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Public Bill Committee completes consideration of FB 2013

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The Public Bill Committee has completed its consideration of Finance Bill 2013. Amendments were agreed to cl 219 (international agreements to improve tax compliance), and a new cl 4 (contribution allowances: plant and machinery) was added to the Bill.

The following were agreed without amendment: cl 217 and Sch 45 (controlled foreign companies etc); cl 218 (agreement between UK and Switzerland); cl 220 (disclosure of tax avoidance schemes); cl 221 and Sch 46 (powers under Proceeds of Crime Act 2002); cl 222 (definition of ‘goods’ for certain customs purposes); cl 223 (power to detain goods); cl 224 (penalty instead of forfeiture of larger ships); cl 225 (data-gathering from merchant acquirers etc); cl 226 and Sch 47 (corporation tax: deferral of payment of exit charge); cl 227 and Sch 48 (penalties: late filing, late payment and errors); cl 228 (overpayment relief: generally prevailing practice exclusion and EU law); cl 229 (overpayment relief: time limit for claims); cl 230 and Sch 49 (self-assessment: withdrawal of notice to file etc); cl 231 (interpretation); cl 232 (short title).

The remaining Commons stages will take place on 1 and 2 July 2013. The Finance Bill must receive Royal Assent by 18 July (when the Commons rises for summer recess).