On the morning of 20 May 2008, the following clauses of, and Schedules to, the Finance Bill 2008 (as to which, see Legal update, Finance Bill 2008) were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons:

1. Clause 28 (Enterprise investment scheme).

2. Clause 29 and Schedule 11 (Venture capital schemes).

3. Clause 30 (Enterprise management incentives). The Treasury minister stated that guidance on the new 250 employee limit will be published after Royal Assent.

4. Clause 31 and Schedule 12 (Tax credits for certain foreign distributions). The amendments to Schedule 12 tabled by the government on 15 May, which remove the tax credit from distributions by offshore funds in response to avoidance activity, were agreed (see Legal update, Finance Bill 2008: proposed government amendments (15 May 2008)).

5. Clause 32 (Small companies relief: associated companies).

6. Clause 33 and Schedules 13 and 14 (Company gains from investment life insurance contracts). Amendments were made to Schedule 14.

7. Clause 34 and Schedule 15 (Trade profits: changes in trading stock). The Treasury minister stated that the intention of the legislation is to preserve the current caselaw and concessionary position and that HMRC extra-statutory concession A32 will become obsolete.

8. Clause 35 (Non-residents: investment managers). The Treasury minister confirmed that all transactions that currently meet the definition of "investment transaction" in primary legislation will be included in the regulations made under the new power.

Source: Public Bill Committee Stage: morning sitting (20 May 2008).