Finance Act 2015
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
23 Exceptions from duty to deduct tax: qualifying private placements
(1) In Chapter 3 of Part 15 of ITA 2007 (deduction of tax from certain payments of yearly interest), after section 888 insert— Qualifying private placements 888A (1) The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on a qualifying private placement. (2) “Qualifying private placement” means a security— (a) which represents a loan relationship to which a company is a party as debtor, (b) which is not listed on a recognised stock exchange, and (c) in relation to which such other conditions as the Treasury may specify by regulations are met. (3) The conditions which may be specified under subsection (2)(c) include conditions relating to— (a) the security itself, (b) the loan relationship represented by the security, (c) the terms on which, or circumstances under which, the security or loan relationship is entered into, (d) the company which is party to the loan relationship as debtor, (e) any person by or through whom a payment of interest on the security is made, or (f) the holder of the security. (4) Regulations under this section may make provision about the consequences of failing to make a deduction under section 874, in respect of a payment of interest on a security, in cases where the person required to make the deduction had a reasonable, but mistaken, belief that the security was a qualifying private placement. (5) Regulations under this section may— (a) make different provision for different cases; (b) contain incidental, supplemental, consequential and transitional provision and savings. (6) In this section “loan relationship” has the same meaning as in Part 5 of CTA 2009. (2) Any power conferred on the Treasury by virtue of subsection (1) to make regulations comes into force on the day on which this Act is passed. (3) So far as not already brought into force by subsection (2), the amendment made by this section comes into force on such day as the Treasury may by regulations appoint. (4) Section 1014(4) of ITA 2007 (regulations etc subject to annulment) does not apply to regulations under subsection (3).
23 Exceptions from duty to deduct tax: qualifying private placements
(1) In Chapter 3 of Part 15 of ITA 2007 (deduction of tax from certain payments of yearly interest), after section 888 insert— Qualifying private placements 888A (1) The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on a qualifying private placement. (2) “Qualifying private placement” means a security— (a) which represents a loan relationship to which a company is a party as debtor, (b) which is not listed on a recognised stock exchange, and (c) in relation to which such other conditions as the Treasury may specify by regulations are met. (3) The conditions which may be specified under subsection (2)(c) include conditions relating to— (a) the security itself, (b) the loan relationship represented by the security, (c) the terms on which, or circumstances under which, the security or loan relationship is entered into, (d) the company which is party to the loan relationship as debtor, (e) any person by or through whom a payment of interest on the security is made, or (f) the holder of the security. (4) Regulations under this section may make provision about the consequences of failing to make a deduction under section 874, in respect of a payment of interest on a security, in cases where the person required to make the deduction had a reasonable, but mistaken, belief that the security was a qualifying private placement. (5) Regulations under this section may— (a) make different provision for different cases; (b) contain incidental, supplemental, consequential and transitional provision and savings. (6) In this section “loan relationship” has the same meaning as in Part 5 of CTA 2009. (2) Any power conferred on the Treasury by virtue of subsection (1) to make regulations comes into force on the day on which this Act is passed. (3) So far as not already brought into force by subsection (2), the amendment made by this section comes into force on such day as the Treasury may by regulations appoint. (4) Section 1014(4) of ITA 2007 (regulations etc subject to annulment) does not apply to regulations under subsection (3).
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.