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| | Value Added Tax (Change of Rate) Order 2011 |
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| To move the following Clause:— |
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| | ‘(1) | The Chancellor of the Exchequer shall make an order under the powers conferred |
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| | by sections 2(2) and 21(7) of the Value Added Tax Act 1994 that in section 2(1) |
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| | of the Value Added Tax Act 1994 (rate of VAT), the rate of tax charged by virtue |
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| | of that section shall be decreased by 12.5 per cent. |
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| | (2) | In section 21(4) (value of imported goods) of the Value Added Tax Act 1994 for |
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| | (3) | This Order shall be known as The Value Added Tax (Change of Rate) Order 2011 |
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| | and shall come into force on 30 August 2011.’. |
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| To move the following Clause:— |
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| | ‘The Treasury shall, within three months of the passing of this Act, report to |
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| | Parliament its assessment of the impact of the rate of VAT on UK economic |
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| To move the following Clause:— |
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| | ‘The Government shall lay before Parliament a review of all taxation measures |
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| | contained in this Act that are applicable to those judged by the Financial Services |
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| | Authority (or its successor body) to engage in high cost credit lending. This |
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| | review shall consider the following matters— |
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| | (a) | the nature of the high cost credit market and the proliferation of lending |
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| | practices which are detrimental to consumers and or competition in the |
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| | provision of credit to consumers; |
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| | (b) | the impact that taxation could have on the provision of high cost credit in |
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| | the UK which is detrimental to consumers and or competition in the |
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| | provision of credit to consumers; |
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| | (c) | whether changes to taxation could discourage lending in a manner which |
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| | is detrimental to consumers and undermines competition in the provision |
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| | of credit to consumers; and |
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| | (d) | other measures relevant to the high cost credit lending sector that may |
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| | prevent consumer detriment.’. |
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| | Report on capital allowances |
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| To move the following Clause:— |
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| | ‘The Chancellor shall direct the Office of Tax Simplification to report by 31 |
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| | March 2012 on the options for simplifying or replacing the capital allowances |
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| | regime with a view to ensuring businesses obtain tax relief for capital assets over |
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| | a period more closely matched to the useful life of those assets.’. |
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| | Windfall tax on nuclear power operators |
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| To move the following Clause:— |
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| | ‘The Treasury shall by regulations recover all profits to operators of nuclear |
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| | power plants resulting from the Carbon Price Support Mechanism through a |
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| | windfall tax designed for that purpose.’. |
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| | Group filing for corporation tax |
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| To move the following Clause:— |
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| | ‘The Chancellor shall direct the Office of Tax Simplification to report by 31 |
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| | March 2012 on the potential for the introduction of a consolidated corporation tax |
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| | filing for UK-resident companies meeting the current definition of a group for |
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| | corporation tax purposes, to include an assessment of the potential cost savings |
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| | for companies and HMRC, and the potential for reducing tax avoidance.’. |
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| | Value Added Tax (Reduced Rate) Order 2011 |
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| To move the following Clause:— |
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| | ‘(1) | The Chancellor of the Exchequer shall make an order to amend Schedule 7A of |
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| | the Value Added Tax Act 1994 (Charge at Reduced Rate) to include maintenance |
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| | and home improvement work as services for which VAT should be charged at a |
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| | reduced rate of 5 per cent.. |
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| | (2) | “Maintenance and home improvement work” means improvement work carried |
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| | out on a property which is— |
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| | (a) | a single household dwelling, |
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| | (b) | a multiple occupancy dwelling, |
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| | (c) | a building, or part of a building, which, when it was last lived in, was used |
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| | for a relevant residential purpose and is classed as residential, or |
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| | (d) | a building where a change to residential use has been granted. |
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| | (3) | This Order shall be known as the the Value Added Tax (Reduced Rate) Order |
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| | 2011 and shall come into force on 30 August 2011.’. |
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| Page 1, line 9 [Clause 1], at end insert— |
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| | ‘(3) | By 31 March 2012 the Office of Budget Responsibility, in consultation with |
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| | HMRC, will report to Parliament on the revenue of the 50 per cent. rate of income |
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| | tax and its impact on the UK economy.’. |
