§
Amendment proposed: No. 11, in schedule 14, page 257, line 32, at end insert—
'(6) The value of the interests in land held—
(a) by the relevant company or qualifying subsidiary of that company;
or
(b) (where lower) the adjusted value of the interests in land which were held by the relevant company or any qualifying subsidiary of that company immediately following the issue of the relevant holding
must not exceed half the value of the company's assets as a whole.
(7) The provisions of section 294(2) to 294(7) of the Taxes Act 1988 shall apply for the purposes of determining the value of the interests in land held by a relevant company or a qualifying subsidiary of that company. The provisions of section 295 of the Taxes Act 1988 shall apply for the purpose of sub-paragraph (6)(b) as they apply for the purposes of section 294(1)(b) of the Taxes Act 1988 to adjust the value of interest in land held immediately after the issue of a relevant holding.'—[Mr. Malcolm Bruce.]
§ Question put, That the amendment be made: —
The Committee divided: Aves 263, Noes 298.
435§ Question accordingly negatived.
Schedule 14 agreed to.