD principles, offshore funds, index-linked gilt-edged securities, four clauses dealing with oil-related activities, benefits under pension schemes, annual allowance charge and lifetime allowance charge) were agreed without amendment.
Sch 15 (chargeable gains – oil activities) and Sch 16 (benefits under pension schemes) were agreed without amendment.
Sch 17 (annual allowance charge) was amended.
Sch 18 (lifetime allowance charge) was agreed without amendment.
Clauses 68 to 71 (borrowing by section 67 pension scheme, exemption from tax on interest on unpaid relevant contributions, power to make further provision about section 67 pension scheme, tax provision consequential on Part 1 of Pensions Act 2008 etc) were agreed without amendment.
Sch 19 (the bank levy) was amended.
The Committee is scheduled to meet again tomorrow, 9 June.
