HC Deb 01 July 1998 vol 315 cc375-6

Amendments made: No. 9, in page 67, line 7, at end insert— '(1A) Section 797 (limits on credit: corporation tax) and section 797A (foreign tax on interest brought into account as a non-trading credit) of the Taxes Act 1988 are amended as follows—

  1. (a) in section 797(3B)(b), omit "or in accordance with subsection (3) of that section";
  2. (b) in section 797A(5), at the end of paragraph (a) insert the word "and" and omit paragraph (c) and the word "and" preceding it;
  3. (c) at the end of section 797A(5), insert—
An amount carried forward to the applicable accounting period under section 83(3) of that Act shall not be treated as a non-trading deficit for that period for the purposes of paragraphs (a) and (b)."; (d) in section 797A(6) for "specified in subsection (5)(c) above" substitute "carried forward to the applicable accounting period in pursuance of a claim under section 83(2)(d) of that Act"; (e) at the end of section 797A(7) insert— An amount carried forward to the applicable accounting period under section 83(3) of the Finance Act 1996 shall be disregarded for the purposes of paragraphs (a) and (b).".'

No. 10, in page 67, line 10, at end insert— '(aa) in paragraph 6(da), after "period" insert "(other than one within sub-paragraph (dc) below)";'.

No. 11, in page 67, line 13, at end insert— '(ba) in paragraph 7(1)(b), for "debit" substitute "deficit";'.

No. 12, in page 67, line 14, at end insert— '(ca) in paragraph 13(1)(ea), after "period" insert "(other than one within paragraph (ec) below)";'.

No. 13, in page 67, line 18, at end insert— '(f) in paragraph 16(1)(b), for "debit" substitute "deficit".'.—[Dawn Primarolo.]

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