Finance (No. 2) Act 2005
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
52 Intangible fixed assets
(1) After paragraph 85 of Schedule 29 to FA 2002 (intangible fixed assets: gains and losses: transfer of trade) insert— Formation of SE by merger 85A (1) This paragraph applies where— (a) an SE is formed by the merger of two or more companies in accordance with Articles 2(1) and 17(2)(a) or (b) of Council Regulation (EC) 2157/2001 on the Statute for a European Company (Societas Europaea), (b) each merging company is resident in a member State, (c) the merging companies are not all resident in the same State, and (d) paragraph 84 above does not apply to any qualifying transferred assets. (2) Where this paragraph applies a transfer of qualifying transferred assets is treated for the purposes of this Schedule as tax-neutral (see paragraph 140). (3) For the purposes of sub-paragraphs (1) and (2) an asset is a qualifying transferred asset if— (a) it is transferred as part of the process of the merger, (b) it is a chargeable intangible asset in relation to the transferor immediately before the transfer, and (c) it is a chargeable intangible asset in relation to the transferee immediately after the transfer. (4) Sub-paragraph (2) shall apply in relation to the formation of an SE by merger only if— (a) it is effected for bona fide commercial reasons, and (b) it does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoiding liability to corporation tax, capital gains tax or income tax. (5) Paragraph 84(6) (and therefore paragraph 88) shall apply, with any necessary modifications, in relation to sub-paragraph (4) above as in relation to paragraph 84(5). (6) For the purposes of this paragraph a company is resident in a member State if— (a) it is within a charge to tax under the law of the State as being resident for that purpose, and (b) it is not regarded, for the purposes of any double taxation relief arrangements to which the State is a party, as resident in a territory not within a member State. (2) Subsection (1) shall have effect in relation to the formation of an SE which occurs on or after 1st April 2005.
52 Intangible fixed assets
(1) After paragraph 85 of Schedule 29 to FA 2002 (intangible fixed assets: gains and losses: transfer of trade) insert— Formation of SE by merger 85A (1) This paragraph applies where— (a) an SE is formed by the merger of two or more companies in accordance with Articles 2(1) and 17(2)(a) or (b) of Council Regulation (EC) 2157/2001 on the Statute for a European Company (Societas Europaea), (b) each merging company is resident in a member State, (c) the merging companies are not all resident in the same State, and (d) paragraph 84 above does not apply to any qualifying transferred assets. (2) Where this paragraph applies a transfer of qualifying transferred assets is treated for the purposes of this Schedule as tax-neutral (see paragraph 140). (3) For the purposes of sub-paragraphs (1) and (2) an asset is a qualifying transferred asset if— (a) it is transferred as part of the process of the merger, (b) it is a chargeable intangible asset in relation to the transferor immediately before the transfer, and (c) it is a chargeable intangible asset in relation to the transferee immediately after the transfer. (4) Sub-paragraph (2) shall apply in relation to the formation of an SE by merger only if— (a) it is effected for bona fide commercial reasons, and (b) it does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoiding liability to corporation tax, capital gains tax or income tax. (5) Paragraph 84(6) (and therefore paragraph 88) shall apply, with any necessary modifications, in relation to sub-paragraph (4) above as in relation to paragraph 84(5). (6) For the purposes of this paragraph a company is resident in a member State if— (a) it is within a charge to tax under the law of the State as being resident for that purpose, and (b) it is not regarded, for the purposes of any double taxation relief arrangements to which the State is a party, as resident in a territory not within a member State. (2) Subsection (1) shall have effect in relation to the formation of an SE which occurs on or after 1st April 2005.
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.