HL Deb 07 November 1989 vol 512 cc616-8

48 Clause 19, page 34, line 28, leave out from 'to' to 'the' in line 29 and insert 'exercise a dominant influence over'.

49 Page 35, line 9, at end insert — '(6) Schedule 10A contains provisions explaining expressions used in this section and otherwise supplementing this section.'.

50 Page 35, line 10, leave out from beginning to end of line 45 on page 36 and insert — '(2) Schedule (Parent and subsidiary undertakings: supplementary provisions) to this Act (parent and subsidiary undertakings: supplementary provisions) is inserted after Schedule 10 to the Companies Act 1985, as Schedule 10A.'.

51 Clause 20, page 38, line 37, leave out 'Act' and insert 'Part'.

52 Page 39, line 8, at end insert — capitalisation", in relation to work or costs, means treating that work or those costs as a fixed asset;'.

53 Page 39, line 11, at end insert — 'fixed assets" means assets of a company which are intended for use on a continuing basis in the company's activities, and "current assets" means assets not intended for such use;'.

54 Page 39, line 20, at end insert — ' "purchase price", in relation to an asset of a company or any raw materials or consumables used in the production of such an asset, includes any consideration (whether in cash or otherwise) given by the company in respect of that asset or those materials or consumables, as the case may be;'.

55 Page 39, line 33, at end insert — ' "turnover", in relation to a company, means the amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of —

  1. (i) trade discounts,
  2. (ii) value added tax, and
  3. (iii) any other taxes based on the amounts so derived'.

56 Page 39, line 35, leave out 'Act' and insert 'Part'.

57 Page 39, line 39, at end insert — '(2A) References in this Part to "realised profits" or "realised losses", in relation to a company's accounts, are to such profits or losses of the company as fall to be treated as realised in accordance with principles generally accepted, at the time when the accounts are prepared, with respect to the determination for accounting purposes of realised profits or losses. This is without prejudice to—

  1. (a) the construction of any other expression (where appropriate) by reference to accepted accounting principles or practice, or
  2. (b) any specific provision for the treatment of profits or losses of any description as realised.'.

58 Page 39, line 44, column 1, after 'accounting', insert 'reference' date and accounting'.

59 Page 39, line 44, at end insert—

'accounting standards and applicable accounting standards section 255E'.

60 Page 39, leave out line 45 and insert—

'annual accounts (generally) (includes notes to the accounts) section 262(1)
section 261(2)'.

61 Page 39, line 48, at end insert—

'balance sheet (includes notes) section 261(2)'.

62 Page 39, leave out line 50 and insert—

'banking group section 255A(3)'.

63 Page 39, line 50, at end insert—

'capitalisation (in relation to work or costs) section 262(1)'

64 Page 39, leave out lines 52 and 53 and insert—

'current assets fellow subsidiary undertaking section 262(1)
section 259(4)'.

65 Page 40, leave out lines 2 to 4 and insert—

'fixed assets section 262(1)'.

66 Page 40, leave out lines 12 and 13 and insert—

'insurance group section 255A(4)'.

67 Page 40, leave out lines 14 to 20 and insert—

'land of freehold tenure and land of leasehold tenure (in relation to Scotland)
—in Schedule 4 paragraph 93 of that Schedule
—in Schedule 9 paragraph 36 of that Schedule
lease, long lease and short lease
—in Schedule 4 paragraph 83 of that Schedule
—in Schedule 9 paragraph 34 of that Schedule
listed investment paragraph 84 of that Schedule
—in Schedule 4
—in Schedule 9 paragraph 33 of that Schedule'.

68 Page 40, line 21, leave out '261' and insert '261(1)'

69 Page 40, line 22, column 2, leave out 'section' 257 and 258' and insert 'section 257 and Schedule 10A'

70 Page 40, leave out lines 29 to 32 and insert—

'profit and loss account (includes notes) section 261(2)
(in relation to company not trading for profit) provision section 262(2).
—in Schedule 4 paragraphs 88 and 89 of that Schedule
—in Schedule 9 paragraph 32 of that Schedule
purchase price section 262(1).'.

71 Page 40, leave out lines 34 and 35 and insert—

'realised losses and realised profits section 262(2A)'.

72 Page 40, line 35, at end insert—

'reserve (in Schedule 9) paragraph 32 of that Schedule'.

73 Page 40, line 38, at end insert—

'special provisions for banking and insurance companies and groups sections 255 and 255A'.

74 Page 40, line 39, column 2, leave out 'sections 257 and 258' and insert—

'section 257 and Schedule 10A'.

75 Page 40, leave not lines 41 and 42 and insert—

'turnover section 262(1)'.

Lord Strathclyde

My Lords, I beg to move that this House do agree with the Commons in their Amendments Nos. 48 to 75 en bloc.

Moved, That the House do agree with the Commons in the said amendments. —(Lord Strathclyde).

On Question, Motion agreed to.