Inland Revenue Tax Bulletin - Issue 58

Contents

Miscellaneous

Revenue Accountants

In Tax Bulletin Issue 47 (June 2000) we explained that we had recruited over forty accountants for deployment on compliance work. This article gives further information on the current position. We now employ approximately ninety accountants mainly based in the Area Offices, Large Business Office (LBO) and Special Compliance Office (SCO). They are there to advise inspectors on accountancy and related commercial matters. In particular they advise on whether accounts comply with UK generally accepted accounting practice (GAAP) and show a true and fair view.

The accountants who have been recruited are all members of ICAEW, ICAS, ICAI or ACCA. They have a number of years experience in practice and have worked for a range of firms from the small practice to the top five. Many of them have worked at senior manager or partner level prior to joining the Revenue. They are recruited because of their wide audit and accounting experience, and as such they are not tax specialists.
The work they do covers all situations where the tax liability depends on the accounts. At one extreme this could be because amounts may have been omitted from the records and the accounts based on them. At the other extreme it could involve highly technical issues on the correct application of accounting standards. The Revenue accountants deal with all of the accountancy profession from the top five firms to sole practitioners and also unqualified agents.

A senior local inspector generally manages the area accountants and SCO accountants. The LBO accountants are managed centrally by a senior accountant.

Accountancy queries are referred to the Revenue accountants by inspectors at various stages in the selection and enquiry process. In the majority of these referrals they are able to assure the inspector that no further enquiries are required. This is seen as an important function of their work in that it saves valuable inspector time and further saves time and money for the taxpayers and their agents in dealing with what might otherwise have been fruitless enquiries. On occasions, however, they do have to make further enquiries in order to establish the facts before they can be satisfied that the accounts have been prepared in accordance with UK GAAP. Sometimes the explanations provided prolong the enquiries. As a simple example a tax partner explained that a stock provision was justified under FRS 12. Further enquiries established that the provision was indeed correct but of course it had nothing to do with FRS 12.

In some cases there may be a dispute as to what is correct accounting practice in the particular circumstances and facts of the case. Accountancy is not an exact science and occasionally it is possible for different accountants to come to different conclusions, both of which are within the bounds of UK GAAP. However the advent of FRS 18 should reduce the number of occasions on which this occurs, as preparers of accounts are now required to choose those policies and estimation techniques that are most appropriate to the particular circumstances. In these difficult areas it will be necessary for the Revenue accountants to establish all of the facts and to ensure that both sides have considered the alternatives before they are able to come to a conclusion one way or another. If they conclude that the accounts have been prepared on a tenable basis in accordance with FRS 18 then they will not try to substitute an alternative basis that they may prefer. Where they do not feel that the accounts have been prepared in accordance with UK GAAP they will pursue the matter.

In reaching their conclusions the Revenue accountants have to follow certain procedures. They are encouraged to discuss more complex or difficult accounting issues with their accountant colleagues at an early stage. They are required to submit the case to the Board's Advisory Accountant, based in the Inland Revenue Solicitor's Office, at the earliest possible stage of the enquiries, where a matter is potentially contentious. Naturally it would be premature to submit the case for a formal decision before all the facts are known. However, informal discussions can take place with the Board's Advisory Accountant at any time.
It is in the Revenue's interest that it should make best use of its accountancy resource. Thus, a further quality assurance/quality control procedure has been set up whereby senior accountants in the region will review other Revenue accountants' work and be available to give advice at an early stage in proceedings. This will ensure that we get the best use of our accountants so that all cases are tackled in the most efficient manner to the benefit of both taxpayers and the Revenue.

The Revenue accountants will not normally be corresponding direct with practitioners. Accountancy aspects will be dealt with by inspectors with relevant input from the Revenue accountant, in the course of dealing with all the tax aspects of a case. However, if the practitioner feels that a meeting with the Revenue accountant would help to resolve the matter more efficiently then the Revenue accountant will be happy to take part in such a meeting. Indeed on occasions they will suggest that such a meeting is the best way forward.

Income Tax Relief under EIS/VCT scheme - in-year claims

We have been receiving an increasing number of in-year claims for income tax relief under the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs) scheme to be given by way of a repayment through Self-Assessment.

