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Finance Act 2007

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Finance Act 2007 List of acts
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Crown Copyright Acknowledged
CONTENTS

Finance Act 2007

2007 CHAPTER 11

PART 1

CHARGES, RATES, THRESHOLDS ETC

Income tax

1. Charge and rates for 2007-08

Corporation tax

2. Charge and main rates for financial year 2008

3. Small companies' rates and fractions for financial year 2007

Inheritance tax

4. Rates and rate bands for 2010-11

Alcohol and tobacco

5. Rates of duty on alcoholic liquor

6. Rates of tobacco products duty

Gambling

7. Rates of gaming duty

8. Remote gaming duty

9. Amusement machine licence duty

Environment

10. Fuel duty rates and rebates

11. Rates of vehicle excise duty

12. Rates of air passenger duty

13. Rates of climate change levy

14. Rate of aggregates levy

15. Rates of landfill tax

16. Emissions trading: charges for allocations

PART 2

ENVIRONMENT

Energy-saving: houses

17. Corporation tax deduction for expenditure on energy-saving items

18. Extension of income tax deduction for expenditure on energy-saving items

19. SDLT relief for new zero-carbon homes

Domestic microgeneration

20. Income tax exemption for domestic microgeneration

21. Renewables obligation certificates for domestic microgeneration

Other measures

22. Aggregates levy: exemption for aggregate removed from railways etc

23. Climate change levy: reduced-rate supplies etc

24. Landfill tax: bodies concerned with the environment

PART 3

INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

Anti-avoidance

25. Managed service companies

26. Restrictions on trade loss relief for partners

27. Extension of restrictions on allowable capital losses

28. Restriction on expenses of management

29. Life policies etc: effect of rebated or reinvested commission

30. Avoidance involving financial arrangements

31. Companies carrying on business of leasing plant or machinery

32. Restrictions on companies buying losses or gains: tax avoidance schemes

33. Lloyd’s corporate members: restriction of group relief

34. Employee benefit contributions

35. Schemes etc designed to increase double taxation relief

Capital allowances

36. Industrial and agricultural buildings allowances

37. Temporary increase in first-year capital allowances for small enterprises

Insurance and friendly societies

38. Insurance companies: gross roll-up business etc

39. Insurance companies: basis of taxation etc

40. Insurance companies: transfers etc

41. Insurance companies: miscellaneous

42. Technical provisions made by general insurers

43. Lloyd's: cessation of business by corporate members

44. Transfers of business by friendly societies to insurance companies etc

45. Tax exempt business of friendly societies

46. Purchased life annuities: self-assessment

Repos

47. Sale and repurchase of securities

CFCs

48. Controlled foreign companies

R&D

49. Vaccine research relief: amount of deduction for SMEs

50. Research and development tax relief: definition of SME etc

Venture capital schemes etc

51. Venture capital schemes etc

REITs

52. Real Estate Investment Trusts

Alternative finance

53. Alternative finance investment bond

54. Profit share agency

Trusts

55. Trust income

56. Trust gains on contracts for life insurance

Other corporation tax measures

57. Offshore funds

58. Election out of special film rules for film production companies

59. Securitisation companies

Other income tax measures

60. Gift aid: limits

61. Enterprise management incentives: excluded activities

62. Benefits code: whether employment is “lower-paid employment”

63. Armed forces redundancy schemes

64. Armed forces: the Operational Allowance

65. Service charge income

66. Charge on benefits received by former owner of property: late elections

67. Unpaid remuneration and employee benefit contributions

PART 4

PENSIONS

68. Abolition of contributions relief for life assurance premium contributions

