Finance Bill 2002
Amendment: 161
Page: 271
Line: 27
Mr Andrew Smith (Labour, Oxford East)
161
Schedule 23, page 271, line 27, leave out from ?any? to end of line 31 and insert ?exchange gains or losses.?.?.
EXPLANATORY NOTE
SUMMARY
1. The purpose of the amendment is to improve the drafting of the new paragraph 11(3A) Schedule 9 FA 1996 inserted by the Finance Bill.
DETAILS OF THE AMENDMENT
2. The amendment substitutes the phrase ?exchange gains or losses? for approximately four lines of text in the new paragraph 11(3A), inserted by paragraph 10(3) of Schedule 23 to the Bill.
3. The new paragraph 11(3A) will ensure that the rules in paragraph 11 of Schedule 9 to the Finance Act 1996 (which apply to non-arm's length transactions) do not apply to exchange gains and losses. This amendment includes that wording rather than a longer description of the types of gains and losses affected.
BACKGROUND
4. The measures included in the Finance Bill as Schedule 23 represent the outcome of a major consultative process between the Government and representatives of, and advisers to, business. Two Consultative documents and a Technical Note have been produced, and two rounds of draft clauses have been published, most recently on 19 December 2001.