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| Page 1, line 9 [Clause 1], at end insert— |
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| | ‘(3) | A report on the impact of the current rates of income tax on inequality in the |
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| | United Kingdom, also taking into consideration all other direct and indirect taxes |
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| | including duties and excises, council taxes and mandatory charges for the use of |
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| | cars and televisions and making specific reference to the overall tax rate of |
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| | taxpayers grouped by decile in the United Kingdom and by each individual |
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| | constituent country shall be prepared by HM Treasury and laid before the House |
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| | of Commons not later than 1 December 2011.’. |
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| Page 2, line 16 [Clause 4], leave out ‘is treated as having come into force on 1 April |
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| 2011’ and insert ‘shall come into effect when legislation shall have been enacted requiring |
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| that all public limited companies registered in the United Kingdom shall be required to |
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| submit the arrangements for the payment of salaries and bonuses of their directors to a |
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| binding vote of approval by their shareholders at an Annual General Meeting.’. |
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| Page 2, line 16 [Clause 4], leave out ‘is treated as having come into force on 1 April |
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| 2011’ and insert ‘shall come into effect when legislation shall have been enacted requiring |
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| all public limited companies registered in the United Kingdom to publish the current |
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| salaries and bonuses of their directors.’. |
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| Page 5, line 8 [Clause 9], leave out ‘on or after 6 April 2011’ and insert ‘when a |
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| comprehensive report of HM Treasury on the impact of tax lost to HM Treasury as a result |
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| of the striking off of companies from the Register of Companies, whether voluntarily or |
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| as a result of the actions of the Registrar of Companies, is laid before this House with |
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| recommendations being made on how the number of such companies struck off the |
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| Register as a consequence of failure to comply with the requirements of the law can be |
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| curtailed and how the resulting loss of taxation to the Exchequer can be minimised’. |
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| Page 27, line 4 [Clause 42], after ‘appoint’, insert ‘after a Report has been |
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| submitted to the House of Commons detailing the number of EIS schemes previously |
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| approved, their total cost in terms of tax relief, the number of jobs created by the |
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| companies enjoying such relief and the number of companies that failed subsequent to |
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| relief being granted allowing for an estimate to be made of the cost of each job created |
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| under the terms of this scheme when compared to the cost of tax relief given.’. |
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| Page 27, line 35 [Clause 43], at end insert— |
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| | ‘(11A) | In section 1052 in subsection (2) after paragraph (a) insert— |
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| | “(e) | incurred on premises costs |
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| | (f) | incurred on design costs |
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| | (g) | incurred on patent, trade mark, registered design, copyright, |
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| | design right or plant breeder’s right (see section 1139)”. |
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| | (11B) | After section 1142 add— |
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| | (1) | In this part “premises costs” means rents and business rates costs of the |
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| | studio where R&D is undertaken. |
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| | (1) | In this Part “design costs” means— |
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| | (a) | user interface costs, |
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| | (d) | new business model costs. |
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| | (2) | In subsection (1)(a) “user interface costs” means— |
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| | (a) | costs occurred from designing the visual and functional |
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| | appearance of the application, |
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| | (b) | costs occurred from designing the code that reacts to user inputs. |
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| | (3) | In subsection (1)(b) “user testing costs” means— |
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| | (a) | costs occurred during product testing. |
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| | (4) | In subsection (1)(c) “aesthetic costs” means— |
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| | (a) | costs occurred from the artistic design of the product. |
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| | (5) | In subsection (1)(d) “new business model costs” means— |
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| | (a) | marketing of building a new business monetisation model, |
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| | (b) | marketing of testing a new business monetisation model.”’. |
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| Page 28, line 14 [Clause 47], at end insert ‘and shall have effect when a Report is |
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| submitted to the House of Commons detailing progress made by HM Treasury in securing |
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| powers to obtain information on the activities of UK resident taxpayers in tax havens, |
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| progress made by the United Kingdom in securing rapid implementation of the proposed |
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| changes to the European Union Savings Tax Directive and progress made in securing |
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| information exchange under all tax information exchange agreements signed since 2005, |
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| including the number of information exchanges made with each territory with which such |
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| an agreement has been signed, the nature of the enquiry made in each case, the |
