Finance Bill 2000 – an update

At the time that this issue went to press, the Finance Bill was about to start its Report Stage. In this article John Lindsay considers developments during the Committee Stage. As readers will be aware, the Finance Bill introduced changes to group relief, capital gains groups, double tax relief, controlled foreign companies, the foreign exchange local currency provisions and stamp duty.

John Lindsay Linklaters & Alliance

Group relief

The measures included in the Finance Bill passed through the Committee Stage without amendment. The Budget day press release announced that group relief was to be extended to UK branches of non-resident companies. The measures included in the Finance Bill, however, effectively only apply in the case of a surrender of losses by the branch where the branch or losses are excluded in computing the worldwide profits of the non-resident company in question; in other cases, no group relief is available.