69. Alternatively secured pensions etc

70. Miscellaneous

PART 5

SDLT, STAMP DUTY AND SDRT

SDLT: anti-avoidance provisions

71. Anti-avoidance

72. Partnerships

Reliefs in relation to shares etc

73. Exemptions: intermediaries, repurchases etc

74. Acquisition relief: disregard of company holding own shares

Other reliefs etc

75. SDLT: alternative finance arrangements

76. SDLT: exchanges

77. SDLT: shared ownership trusts

78. SDLT: shared ownership lease

79. Certain transfers of school land

SDLT: administration

80. Payment of tax

81. Self-certificate declarations

PART 6

INVESTIGATION, ADMINISTRATION ETC

Investigation etc

82. Criminal investigations: powers of Revenue and Customs

83. Northern Ireland criminal investigations

84. Sections 82 and 83: supplementary

85. Criminal investigations: Scotland

86. Search warrants

87. Cross-border exercise of powers

Filing dates

88. Personal tax returns

89. Trustee’s tax return

90. Partnership tax returns

91. Consequential amendments

92. Commencement

Other administration

93. Mandatory electronic filing of returns

94. Mandatory electronic payment

95. Payment by cheque

96. Enquiry into returns

97. Penalties for errors

PART 7

MISCELLANEOUS

Value added tax and insurance premium tax

98. VAT: joint and several liability of traders in supply chain where tax unpaid

99. VAT: non-business use etc of business goods

100. VAT: transfers of going concerns

101. IPT: meaning of “premium”

Petroleum revenue tax

102. Abolition of PRT for fields recommissioned after earlier decommissioning

103. Tax-exempt tariffing receipts

104. Allowance of unrelievable loss from abandoned field

Other miscellaneous measures

105. Amendments connected with Gambling Act 2005

106. VED: exempt vehicles

107. Limitation period in old actions for mistake of law relating to direct tax

108. Disclosure of tax avoidance schemes

109. Meaning of “recognised stock exchange” etc

110. Mergers Directive: regulations

111. Excise duties: small consignment relief

112. Updating references to Standing Committees

PART 8

FINAL PROVISIONS

113. Interpretation

114. Repeals

115. Short title

Schedule 1: Remote gaming duty

Part 1: Imposition of duty

Part 2: Consequential amendments

Schedule 2: Climate change levy: reduced-rate supplies etc

Schedule 3: Managed service companies

Part 1: Amendments of ITEPA 2003

Part 2: Calculation of profits of MSCs: deduction for deemed employment payments

Schedule 4: Restrictions on trade loss relief for partners

Schedule 5: Avoidance involving financial arrangements

Schedule 6: Companies carrying on business of leasing plant or machinery

Schedule 7: Insurance business: gross roll-up business etc

Part 1: Amendments

Part 2: Transitional provisions

Schedule 8: Insurance companies: basis of taxation etc

Part 1: Amendments

Part 2: Transitional provisions

Schedule 9: Insurance companies: transfers etc

Schedule 10: Insurance companies: miscellaneous

Schedule 11: Technical provisions made by general insurers

Schedule 12: Friendly societies: transfers to insurance companies etc

Schedule 13: Sale and repurchase of securities

Schedule 14: Sale and repurchase of securities: minor and consequential amendments

Schedule 15: Controlled foreign companies

Schedule 16: Venture capital schemes etc

Part 1: Limit on number of employees of company in which investment is made

Part 2: Limit on amount raised annually by company through risk capital schemes

Part 3: Excluded activities: receipt of royalties and licence fees

Part 4: Meaning of “qualifying 90% subsidiary”

Part 5: Other amendments

Schedule 17: Real Estate Investment Trusts

Schedule 18: Pensions schemes: abolition of relief for life assurance premium contributions etc

Schedule 19: Alternatively secured pensions and transfer lump sum death benefit etc

Schedule 20: Pension schemes etc: miscellaneous

Schedule 21: Exemptions from stamp duty and SDRT: intermediaries, repurchases etc