The legislation relating to these reliefs - which can be found at Section 306 & Sch15B Income and Corporation Taxes Act (ICTA) 1988 respectively - does not allow for in-year claims to be made. In addition, Section 42 (1A) Taxes Management Act (TMA) 1970 also excludes this type of claim from being made in-year, as it states that:

'a claim for a relief shall be for an amount that is quantified at the time the claim is made.'

And as both reliefs take the form of a reduction in the tax payable, and rank after various other reliefs and allowances, the amount of relief cannot be known for certain until after the end of the tax year.

For these reasons relief for a year can only be claimed after the end of that year and we will reject any in-year claims for relief by repayment through Self-Assessment.

However this does not affect the right to make a claim to reduce payments on account, as laid out in Section 59A (3) or (4) TMA 1970.

Relief can still be given through an employed persons PAYE tax code in the year; this is because Section 42 (3) states that:

'Subsections 1A .…shall not apply in relation to any claim which falls to be taken into account in the making of deductions or repayments of tax of Section 203 if the principle act.'

Tax Implications of Reform of Financial Regulation in the UK

The new system for regulating banking, financial services and insurance in the United Kingdom was fully implemented on 1 December 2001 when the main substantive provisions of the Financial Services and Markets Act 2000 and the associated secondary legislation came into force. On that date, the Financial Services Authority (FSA) formally took over responsibility for all aspects of financial regulation and the previous legislation (mainly the Banking Act 1987, the Financial Services Act 1986 and the Insurance Companies Act 1982) was repealed.

The Taxes Acts and other law applicable to Inland Revenue taxes and duties made extensive use of concepts and definitions drawn from the previous financial regulation legislation and related statutory instruments. These references have now been replaced (by statutory instrument (1)) with new references to concepts and definitions in the Financial Services and Markets Act 2000, associated statutory instruments and, in some cases, rules made by the FSA and included in its Handbook (2). This is particularly the case with life assurance tax law which relied extensively on detailed provisions in the Insurance Companies Act 1982 which have now been included in the relevant part of the FSA's Handbook (the Interim Prudential Sourcebook for Insurers).

The changes to tax law are intended to be consequential and they should not have any effect on tax liabilities or computations. In most cases, there will have been a straightforward substitution of new terms for old which should barely be noticeable.

In some cases, changes to financial regulatory law or the ways in which financial institutions are regulated has meant that new terms could only match the old terms approximately. Nevertheless there should be no substantial change in the position of any person under tax law as a result of these amendments.

If you have any other queries arising from these changes please contact:

(General queries)
David Sly
Revenue Policy Business Tax
22 Kingsway
London WC2B 6NR

Tel: 020 7438 6262
E-mail: david.sly@ir.gsi.gov.uk

(Insurance queries)
Richard Thomas
Revenue Policy Business Tax
22 Kingsway
London WC2B 6NR

Tel: 020 7438 6553
E-mail: richard.thomas@ir.gsi.gov.uk

(1) The Financial Services and Markets Act 2000 (Consequential Amendments)(Taxes) Order -SI 2001/3629.
(2) See the FSA's website at www.fsa.gov.uk.

Corporation Tax Self Assessment and Chargeable Gains Valuations

Corporation Tax self assessment enquiries: FA98/SCH18/PARA24: enquiries remaining open after expiry of the period within which a notice of enquiry may be issued solely because of an unagreed valuation for chargeable gains purposes.

The following Statement of Practice applies where, in the case of an enquiry into a return made under paragraph FA98/SCH18/PARA3:

  • the Inland Revenue has given notice under FA98/SCH18/PARA24 of their intention to enquire into that return, and
  • the enquiry remains open after the expiry of the period within which that notice had to be issued ("enquiry period"), and
  • the enquiry remains open solely because of an unagreed valuation for chargeable gains purposes.

In such circumstances the Inland Revenue will not, as a matter of practice, raise further enquiries into matters unrelated to the valuation or the chargeable gains computation unless the circumstances are such that, had the enquiry already been completed, an officer could have made a discovery within the meaning of FA98/SCH18/PARA41. This practice applies only to valuations made for the purpose of computing chargeable gains of companies and other bodies within the charge to Corporation Tax.

This practice does not alter or fetter the Inland Revenue's right to ask further questions or make additional enquiries on matters in connection with, or consequential to, the obtaining of the valuation which were not raised when the valuation was first referred to Shares Valuation Division or the Valuation Office Agency.

