Session 2012 - 13
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Other Bills before Parliament


 
 

Notices of Amendments: 7 June 2012                     

90

 

Finance Bill, continued

 
 

“associate (in Part 5A)

section 257HJ(1)”

 
 

“bonus shares (in Part 5A)

section 257HJ(1)”

 
 

“compliance certificate (in Part 5A)

section 257EC(1)”

 
 

“compliance statement (in Part 5A)

section 257ED(1)”

 
 

“director (in Part 5A)

section 257HJ(1)”

 
 

“disposal of shares (in Part 5A)

section 257HH”

 
 

“EIS relief (in Part 5A)

section 257HJ(1)”

 
 

“group (in Part 5A)

section 257HJ(1)”

 
 

“group company (in Part 5A)

section 257HJ(1)”

 
 

“issue of shares (in Part 5A)

section 257HI”

 
 

“market value (in Part 5A)

section 257HJ(6)”

 
 

“new qualifying trade (in Part 5A)

section 257HF”

 
 

“ordinary shares (in Part 5A)

section 257HJ(1)”

 
 

“parent company (in Part 5A)

section 257HJ(1)”

 

 
 

Notices of Amendments: 7 June 2012                     

91

 

Finance Bill, continued

 
 

“period A, period B (in Part 5A)

section 257AC”

 
 

“permanent establishment (in Part 5A)

section 257HJ(1)”

 
 

“qualifying business activity (in Part 5A)

section 257HG”

 
 

“qualifying subsidiary (in Part 5A)

section 257HJ(1)”

 
 

“qualifying 90% subsidiary (in Part 5A)

section 257HJ(1)”

 
 

“research and development (in Part 5A)

section 257HJ(1)”

 
 

“SEIS (in Part 5A)

section 257A(2)”

 
 

“single company (in Part 5A)

section 257HJ(1)”

 
 

      (3)  

In the entry for “control”, in the second column, after “257(3),” insert

 

“257HJ(3),”.’

 

David Gauke

 

157

 

Schedule  7,  page  261,  line  16,  leave out ‘in consequence’ and insert ‘, nor any

 

money raised by the issue employed, in consequence or anticipation’.

 

David Gauke

 

158

 

Schedule  7,  page  261,  leave out lines 19 to 29 and insert—

 

‘(a)    

the main purpose, or one of the main purposes, of the arrangements is to

 

secure—

 

(i)    

that a qualifying business activity is or will be carried on by the

 

issuing company or a qualifying 90% subsidiary of that

 

company, and

 

(ii)    

that one or more persons (whether or not including any party to

 

the arrangements) may obtain relevant tax relief in respect of

 

shares issued by the issuing company which raise money for the

 

purposes of that activity or that such shares may comprise part of

 

the qualifying holdings of a VCT,

 

(aa)    

that activity is the relevant qualifying business activity,’.


 
 

Notices of Amendments: 7 June 2012                     

92

 

Finance Bill, continued

 
 

David Gauke

 

159

 

Schedule  7,  page  261,  line  35,  leave out from ‘is’ to end of line 36 and insert ‘, in

 

the course of the arrangements, paid to or for the benefit of a relevant person or relevant

 

persons.’.

 

David Gauke

 

160

 

Schedule  7,  page  261,  line  38,  after ‘that’ insert ‘the whole or greater part of’.

 

David Gauke

 

161

 

Schedule  7,  page  261,  line  40,  leave out from ‘by’ to end of line 41 and insert ‘a

 

relevant person or relevant persons.’.

 

David Gauke

 

162

 

Schedule  7,  page  262,  line  10,  at end insert—

 

‘“relevant person” means a person who is a party to the arrangements or a

 

person connected with such a party;’.

 

David Gauke

 

163

 

Schedule  7,  page  266,  line  33,  leave out ‘in consequence’ and insert ‘, nor any

 

money raised by the issue employed, in consequence or anticipation’.

 

David Gauke

 

164

 

Schedule  7,  page  266,  line  36,  leave out from beginning to ‘and’ in line 8 on page

 

267 and insert—

 

‘(a)    

the main purpose, or one of the main purposes, of the arrangements is to

 

secure—

 

(i)    

that a qualifying business activity is or will be carried on by the

 

company or a qualifying 90% subsidiary of the company, and

 

(ii)    

that one or more persons (whether or not including any party to

 

the arrangements) may obtain relevant tax relief in respect of

 

shares issued by the company which raise money for the

 

purposes of that activity or that such shares may comprise part of

 

the qualifying holdings of a venture capital trust,

 

(aa)    

that activity is the relevant qualifying business activity,’.

 

David Gauke

 

165

 

Schedule  7,  page  267,  line  13,  leave out from ‘is’ to end of line 14 and insert ‘, in

 

the course of the arrangements, paid to or for the benefit of a relevant person or relevant

 

persons.’.

 

David Gauke

 

166

 

Schedule  7,  page  267,  line  16,  after ‘that’ insert ‘the whole or greater part of’.


 
 

Notices of Amendments: 7 June 2012                     

93

 

Finance Bill, continued

 
 

David Gauke

 

167

 

Schedule  7,  page  267,  line  18,  leave out from ‘by’ to end of line 19 and insert ‘a

 

relevant person or relevant persons.’.

 

David Gauke

 

168

 

Schedule  7,  page  267,  line  36,  at end insert—

 

‘“relevant person” means a person who is a party to the arrangements or a

 

person connected with such a party;’.

 

David Gauke

 

169

 

Schedule  8,  page  271,  line  30,  leave out ‘in consequence’ and insert ‘, nor any

 

money raised by the issue employed, in consequence or anticipation’.

 

David Gauke

 

170

 

Schedule  8,  page  271,  line  33,  leave out from beginning to end of line 1 on page

 

272 and insert—

 

‘(a)    

the main purpose, or one of the main purposes, of the arrangements is to

 

secure—

 

(i)    

that a qualifying activity is or will be carried on by the relevant

 

company or a qualifying 90% subsidiary of that company, and

 

(ii)    

that shares or securities issued by the relevant company may be

 

comprised in any company’s qualifying holdings or that one or

 

more persons may obtain relevant tax relief in respect of such

 

shares which raise money for the purposes of that qualifying

 

activity,

 

(aa)    

that qualifying activity is the relevant qualifying activity by reference to

 

which the requirement in section 293(1)(b) (money raised to be

 

employed within two years for relevant qualifying activity) is met in

 

relation to the relevant holding,’.

 

David Gauke

 

171

 

Schedule  8,  page  272,  line  7,  leave out from ‘is’ to end of line 8 and insert ‘, in the

 

course of the arrangements, paid to or for the benefit of a relevant person or relevant

 

persons.’.

 

David Gauke

 

172

 

Schedule  8,  page  272,  line  10,  after ‘that’ insert ‘the whole or greater part of’.

 

David Gauke

 

173

 

Schedule  8,  page  272,  line  11,  leave out ‘business’.

 

David Gauke

 

174

 

Schedule  8,  page  272,  line  12,  leave out from ‘by’ to end of line 13 and insert ‘a

 

relevant person or relevant persons.’.


 
 

Notices of Amendments: 7 June 2012                     

94

 

Finance Bill, continued

 
 

David Gauke

 

175

 

Schedule  8,  page  272,  line  26,  at end insert—

 

‘“relevant person” means a person who is a party to the arrangements or a

 

person connected with such a party;’.

 

David Gauke

 

176

 

Schedule  8,  page  272,  leave out lines 27 to 31 and insert—

 

‘“qualifying activity” has the same meaning as in section 291;”.

 


 
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Revised 13 June 2012