Schedule 22: Amendments and repeals consequential on extension of HMRC powers

Part 1: Amendments

Part 2: Repeals

Schedule 23: Extension of HMRC powers: Scotland

Schedule 24: Penalties for errors

Part 1: Liability for penalty

Part 2: Amount of penalty

Part 3: Procedure

Part 4: Miscellaneous

Part 5: General

Schedule 25: Amendments connected with Gambling Act 2005

Part 1: Amendments of the Tax Acts

Part 2: Amendments of BGDA 1981

Part 3: Amendments of FA 1993 relating to lottery duty

Part 4: Amendments of FA 1997 relating to gaming duty

Part 5: Miscellaneous amendments

Part 6: Commencement

Schedule 26: Meaning of “recognised stock exchange” etc

Schedule 27: Repeals

Part 1: Environment

Part 2: Income tax, corporation tax and capital gains tax

Part 3: Pensions

Part 4: SDLT, stamp duty and SDRT

Part 5: Investigation, administration etc

Part 6: Miscellaneous

 

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

[19th July 2007]

Most Gracious Sovereign

We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Part 1

Charges, rates, thresholds etc

Income tax

1 Charge and rates for 2007-08

Income tax is charged for the tax year 2007-08; and for that tax year—

(a) the starting rate is 10%,

(b) the basic rate is 22%, and

(c) the higher rate is 40%.

Corporation tax

2 Charge and main rates for financial year 2008

(1) Corporation tax is charged for the financial year 2008; and for that year the rate of corporation tax is—

(a) 28% on profits of companies other than ring fence profits, and

(b) 30% on ring fence profits of companies.

(2) In this section “ring fence profits” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).

3 Small companies' rates and fractions for financial year 2007

(1) For the financial year 2007 the small companies' rate is—

(a) 20% on profits of companies other than ring fence profits, and

(b) 19% on ring fence profits of companies.

(2) For the financial year 2007 the fraction mentioned in section 13(2) of ICTA is—

(a) 1/40th in relation to profits of companies other than ring fence profits (“the standard fraction”), and

(b) 11/400ths in relation to ring fence profits of companies (“the ring fence fraction”).

(3) If—

(a) a company makes a claim under subsection (2) of section 13 of ICTA in respect of any accounting period any part of which falls in the financial year 2007, and

(b) its profits for that accounting period consist of both ring fence profits and other profits,

that subsection applies with the following modification.

(4) The corporation tax charged on its basic profits for that period is reduced by the aggregate of—

(a) the sum equal to the ring fence fraction of the ring fence amount, and

(b) the sum equal to the standard fraction of the remaining amount.

(5) For the purposes of subsection (4)(a) “the ring fence amount” is the amount given by the formula—

(MR-PR)*IR/PR

where—

MR is the sum equal to the appropriate fraction of the upper relevant maximum amount,

PR is so much of the profits for the accounting period as consist of ring fence profits, and

IR is so much of the basic profits for that period as consist of ring fence profits,

and the appropriate fraction is the fraction of the profits for the accounting period that consist of ring fence profits.

(6) For the purposes of subsection (4)(b) “the remaining amount” is the amount given by the formula—

(MNR-PNR)*INR/PNR

where—

MNR is the sum equal to the appropriate fraction of the upper relevant maximum amount,

PNR is so much of the profits for the accounting period as do not consist of ring fence profits, and

INR is so much of the basic profits for that period as do not consist of ring fence profits,

and the appropriate fraction is the fraction of the profits for the accounting period that do not consist of ring fence profits.

(7) In this section “ring fence profits” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).

Inheritance tax

4 Rates and rate bands for 2010-11

(1) For the Table in Schedule 1 to IHTA 1984 substitute—

“Table

Portion of value Rate of tax
Lower limit (£) Upper limit (£) Per cent.
0 350,000 Nil
350,000 40”

(2) The amendment made by subsection (1) has effect in relation to chargeable transfers made on or after 6th April 2010.

(3) That amendment does not affect the application of section 8 of IHTA 1984 (indexation) by virtue of the difference between the retail prices index for September 2009, or September in any later year, and that for September in the following year.

(4) But that section does not have effect by virtue of the difference between the retail prices index for September 2008 and that for September 2009.

Alcohol and tobacco

5 Rates of duty on alcoholic liquor

(1) The Alcoholic Liquor Duties Act 1979 (c. 4) is amended as follows.

(2) In section 36(1AA)(a) (standard rate of duty on beer), for “£13.26” substitute “£13.71”.

