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A report on the final sittings of the public bill committee’s debate on the Finance Bill.
- Tightening the rules on carried interest.
- Final opportunity to disclose hidden accounts.
- Direct recovery of debt has a mixed reception.
- Bill moves to report stage.
The fifth sitting of the public bill committee looked first at clause 37. In essence it ensures the correct figure is used when calculating taxable profits where trading stock is transferred between connected parties. David Gauke financial secretary to the Treasury said that in such situations the stock should be brought into account at its market value. However when the transfer pricing rules applied to a transaction market values were “turned off” as a result of which a figure less than the market value could be brought into account.
Describing the clause as “fairly...
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