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| Schedule 8, page 275, line 18, leave out ‘date’ insert ‘day’. |
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| Schedule 8, page 275, line 21, leave out ‘date’ insert ‘day’. |
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| Schedule 8, page 275, line 31, leave out sub-paragraph (2) and insert— |
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| | ‘(2) | Those amendments have effect for the purpose of determining whether shares |
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| | or securities issued on or after 6 April 2012 are to be regarded as comprised in |
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| | a company’s qualifying holdings.’. |
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| Clause 42, page 27, line 2, at end add— |
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| | ‘The Chancellor of the Exchequer shall instruct the Office of Tax |
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| | Simplification to prepare a report considering whether reforming the |
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| | capital allowances regime, including by switching to using accounts |
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| | depreciation, would be a more effective method of tackling avoidance. |
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| | The report shall be placed in the House of Commons Library.’. |
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| Clause 44, page 27, line 8, at end insert— |
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| | ‘(2) | The Chancellor of the Exchequer shall review the impact of his capital |
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| | allowances policies on long-term investment, and will lay a report of his review |
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| | in the House of Commons Library.’. |
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| Clause 46, page 28, line 28, leave out ‘or’. |
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| Clause 46, page 28, line 31, at end insert— |
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| | ‘(iii) | an initial payment or any other payment made under a relevant |
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| | superior lease to the person who is the lessor under that lease by |
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| | the person who is the lessee under that lease, or |
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| | (iv) | a payment to the seller of the proceeds of a sale of the plant or |
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| | machinery to which subsection (2FC) applies,’. |
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| Clause 46, page 28, leave out lines 36 to 38 and insert— |
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| | ‘(2FB) | For the purposes of subsection (2FA)— |
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| | “payment” includes the provision of any benefit, the assumption of any |
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| | liability and any other transfer of money’s worth (and “payable” is to be |
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| | “relevant superior lease” means any lease of the plant or machinery to which |
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| | the long funding lease mentioned in subsection (1)(a) is inferior. |
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| | (2FC) | This subsection applies to a sale of the plant or machinery if— |
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| | (a) | a person has entered into a relevant transaction with another person in |
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| | respect of the plant or machinery for the purposes of Chapter 17 of this |
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| | Part (see section 213) and the sale is within section 213(1)(a), |
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| | (b) | the plant or machinery is within section 216(1)(b) (sale and lease back), |
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| | (c) | the conditions in section 227(2) are met.”’. |
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| Schedule 12, page 294, line 27, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 294, line 31, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 295, line 1, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 295, line 4, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 295, line 8, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 295, line 10, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 295, line 14, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 295, line 21, leave out ‘45’ and insert ‘30’. |
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| Schedule 12, page 310, line 38, at end add— |
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| | ‘(2) | HMRC will monitor the extent to which income and chargeable gains used to |
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| | make qualifying investments under this Part of the Schedule have been taxed in |
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| | other jurisdictions and will assess the implications of this for UK domiciled |
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| Schedule 13, page 322, line 39, leave out from ‘is’ to end of line 43 and insert |
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| | (a) | when the share in the partnership’s profits of the person involved in the |
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| | relevant change is no longer to be determined under the asset-backed |
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| | arrangement (conditionally or unconditionally) by reference (wholly |
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| | or partly) to payments in respect of the security, or |
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| | (b) | if earlier, when no responsible authority is any longer entitled |
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| | (conditionally or unconditionally) to any payments in connection with |
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| | the asset-backed arrangement. |
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| | (6) | In sub-paragraph (5)(b) the reference to payments are to payments of any type |
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| | including drawings or distributions from a partnership, payments in respect of |
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| | the security and other payments in respect of an asset (as read in accordance |
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| | with section 776(4)(b) of CTA 2010). |
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| | (7) | “Responsible authority” means— |
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| | (a) | the persons who from time to time are the trustees of the relevant |
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| | (b) | the persons who from time to time are the persons controlling the |
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| | management of the relevant scheme, |
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| | | in their capacity as such. |
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| | (8) | A responsible authority is entitled to a payment “in connection with” the asset- |
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| | backed arrangement if it is entitled to the payment directly or indirectly in |
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| | consequence of the arrangement or otherwise in connection with the |
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| Schedule 13, page 323, line 7, leave out ‘(2)’ and insert ‘(3)’. |
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| Schedule 13, page 323, line 11, leave out sub-paragraph (2). |
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| Schedule 13, page 323, line 17, leave out from ‘which’ to ‘the’ in line 18 and insert |
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| ‘a responsible authority is entitled in connection with’. |
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| Schedule 13, page 323, line 38, leave out sub-paragraphs (5) to (7). |