(3) In section 62(1A) (rates of duty on cider)—

(a) in paragraph (a) (rate of duty per hectolitre in the case of sparkling cider of a strength exceeding 5.5 per cent), for “£166.70” substitute “£172.33”,

(b) in paragraph (b) (rate of duty per hectolitre in the case of cider of a strength exceeding 7.5 per cent which is not sparkling cider), for “£38.43” substitute “£39.73”, and

(c) in paragraph (c) (rate of duty per hectolitre in any other case), for “£25.61” substitute “£26.48”.

(4) For Part 1 of the Table in Schedule 1 substitute—

“Part 1

Wine and made-wine of a strength not exceeding 22 per cent

Description of wine or made-wine Rates of duty per hectolitre

£

Wine or made-wine of a strength not exceeding 4 per cent 54.85
Wine or made-wine of a strength exceeding 4 per cent but not exceeding 5.5 per cent 75.42
Wine or made-wine of a strength exceeding 5.5 per cent but not exceeding 15 per cent and not sparkling 177.99
Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent but less than 8.5 per cent 172.33
Sparkling wine or sparkling made-wine of a strength of 8.5 per cent or of a strength exceeding 8.5 per cent but not exceeding 15 per cent 227.99
Wine or made-wine of a strength exceeding 15 per cent but not exceeding 22 per cent 237.31”.

(5) The amendments made by this section are deemed to have come into force on 26th March 2007.

6 Rates of tobacco products duty

(1) For the Table in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute—

“Table

1. Cigarettes An amount equal to 22 per cent of the retail price plus £108.65 per thousand cigarettes.
2. Cigars £158.24 per kilogram.
3. Hand-rolling tobacco £113.74 per kilogram.
4. Other smoking tobacco and chewing tobacco £69.57 per kilogram.”

(2) The amendment made by subsection (1) is deemed to have come into force at 6 p.m. on 21st March 2007.

Gambling

7 Rates of gaming duty

(1) For the Table in section 11(2) of FA 1997 substitute—

“Table

Part of gross gaming yield Rate
The first £1,836,500 15 per cent.
The next £1,266,000 20 per cent.
The next £2,217,500 30 per cent.
The next £4,680,000 40 per cent.
The remainder 50 50 per cent.”

(2) In section 11(3) of that Act, for “40 per cent” substitute “50 per cent”.

(3) The amendments made by this section have effect in relation to accounting periods beginning on or after 1st April 2007.

8 Remote gaming duty

(1) Schedule 1 contains amendments of and relating to Part 2 of BGDA 1981 (gaming duties) imposing a remote gaming duty.

(2) The amendments made by Schedule 1 have effect in respect of the provision of facilities on or after a date appointed by the Commissioners for Her Majesty’s Revenue and Customs by order made by statutory instrument.

9 Amusement machine licence duty

(1) Section 23 of BGDA 1981 (amount of duty payable on amusement machine licence) is amended as follows.

(2) In subsection (3), in the definition of “Category C”, in paragraph (ii)(b) for “£25” substitute “£35”.

(3) After subsection (6) insert—

“(7) The Commissioners may by order substitute for a sum for the time being specified in subsection (3) such higher sum as they consider appropriate.”

(4) Subsection (2) is deemed to have come into force on 22nd March 2007.

Environment

10 Fuel duty rates and rebates

(1) The Hydrocarbon Oil Duties Act 1979 (c. 5) is amended as follows.

(2) In section 6(1A) (hydrocarbon oil: rates of duty)—

(a) in paragraph (a) (ultra low sulphur petrol), for “£0.4835” substitute “£0.5035”,

(b) in paragraph (aa) (sulphur-free petrol), for “£0.4835” substitute “£0.5035”,

(c) in paragraph (b) (light oil other than ultra low sulphur petrol and sulphur-free petrol), for “£0.5768” substitute “£0.6007”,

(d) in paragraph (c) (ultra low sulphur diesel), for “£0.4835” substitute “£0.5035”,

(e) in paragraph (ca) (sulphur-free diesel), for “£0.4835” substitute “£0.5035”, and

(f) in paragraph (d) (heavy oil other than ultra low sulphur diesel and sulphur-free diesel), for “£0.5468” substitute “£0.5694”.

