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171

 

House of Commons

 
 

Notices of Amendments

 

given on

 

Thursday 14 June 2012

 

For other Amendment(s) see the following page(s):

 

Finance Bill Committee 148-169

 

Public Bill Committee

 

Finance Bill

 

(Except Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33,

 

and any new Clauses and new Schedules first appearing on the Order Paper not later than

 

Tuesday 17 April 2012 and relating to value added tax)

 

David Gauke

 

187

 

Schedule  20,  page  457,  line  10,  leave out ‘and’ and insert—

 

‘(ba)    

the CFC’s accounting period ends in that period of account,

 

and’.

 

David Gauke

 

188

 

Schedule  20,  page  520,  line  1,  at beginning insert—

 

‘40B      

In Chapter 4 of Part 7 (exemption for financing income) after section 298

 

insert—

 

“298A

Application of Chapter to financing income amounts determined

 

under section 314A

 

(1)    

The Commissioners may by regulations amend this Chapter—

 

(a)    

to enable a financing income amount determined in

 

accordance with section 314A for the relevant period of

 

account (or a proportion of such an amount so determined) to

 

be specified in a statement of allocated exemptions under

 

section 292(4)(b), and

 

(b)    

to require, where a financing income amount so determined

 

(or a proportion of such an amount so determined) is specified

 

in such a statement, the sum charged on the company as

 

mentioned in section 314A(1)(a) to be re-determined at step 5

 

in section 371BC(1) on the basis set out in subsection (2)

 

below.

 
 

Notices of Amendments: 14 June 2012                     

172

 

Finance Bill, continued

 
 

(2)    

The basis referred to in subsection (1)(b) is—

 

(a)    

the relevant finance profits (see section 314A(1)(c)) are to be

 

left out of the CFC’s chargeable profits mentioned in

 

paragraph (a) at step 5 in section 371BC(1), and

 

(b)    

the CFC’s creditable tax mentioned in paragraph (b) at that

 

step is to be reduced so far as it is just and reasonable for it to

 

be reduced having regard to the amounts left out of the CFC’s

 

chargeable profits.

 

(3)    

For a case where only a proportion (“X%”) of a financing income

 

amount is specified in a statement of allocated exemptions under

 

section 292(4)(b), in subsection (2)(a) the reference to the relevant

 

finance profits is to be read as a reference to X% of those profits.

 

(4)    

The Commissioners may by regulations amend this Chapter to require,

 

where a financing income amount determined in accordance with

 

section 314A for the relevant period of account is reduced under

 

section 296, the sum charged on the company as mentioned in section

 

314A(1)(a) to be re-determined in accordance with provision made by

 

regulations under subsection (1)(b) as if the proportion of the

 

financing income amount represented by the amount of the reduction

 

were specified in a statement of allocated exemptions under section

 

292(4)(b).

 

(5)    

The Commissioners may by regulations amend this Part or Part 9A in

 

consequence of provision made by regulations under subsection (1) or

 

(4).”’.

 

David Gauke

 

189

 

Schedule  20,  page  520,  line  12,  leave out ‘and’ and insert—

 

‘(ba)    

the CFC’s accounting period in relation to which the sum is

 

charged ends in the period of account of the worldwide group,

 

and’.

 

Ed Balls

 

Rachel Reeves

 

Cathy Jamieson

 

Catherine McKinnell

 

Chris Leslie

 

190

 

Schedule  20,  page  522,  line  2,  at end insert—

 

‘(3)    

HM Treasury and HM Revenue and Customs shall publish an assessment of the

 

implementation and impact of the changes made in this schedule each year from

 

commencement for the first three years of operation, including—

 

(a)    

the impact of the changes on developing countries and whether any

 

further aid or technical assistance needs to be provided to those countries

 

to safeguard their tax revenues;

 

(b)    

the cost of the changes to the Exchequer and whether they are consistent

 

with HM Treasury forecasts;

 

(c)    

whether the rules operate as expected and provide certainty to

 

companies.’.

 
 

Notices of Amendments: 14 June 2012                     

173

 

Finance Bill, continued

 
 

Graeme Morrice

 

Grahame M. Morris

 

191

 

Clause  186,  page  107,  line  9,  at end insert—

 

‘(3A)    

The Chancellor of the Exchequer shall review the wider economic impact of the

 

duty increases imposed by subsection 3 on the beer and pub industry, and

 

consumers, and shall lay a report of his review in the House of Commons

 

Library.’.

