HC Deb 17 July 1957 vol 573 c1215
Mr. Powell

I beg to move, in page 50, to leave out lines 34 to 44 and to insert: (ii) if the person to whom a grant or loan is made is also an Overseas Trade Corporation and the grant or loan, or any part thereof, constitutes trading income of any other Overseas Trade Corporation, that other Overseas Trade Corporation shall, subject to the provisions of Part IV of this Act relating to double taxation relief, be entitled to repayment of income tax deemed to have been deducted under the foregoing provisions of this paragraph and subsections (2) to (4) of section one hundred and ninety of the Income Tax Act. 1952, shall apply for the purposes of this paragraph as they apply for the purposes of that section, and. This is the corresponding Amendment in regard to grants and loans to that which the House has already made in regard to dividends, in Clause 25.

Amendment agreed to.