(3) In section 6AA(3) (biodiesel), for “£0.2835” substitute “£0.3035”.

(4) In section 6AD(3) (bioethanol), for “£0.2835” substitute “£0.3035”.

(5) In section 8(3) (road fuel gas)—

(a) in paragraph (a) (natural road fuel gas), for “£0.1081” substitute “£0.1370”, and

(b) in paragraph (b) (other road fuel gas), for “£0.1221” substitute “£0.1649”.

(6) In section 11(1) (rebate on heavy oil)—

(a) in paragraph (a) (fuel oil), for “£0.0729” substitute“£0.0929”,

(b) in paragraph (b) (gas oil which is not ultra low sulphur diesel), for “£0.0769” substitute “£0.0969”, and

(c) in paragraph (ba) (ultra low sulphur diesel), for “£0.0769” substitute “£0.0969”.

(7) In section 13A(1) (rebate on unleaded petrol), for “£0.0617” substitute “£0.0642”.

(8) In section 14(1) (rebate on light oil for use as furnace oil), for “£0.0729” substitute “£0.0929”.

(9) The amendments made by this section come into force on 1st October 2007.

11 Rates of vehicle excise duty

(1) Schedule 1 to VERA 1994 (annual rates of duty) is amended as follows.

(2) In paragraph 1 (general)—

(a) in sub-paragraph (2) (vehicle not covered elsewhere in Schedule otherwise than with engine cylinder capacity not exceeding 1,549cc), for “£175” substitute “£180”, and

(b) in sub-paragraph (2A) (vehicle not covered elsewhere in Schedule with engine cylinder capacity not exceeding 1,549cc), for “£110” substitute “£115”.

(3) Paragraph 1B (graduated rates for light passenger vehicles) is amended as follows.

(4) For the words from “Table A” to “date,” substitute “the following table”.

(5) For “, or is liable to the standard rate or the premium” substitute “or is liable to the standard”.

(6) For Tables A and B substitute—

“Table

CO2 emissions figure Rate
(1) (2)(3) (3) (4)
Exceeding Not exceeding Reduced rate Standard rate
g/km g/km £ £
100 120 15 35
120 150 95 115
150 165 120 140
165 185 145 165
185 225 190 205
225 - 285 300

The table has effect in relation to vehicles first registered before 23rd March 2006 as if—

(a)in column (3), in the last row, “190” were substituted for “285”, and

(b)in column (4), in the last row, “205” were substituted for “300”.”

(7) For paragraphs 1D and 1E substitute—

“The standard rate

1D A vehicle is liable to the standard rate of duty if it does not qualify for the reduced rate of duty.”

(8) In paragraph 1J (light goods vehicles)—

(a) in sub-paragraph (a) (vehicle which is not lower-emission van), for “£170” substitute “£175”, and

(b) in sub-paragraph (b) (lower-emission van), for “£110” substitute “£115”.

(9) In paragraph 2(1) (motorcycles)—

(a) in paragraph (b) (motorbicycle and engine’s cylinder capacity more than 150cc but not more than 400cc), for “£31” substitute “£32”,

(b) in paragraph (c) (motorbicycle and engine’s cylinder capacity more than 400cc but not more than 600cc), for “£46” substitute “£47”, and

(c) in paragraph (d) (any other case), for “£62” substitute “£64”.

(10) The amendments made by this section have effect in relation to licences taken out on or after 22nd March 2007.

12 Rates of air passenger duty

(1) Section 30 of FA 1994 (rates of air passenger duty) is amended as follows.

(2) In subsection (3A) (destinations in EEA States and qualifying territories etc)—

(a) in paragraph (a) (standard class travel), for “£5” substitute “£10”, and

(b) in paragraph (b) (any other case), for “£10” substitute “£20”.

