HC Deb 22 July 1974 vol 877 c1232
Mr. Joel Barnett

I beg to move Amendment No. 76, in page 65, line 17, after 'participators', insert 'or could be so apportioned apart from subparagraphs (2) and (3) of that paragraph'. This amendment to paragraph 4(1) of Schedule 7 makes clear that a close company can set off advance corporation tax against liability to corporation tax on development gains even if it is relieved from apportionment for a particular accounting period. It corrects an oversight in the Bill.

Amendment agreed to.

Amendments made:

No. 155, in page 66, line 13, leave out 'or pension business'.

No. 156, in line 13, leave out from in' to end of line 23 and insert subsection (2)(a) of section 313 of the Taxes Act (general annuity business) for the words "and group income" there shall be substituted the words "group income and income attributable to development gains

No. 152, in line 36, leave out paragraph 8.—[Mr. Joel Barnett.]

Forward to