Employees' Business Expenses Receipts: Retention Requirements Under Corporation Tax Self Assessment (CTSA)

We have received representations suggesting that the CTSA record retention requirement imposes a burden in the specific area of receipts supporting employees' business expenses claims, because optical imaging or other methods of electronic preservation of all the information in the receipts may be impractical.
In Tax Bulletin Issue 37 (October 1998) under the heading 'Records to be kept under Self Assessment' - we set out our approach in practice to the legislative requirement to preserve records, including the duty to preserve supporting documents. In that article we referred to wording which first appeared in SA/BK3 - 'Self Assessment. A Guide to Keeping Records for the Self-Employed' - in order to stress the purpose of the requirement:

  • the taxpayer is required to keep sufficient records to make a correct and complete return;
  • the taxpayer will also need to be able to demonstrate in response to Revenue enquiries that that is the case;
  • the precise nature and extent of records needed to discharge the obligation will be dependent on the type and size of the business.

We would like to re-state that provided the information contained in such supporting documentation is retained the actual receipts may be discarded.

The information the company maintains and retains in relation to such supporting documents does not necessarily have to include everything embodied in them, provided that the company is satisfied that what is retained is sufficient to discharge its responsibility to make a complete and correct return, and that this can be demonstrated to the Revenue. So, for example, in relation to expenses claims, we would expect sufficient information to be retained to identify all expenditure disallowable under S577 ICTA, or that which relates to the entertaining of staff.

And if an enquiry covers years where original supporting receipts have been discarded, then original records held for later periods may be looked at, and information in them may be used as a suggested basis to settle the position for earlier years.

Miscellaneous

! This Article Is No Longer Current (Deleted Index 2004)

Inheritance Tax Concession Extended to Include Further Wartime Compensation Payments

The revised version of extra-statutory concession F20, published on the IR website on 13 March 2000 reflects the addition of further schemes anticipated in the text of the 16 October 2001 version. The common theme is that these payments are made in modest amounts and is compensation for personal hurt or injury rather than property loss. The text of the announcement is reproduced below.

Inheritance Tax: Wartime Compensation Payments

Ministers have agreed to requests to extend extra-statutory concession F20 from today, 13 March 2002, to include further schemes which compensate original victims or their spouses for the personal hurt suffered at the hands of the National Socialist regime during World War II. Claims in respect of the German Public Law foundation "Remembrance, Responsibility and Future" and Holocaust Victim Assets Litigation (Swiss Bank Settlement) are being dealt with for non-Jewish claimants by the International Organisation for Migration, and for Jewish claimants by the Conference on Jewish Material Claims against Germany. Claimants entitled to the concession in respect of these claims are being advised by the relevant organisation at the time of their successful claim. The extended concession aligns these payments with comparable ex-gratia amounts from the UK Government to British groups held prisoner by the Japanese during World War II.

Under the present inheritance tax (IHT) rules, rights to such compensation, or the subsequent proceeds, could form part of the claimant's estate for IHT purposes. Extra-statutory concession (F20) allows the amount of any compensation payment to be deducted from the claimant's IHT chargeable estate, whether the payment is made to the claimant before their death or is made subsequently to their personal representatives.

The revised text of the concession is detailed below.

F20. Late Compensation for World War II Claims

Schemes continue to be established in the UK and abroad which provide compensation for wrongs suffered during the World War II era. When this is received by the original victim or their surviving spouse, this almost inevitably comes late in life when their plans for the disposal of their wealth have already been made. Ministers have agreed that the cash value of these claims may be excluded from inheritance tax in the following cases where compensation is paid in modest round-sum, or otherwise cash-limited, amounts:

  • single ex-gratia lump sums of £10,000 payable to each surviving member of the British groups - or their surviving spouse - interned or imprisoned by the Japanese during World War II as announced by the Government on 7 November 2000;
  • financial compensation of fixed amounts payable from the German foundation "Remembrance, Responsibility and Future" or the Austrian Reconciliation Fund to claimants - or their surviving spouse - who were slave or forced labourers or other victims of the National Socialist regime during the World War II;
  • financial compensation of $1,000 payable from the Holocaust Victim Assets Litigation (Swiss Bank Settlement) to each of the slave or forced labourers qualifying under the aforementioned German foundation scheme;
  • financial compensation by way of fixed amounts to the victim or their surviving spouse from the Swiss Refugee Programme;
  • financial compensation by way of fixed amounts to the victim or their surviving spouse from Stichting Maror-Gelden Overheid (Dutch Maror); and
  • financial compensation by way of a one-time payment to the victim or their surviving spouse from the following:
  • monies allocated by the Federal German Government (the Hardship Fund);
  • the Austrian National Fund for Victims of Nazi Persecution;
  • the French Orphan Scheme.