 

Graeme Morrice

 

Grahame M. Morris

 

192

 

Schedule  24,  page  542,  line  34,  at end insert—

 

‘Allowable deductions from duty payable

 

11A(1)  

A taxable person shall be entitled to reduce the amount of duty payable in an

 

accounting period by an amount equal to the irrecoverable VAT brought about

 

solely as a result of changes to the VAT liability of income from Machine

 

Games resulting from the introduction of the duty (“Newly Irrecoverable

 

VAT”), to be calculated as follows:

 

      (2)  

“Newly Irrecoverable VAT” for the purposes of sub-paragraph (1) will be

 

calculated as follows:

 

(a)    

at the time the taxable person carries out the “longer period

 

adjustment” calculations and capital goods scheme adjustments for the

 

purposes of Part 14 to 16 of the VAT Regulations 1995, he shall, in

 

accordance with the method in place under those Parts, for that longer

 

period, identify—

 

(i)    

the amount of irrecoverable VAT incurred during that longer

 

period based on income from Machine Games being exempt

 

for VAT purposes; and

 

(ii)    

the amount of irrecoverable VAT that would be incurred had

 

income from Machine Games remained liable to VAT at the

 

standard rate;

 

(b)    

Newly Irrecoverable VAT will be calculated by subtracting the

 

amount under (ii) above from (i) above.

 

      (3)  

On each duty return in the year following the VAT longer period adjustment,

 

a taxable person shall be entitled to provisionally reduce the amount of duty

 

payable by an amount equal to one quarter of the amount calculated under sub-

 

paragraph (2) above.

 

      (4)  

At the end of the year in which provisional quarterly reductions have been

 

carried out under sub-paragraph (3) above, a taxable person shall carry out the

 

calculation under sub-paragraph (2) above and compare it to the total provision

 

reduction for the year. Any difference shall serve to increase, or decrease, the

 

duty due in the accounting period in which the calculation is made.

 

      (5)  

Should the reduction of the amount of duty payable arising from Newly

 

Irrecoverable VAT result in a negative amount of duty in any accounting

 

period the provisions of paragraph (10) (negative amounts of duty) shall apply.

 

      (6)  

For the purposes of this paragraph, any references to terms imported from Part

 

14 to 16 of the VAT Regulations 1995 shall have the same meaning as defined

 

in those Regulations.’.

 
 

Notices of Amendments: 14 June 2012                     

174

 

Finance Bill, continued

 
 

Graeme Morrice

 

Grahame M. Morris

 

193

 

Schedule  24,  page  542,  line  11,  leave out ‘20%’ and insert ‘15%’.

 

Graeme Morrice

 

Grahame M. Morris

 

194

 

Schedule  24,  page  557,  line  16,  at end insert—

 

‘49A      

In the Machine Games Duty (Exemptions) Order 2012, after Article 5, insert

 

the following—

 

“Skill with prize machines

 

6.1      

Playing a skill with prize game is to be a specified circumstance.

 

6.2      

A game shall be a skill with prize game if it is not a game of chance

 

in accordance with Section 6(2) of the Gambling Act 2005.”’.

 

Ed Balls

 

Rachel Reeves

 

Cathy Jamieson

 

Catherine McKinnell

 

Chris Leslie

 

195

 

Clause  151,  page  89,  line  20,  at end add—

 

‘(7)    

Consultation shall be undertaken with interested parties prior to the enactment of

 

regulations under this section.

 

(8)    

The Chancellor of the Exchequer shall review the impact of the regulations under

 

this section on friendly societies and shall lay a report of his review in the House

 

of Commons Library.’.

 

Ed Balls

 

Rachel Reeves

 

Cathy Jamieson

 

Catherine McKinnell

 

Chris Leslie

 

196

 

Clause  152,  page  90,  line  2,  at end add—

 

‘(6)    

Consultation shall be undertaken with interested parties prior to the enactment of

 

regulations under this section.

 

(7)    

The Chancellor of the Exchequer shall review the impact of the regulations under

 

this section on friendly societies and shall lay a report of his review in the House

 

of Commons Library.’.

 

Fuel duty differential for biodiesel

 

Stephen Williams

 

Ian Swales

 

NC3

 

To move the following Clause:—

 
 

Notices of Amendments: 14 June 2012                     

175

 

Finance Bill, continued

 
 

‘(1)    

The Biodiesel Duty (Biodiesel produced from waste cooking oil) (Relief)

 

Regulations 2010 (S.I. 2010/984) shall be deemed not to have ceased to have

 

effect on 31 March 2012 and shall continue in force.

 

(2)    

No further Regulations may be made under the Hydrocarbon Oil Duties Act 1979

 

which would have the effect of removing or reducing the relief provided for by

 

the Regulations mentioned in subsection (1) until a full impact assessment of the

 

impact of the removal of a fuel duty differential for biodiesel has been laid before

 

Parliament.’.

 

 
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