Fishy business

KEY POINTS

• More on the debt cap.
• Encouraging the film industry.
• Relief for environmentally friendly vans.
• The penalty regime continued.
• Definition of an incapacitated person.

Covering aspects of corporation tax capital gains tax and green taxes the third sitting of the Public Bill Committee began with a look at clause 11 ‘Financing costs and income of group companies’.

Chris Leslie (Lab/Co-op) said the clause made 14 changes to the worldwide debt cap rules in particular introducing a gateway test. If a group passed this test it would not ‘suffer any restriction of interest expense due to the debt cap’ or have to prepare debt cap calculations.

Among Mr Leslie’s concerns were the retrospective nature of some of the changes and whether or not there had been a regulatory assessment of...