Payments of this kind would normally increase the value of a deceased person's chargeable estate at death, either because a claim paid in their lifetime has increased their total assets, or because the right to a claim not yet paid is itself an asset of their estate.

By concession, where such a payment has been received at any time, either by the deceased or his or her personal representatives under the arrangements, the amount of the payment may be left out of account in determining the chargeable value of his or her estate for the purposes of inheritance tax on death. Similarly, where a person qualifies for more than one payment then each amount may be left out of account.

All enquiries about this extra-statutory concession in particular cases (quoting the full name and date of death of the deceased plus the Inland Revenue Capital Taxes reference number if known) should be directed to:

Inland Revenue Capital Taxes - IHT
Ferrers House
PO Box 38
Castle Meadow Road
Nottingham NG2 1BB

For members of the DX system:
Inland Revenue Capital Taxes DX 701201 Nottingham 4

(No longer relevant)
Amended Extra Statutory Concession B53

Non-United Kingdom (UK) residents and chargeable event gains on life insurance policies, life annuity contracts and capital redemption policies, the information duties of UK insurers and personal portfolio bonds held by individuals not resident in the UK on 17 March 1998.

The 2001 Finance Act changed the duties of life insurers to provide information about gains on life insurance policies, capital redemption policies and life annuity contracts. The new reporting rules apply for chargeable events occurring on or after 6 April 2002. The most important change was the introduction of a new requirement for insurers to report gains to policyholders as well as to the Inland Revenue.

ESC B53 describes the circumstances in which the Inland Revenue will not seek to charge tax when an individual who has made a gain on a life policy etc. is not resident in the UK in the year of assessment in which the gain is treated as arising. The concession also relieves insurers of the requirement to report gains to the Inland Revenue in certain circumstances when the policyholder resides outside the United Kingdom. As a result of the changes in the 2001 Finance Act, this concession has been updated with effect from 6 April 2002 to ensure that its wording is consistent with the duty of life insurers to notify both the Inland Revenue and policyholders about gains."

Part 1

Non-UK resident individuals and companies and chargeable event gains on life insurance policies, life annuity contracts and capital redemption policies

  1. A 'gain' may be treated as arising in connection with a policy of life insurance, a life annuity contract or a capital redemption policy when a 'chargeable event' occurs or is treated as occurring. Chapter 2 of Part 13 of the Income and Corporation Taxes Act 1988 (ICTA) defines 'chargeable events' and sets out how a 'gain' is calculated. It also contains the other provisions relating to chargeable events referred to below. A gain may also be treated as arising in connection with a personal portfolio bond under Regulation 5 of The Personal Portfolio Bond (Tax) Regulations SI 1999 No. 1029.

  2. This concession is about the circumstances in which a gain may be treated as part of the:
  • total income of an individual; or
  • income of a company.

    These are when

  • an individual or company is beneficial owner of the rights conferred by a policy or contract,
  • the rights are held on trusts created by an individual or a company, or
  • the rights are held as security for a debt owed by an individual or a company.
  1. The provisions that deem a 'gain' to be part of the income of an individual or a company are not restricted to UK residents. Except as set out in paragraph 4, however, the Inland Revenue will not pursue liability to tax on a gain that is treated as income of either an individual or a company that is not resident in the UK at any time during the year of assessment or accounting period, as appropriate, in which the gain is chargeable.

  2. A tax liability may arise if a policy or contract is held as property used by, or held by, a UK branch or agency of a company that is not resident in the UK.

  3. Nothing in this concession affects:
  • a gain that is treated as constituting income payable to non-resident trustees or to a company or other institution resident or domiciled outside the UK, and
  • the tax treatment of a benefit that an individual ordinarily resident in the UK receives from the trustees, the company or other institution.

