§ Motion made, and Question,
- 21. That charges to income tax and corporation tax may be imposed by provisions which extend the operation in relation to past and future transactions in securities of section 28 of the Finance Act 1960—
- (a) by provisions relating to income tax chargeable under Schedule F in respect of company distributions, including provisions which, in relation to that tax, modify the definition of tax advantage and alter the circumstances in which the section applies, and provisions for determining the person to be made liable by adjustments to counteract any such tax advantage,
- (b) by prescribing the circumstances in which company profits are to be regarded
1467 as having been distributed if there is or has been a company reconstruction or amalgamation, or a transfer of assets from one company to another. - (c) by modifying the provisions of that section as to the persons on whom notices are to be served for the purposes of that section.—[Mr. Callaghan.]
§ put and agreed to.