(3) In subsection (4) (other destinations)—

(a) in paragraph (a) (standard class travel), for “£20” substitute “£40”, and

(b) in paragraph (b) (any other case), for “£40” substitute “£80”.

(4) The amendments made by this section have effect in relation to any carriage of a passenger on an aircraft which begins on or after 1st February 2007.

(5) But if the amount of duty due from any operator in the accounting period ending before 21st March 2007 increased as a result of those amendments, the operator is to pay the amount of that increase as if it became due in the first accounting period ending after that day.

(6) Expressions which are used in subsection (5) and in the Air Passenger Duty Regulations 1994 (S.I. 1994/1738) have the same meaning in that subsection as in those regulations.

13 Rates of climate change levy

(1) For the Table in paragraph 42(1) of Schedule 6 to FA 2000 substitute—

“Table

Taxable commodity supplied Rate at which levy payable if supply is not a reduced-rate supply
Electricity £0.00456 per kilowatt hour
Gas supplied by a gas utility or any gas supplied in a gaseous state that is of a kind supplied by a gas utility £0.00159 per kilowatt hour
Any petroleum gas, or other gaseous hydrocarbon, supplied in a liquid state £0.01018 per kilogram
Any other taxable commodity £0.01242 per kilogram”.

(2) The amendment made by subsection (1) has effect in relation to supplies treated as taking place on or after 1st April 2008.

14 Rate of aggregates levy

(1) In section 16(4) of FA 2001 (rate of aggregates levy), for “£1.60” substitute “£1.95”.

(2) The amendment made by subsection (1) has effect in relation to aggregate subjected to commercial exploitation on or after 1st April 2008.

15 Rates of landfill tax

(1) Section 42 of FA 1996 (amount of landfill tax) is amended as follows.

(2) In—

(a) subsection (1)(a) (the standard rate), and

(b) subsection (2) (reference to the standard rate taken to be £2 in cases of disposals of qualifying material),

for “£21” substitute “£24”.

(3) The amendments made by subsection (2) have effect in relation to disposals made (or treated as made) on or after 1st April 2007 (but before 1st April 2008).

(4) In subsection (1)(a), for “£24” substitute “£32” and, in subsection (2), for “£24 were to £2” substitute “£32 were to £2.50”.

(5) The amendments made by subsection (4) come into force on 1st April 2008 and have effect in relation to disposals made (or treated as made) on or after that date.

16 Emissions trading: charges for allocations

(1) The Treasury may impose charges by providing for Community tradeable emissions allowances to be allocated in return for payment.

(2) The Treasury must by regulations make provision for and in connection with allocations of allowances in return for payment.

(3) The regulations must provide for allocations to be overseen by an independent person appointed by the Treasury.

(4) The regulations may make any other provision about allocations which the Treasury consider appropriate, including (in particular)—

(a) provision as to the imposition of fees, and as to the making and forfeiting of deposits, in connection with participation in allocations,

(b) provision as to the persons by whom allocations are to be conducted,

(c) provision for the imposition and recovery of penalties for failure to comply with the terms of a scheme made under subsection (5),

(d) provision for and in connection with the recovery of payments due in respect of allowances allocated (including provision as to the imposition and recovery of interest and penalties), and

(e) provision conferring rights of appeal against decisions made in allocations, the forfeiting of deposits and the imposition of penalties (including provision specifying the person, court or tribunal to hear and determine appeals).

(5) The Treasury may make schemes about the conduct and terms of allocations (to have effect subject to any regulations under this section); and schemes may in particular include provision about—

(a) who may participate in allocations,

(b) the allowances to be allocated, and

(c) where and when allocations are to take place.

(6) “Community tradeable emissions allowances” are transferable allowances which—

(a) relate to the making of emissions of greenhouse gases, and

(b) are allocated as part of a system made for the purpose of implementing any Community obligation of the United Kingdom relating to such emissions;

and “greenhouse gases” means carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride.

(7) Regulations under this section are to be made by statutory instrument.

(8) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons unless a draft of the regulations has been laid before, and approved by a resolution of, that House.

 
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