Part 2

The information duties of UK insurers

  1. Insurers are required to provide information both to policy holders and to the Inland Revenue when a 'chargeable event' occurs or is treated as occurring. The information duties of insurers are at Section 552 and Section 552ZA, ICTA. The only circumstance in which the insurer does not need to provide information either to the policyholder or to the Inland Revenue is when the insurer is satisfied that no gain arises by reason of the event. The obligation to provide information is not restricted to providing information about gains made by policy holders resident in the UK. Information that an insurer supplies to the Inland Revenue about a gain made by a policy holder resident outside the UK may be exchanged with the fiscal authorities in the country in which the policy holder resides.

  2. Unless the circumstances set out in paragraph 8 below apply, a UK insurer must provide information about gains both to policy holders and to the Inland Revenue in accordance with Section 552, ICTA, including gains in connection with policies or contracts attributable to any of its branches outside the UK. Information must be given about all gains made in connection with policies and contracts carried out or administered at the branch and not just those effected at the branch. This includes business transferred to a branch. The insurer may arrange for the branch to provide the information directly to its policy holders and to the Inland Revenue.

  3. The circumstances in which an insurer does not have to provide information to the Inland Revenue under Section 552, ICTA are where:
  • the policy holder does not reside in the UK at any time during the year of assessment or accounting period, as appropriate, in which the gain would be treated as forming part of the income of the policy holder, on the assumption that the policy holder is the person chargeable on the gain under Section 547, ICTA, and either
  • the insurer has provided information about the gain or the sum payable or other benefits conferred by reason of the event to the fiscal authority of the country in which the policy holder resides or, in the case of branch business, to the fiscal authority of the country in which the branch is situated; or
  • the policy or contract forms part of the business of the company carried out or administered at a branch of the company outside the UK and the business of the branch is not mainly with persons residing in the UK and British citizens. A branch's business is for these purposes mainly with persons residing in the UK and British citizens if more than 50% of the total of the liabilities of the insurer attributable to the branch relate to policies and contracts with such holders.

    In this paragraph:

  • the liabilities to be taken into account for this purpose are the 'closing liabilities' within the meaning of Section 431(2), ICTA as at the end of the latest preceding accounting period for which the insurer has prepared its regulatory return,
  • 'policy holder' includes the holder of a contract for a life annuity contract and
  • 'branch' includes an agency.
  1. The tests whether information should be supplied should be applied to the best of an insurer's knowledge and belief taking account of all information in the insurer's possession, whenever that information was obtained and wherever and in what form it is stored.

  2. The Inland Revenue may audit an insurer's books, documents and records to ascertain whether there has been, or is likely to be, any contravention of the information requirements. If an insurer is not supplying information because paragraph 8 above applies, the audit may include an audit of any information in the insurer's possession relevant in demonstrating that the conditions set out in those paragraphs are satisfied. If they are satisfied, the Inland Revenue will not treat the insurer as having contravened the requirements of Section 552, ICTA.

Part 3

Personal Portfolio Bonds and individuals not resident in the UK on 17 March 1998

  1. The Personal Portfolio Bond (Tax) Regulations, S.I. 1999 No. 1029, impose a yearly charge to tax on policies of life insurance, life annuity contracts and capital redemption policies that are personal portfolio bonds within the meaning of those regulations.

  2. In some circumstances it is possible to change the terms of a policy or contract taken out before 17 March 1998 to take it outside the definition of a personal portfolio bond. A person who was not resident in the United Kingdom on that day and who later becomes resident has to make the change before the end of either the first 'year' to begin on or after 6 April 1999 or, if later, the first 'year' to begin after the policy holder becomes resident in the United Kingdom. "Year", in this context, is as defined in Section 546(4) ICTA.

  3. The ICTA makes no provision for splitting tax years in relation to residence. So an individual who becomes resident in the UK during a year of assessment is resident for the whole year. This means that, in an extreme case, the period available to make the change could end very shortly after the policy holder arrives in the UK.

  4. By concession, where an individual comes to the UK to take up permanent residence, or to stay for at least two years, the 'year' before the end of which the change has to be made to the policy or contract will be the first 'year' to begin on or after the date on which the policy holder first arrives in the UK to take up permanent residence or to stay.