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| approximate amount of tax involved and the success of the jurisdiction in question in |
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| supplying the information requested.’. |
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| Page 42, line 30 [Clause 73], at end insert ‘and shall have effect when a |
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| comprehensive report of HM Treasury on the potential for the introduction of a financial |
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| transaction tax based upon an average rate of 0.05 per cent. applied to individuals and |
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| institutions trading in financial products including stocks, bonds, currencies, |
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| commodities, futures and options, is laid before this House.’. |
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| Page 42, line 30 [Clause 73], at end insert— |
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| | ‘(2) | The Chancellor of the Exchequer shall review the possibility of incorporating a |
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| | bank payroll tax within the bank levy and publish a report, within six months of |
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| | the passing of this Act, on how the additional revenue raised would be invested |
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| | to create new jobs and tackle unemployment.’. |
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| Page 45, line 5 [Clause 78], at end insert— |
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| | ‘(2) | The Schedule shall not come into force except as specified in subsection (3) |
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| | (3) | The Chancellor of the Exchequer shall bring the Schedule into force by order |
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| | within six months of the passing of this Act. |
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| | (4) | A statutory instrument containing an order under subsection (3) shall be |
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| | accompanied by a report which details— |
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| | (a) | any effective subsidy provided to, or additional profits accruing to, |
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| | operators of existing and new nuclear power stations as a result of the |
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| | provisions in the Schedule; |
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| | (b) | the immediate impact of the provisions in the Schedule on consumers and |
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| | (c) | the immediate impact of the provisions in the Schedule on energy-using |
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| | manufacturing industries and on employment in those industries; |
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| | (d) | the expected effect of the provisions in the Schedule on investment in |
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| | new renewable power generation and on investment in new nuclear |
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| | (e) | the measures that the Chancellor intends to adopt in a future Finance Bill |
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| | in order to recoup any effective subsidy to or additional profits accruing |
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| | to the nuclear industry as a result of the Schedule; and |
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| | (f) | how the monies raised by those measures will be used to mitigate the |
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| | immediate impact of the Schedule on consumers and on manufacturing |
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| | industries and to encourage green investment.’. |
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| Page 45, line 5 [Clause 78], at end insert—
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| ‘The Schedule shall come into force on a date specified by the Treasury by an order made |
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| by Statutory Instrument, which may not be made until an agreed packaged of mitigation |
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| measures for energy-intensive industries has been laid before the House of Commons and |
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| approved by a resolution of the House of Commons. The dates specified in paragraphs |
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| 8(3) and 9(5) of the Schedule shall be replaced by the date specified in the order under this |
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| section if it is later.’. |
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| Mr Chancellor of the Exchequer |
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| Page 48, line 16 [Clause 87], leave out subsection (4). |
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| Mr Chancellor of the Exchequer |
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| | Page 166 [Schedule 7], leave out line 18 and insert ‘day specified in the election as the |
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| day on which it takes effect (which must be later than the day on which the election is |
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| Mr Chancellor of the Exchequer |
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| | Page 166, line 21 [Schedule 7], leave out subsection (3) and insert— |
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| | ‘(2A) | An election under section 9A(2)(a) may be revoked by notice of the revocation |
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| | being given to an officer of Revenue and Customs before the election takes effect. |
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| | (3) | Subject to that, an election has effect until immediately before— |
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| | (a) | the day on which another election by X takes effect, or |
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| | (b) | the day on which a revocation event occurs, |
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| | | (whichever first occurs).’. |
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| Mr Chancellor of the Exchequer |
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| | Page 166, line 41 [Schedule 7], at end insert— |
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| | ‘(5A) | Subsections (5B) and (5C) apply if a period of account of X (“the straddling |
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| | period of account”) begins before, and ends on or after, the day on which— |
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| | (a) | an election under section 9A(2)(a) takes effect, or |
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| | (b) | a revocation event occurs. |
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| | (5B) | It is to be assumed, for the purposes of this Chapter, that the straddling period of |
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| | account consists of two separate periods of account— |
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| | (a) | the first beginning with the straddling period of account and ending |
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| | immediately before that day, and |
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| | (b) | the second beginning with that day and ending with the straddling period |
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