Commencement

  1. This version of ESC B53 replaces an earlier version published on 22 November 1999.

  2. Parts I and II of the concession apply in relation to gains treated as arising when chargeable events occur or are treated as occurring on or after 6 April 2002. The equivalent parts of the earlier version of ESC B53 continue to apply in relation to gains treated as arising when chargeable events occur or are treated as occurring before 6 April 2002.

  3. Part III of the concession applies to all policy holders who first arrive in the UK to take up permanent residence, or to stay for at least two years, on or after 6 April 2002. The equivalent part of the earlier version of ESC B53 continues to apply to policy holders who first arrived in the UK to take up permanent residence, or to stay for at least two years, between 6 April 1999 and 5 April 2002 inclusive.

(No longer relevant)
Change in location of Corporate Venturing Scheme (CVS) work

To improve customer service, the Inland Revenue is moving the work on the Corporate Venturing Scheme to the Small Company Enterprise Centre (SCEC).

The Corporate Venturing Scheme (CVS) was introduced in April 2000. To get the new scheme off to the best start, the work on CVS was done by a specialist Unit in London.

At about the same time a new Small Company Enterprise Centre (SCEC) was set up to specialise in company aspects of the Government's other incentive schemes, particularly the Enterprise Investment Scheme (EIS). There is considerable overlap between the CVS and EIS, and the expertise built up by the SCEC means that it makes sense to move the CVS work to the SCEC, thereby giving one point of contact for companies interested in both schemes. Therefore from 2 April 2002 all CVS work will be transferred to the Small Company Enterprise Centre, at:

Centre for Revenue Intelligence (CRI)
Ty Glas
Llanishen
Cardiff CF14 5ZG

From that date, as well as handling enquiries and compliance statements, the SCEC will deal with statutory clearances under the CVS, the requirements for which are set out in Statement of Practice SP1/00. That Statement of Practice remains in force; the only change is that clearance applications are now to be sent to the SCEC at the address above.

The change will result in a better service to those companies which seek to attract investment under both the EIS and CVS, as they will now have to deal with only one office instead of two.

SP1/00 (change of address)

Please note change of address given on SP1/00 for Corporate Venturing Scheme; applications for advance clearance under Part X, Schedule 15, FA 2000

Applications should be sent to:

The Small Company Enterprise Centre
Centre for Revenue Intelligence (CRI)
Ty Glas
Llanishen
Cardiff CF14 5ZG

Please amend your copies accordingly.

Inland Revenue Statements of Practice and Extra-Statutory Concessions issued between 1 February 2002 and 31 March 2002.

Extra Statutory Concessions

Number

Title

Date of Issue

F20

Late Compensation for World War II Claims. Revised

13/03/02

B53

Non-United Kingdom (UK) residents and chargeable event gains on life insurance policies, life annuity contracts and capital redemption policies, the information duties of UK insurers and Personal Portfolio Bonds held by individuals not resident in the UK on 17 March 1998. Revised

20/03/02

Statements of Practice

Number

Title

Date of Issue

SP 1/ 02

Corporation Tax Self Assessment and Chargeable Gains Valuations.

13 / 03 /02

You can get copies of SPs and ESCs by telephoning 020 7438 4266.

Content

The content of Tax Bulletin gives the views of our technical specialists on particular issues. The information published is reported because it may be of interest to tax practitioners. Publication will be six times a year, and include a cumulative index issued on an annual basis.

  • You can expect that interpretations of the law contained in the Bulletin will normally be applied in relevant cases, but this is subject to a number of qualifications.
  • Particular cases may turn on their own facts, or context, and because every possible situation cannot be covered, there may be circumstances in which the interpretation given here will not apply.
  • There may also be circumstances in which the Board would find it necessary to argue for a different interpretation in appeal proceedings.
  • The Bulletin does not replace formal Statements of Practice.
  • The Board's view of the law may change in the future. Readers will be notified of any changes in future editions.

Nothing in this Bulletin affects a taxpayer's right of appeal on any point.

Letters on any article appearing in Tax Bulletin should be sent to the Editor, Julia Hawkes, Room S18, West Wing, Somerset House, Strand, London, WC2R 1LB or e-mail Julia.Hawkes@ir.gsi.gov.uk. We are sorry though that neither she nor our contributors will normally be able to enter into correspondence about Tax Bulletin or its contents.

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