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| Schedule 13, page 324, line 25, leave out ‘and (6) and (7)’. |
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| Schedule 13, page 324, line 26, leave out from ‘including’ to end of line 27 and |
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| insert ‘drawings or distributions from a partnership, payments in respect of the security |
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| and other payments in respect of an asset (as read in accordance with section 776(4)(b) of |
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| Schedule 13, page 324, line 28, leave out sub-paragraph (9). |
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| Schedule 13, page 324, line 31, leave out ‘sub-paragraphs (4)(b) to (d) and (7)(b) to |
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| (d)’ and insert ‘sub-paragraph (4)(b) to (d)’. |
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| Schedule 13, page 324, line 33, after ‘arrangement’ insert ‘or any other |
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| Schedule 13, page 328, line 2, leave out from second ‘E,’ to end of line 4 and insert |
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| | (a) | to the lender, or a person connected with the lender, in order to reverse |
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| | the relevant change in relation to the partnership, or |
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| | (b) | otherwise to a responsible authority in order to buy out the authority’s |
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| | interest in any partnership involved in the asset-backed arrangement.’. |
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| Schedule 13, page 328, line 25, leave out from ‘not’ to end of line 30 and insert |
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| ‘include a responsible authority.’. |
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| Schedule 13, page 330, line 33, leave out from ‘year’ to end of line 35 and insert |
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| ‘(but allowing for payments otherwise due to arise on a non-working day to arise on the |
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| Schedule 13, page 330, line 49, at end insert— |
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| | ‘(4A) | For the purposes of subsection (4)(b) the first payment is to arise no |
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| | later than one year after the day on which the advance is paid.’. |
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| Schedule 13, page 333, line 22, leave out from ‘year’ to end of line 24 and insert |
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| ‘(but allowing for determinations otherwise due to be made on a non-working day to be |
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| made on the next working day),’. |
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| Schedule 13, page 333, line 40, at end insert— |
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| | ‘(4A) | For the purposes of subsection (4)(c) the first determination is to be |
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| | made no later than one year after the day on which the advance is |
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| Schedule 13, page 336, line 11, leave out from ‘year’ to end of line 13 and insert |
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| ‘(but allowing for determinations otherwise due to be made on a non-working day to be |
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| made on the next working day),’. |
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| Schedule 13, page 336, line 29, at end insert— |
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| | ‘(4A) | For the purposes of subsection (4)(c) the first determination is to be |
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| | made no later than one year after the day on which the advance is |
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| Schedule 13, page 342, line 17, at end insert— |
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| | ‘(3) | For the purposes of sub-paragraph (1)(d), in sections 196C(4A), 196E(4A) and |
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| | 196G(4A) the reference to one year is to be read as a reference to 18 months.’. |
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| Schedule 13, page 343, line 12, leave out ‘under’ and insert ‘in connection with’. |
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| Schedule 13, page 343, line 45, leave out ‘under’ and insert ‘in connection with’. |
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| Schedule 13, page 344, line 21, leave out from ‘including’ to end of line 22 and |
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| insert ‘drawings or distributions from a partnership, payments in respect of the security |
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| and other payments in respect of an asset (as read in accordance with section 776(4)(b) of |
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| Schedule 13, page 344, line 25, at end insert— |
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| | ‘(9A) | For the purposes of sub-paragraphs (3)(a) and (6)(b) a person is entitled to a |
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| | payment “in connection with” the asset-backed arrangement if the person is |
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| | entitled to the payment directly or indirectly in consequence of the |
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| | arrangement or otherwise in connection with the arrangement.’. |
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| Schedule 13, page 344, line 28, after ‘arrangement’ insert ‘or any other |
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| Clause 126, page 76, line 13, leave out from ‘any’ to end of line 15 and insert |
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| ‘relevant non-trading deficit which the company has for the accounting period.’. |
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| Clause 126, page 76, line 15, at end insert— |
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| | ‘(2) | The reference to a relevant non-trading deficit for an accounting period is a |
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| | reference to the non-trading deficit which the company would have under section |
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| | 388 of CTA 2009 (loan relationships and derivative contracts) if credits and |
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| | debits given in respect of the company’s creditor relationships (within the |
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| | meaning of Part 5 of that Act) were ignored.’. |
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| Clause 129, page 78, line 19, at end insert— |
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| | ‘(5A) | But if there is a difference between— |
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| | (a) | the net amount recognised by the transferee in respect of the transfer of |
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| | contracts of long-term insurance or contracts made in the course of |
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| | capital redemption business, and |
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| | (b) | the net amount recognised by the transferor in respect of the transfer of |
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| | | the amount of the difference is to be taken into account for the purpose of |
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| | calculating the BLAGAB trade profit or loss of the transferee for the accounting |
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| | period in which those contracts are transferred. |
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| | (5B) | The difference is to be taken into account— |
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| | (a) | as a receipt (if, when added to the net amount in subsection (5A)(b), the |
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| | result is the net amount in subsection (5A)(a)), and |
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| | (b) | as an expense (if, when subtracted from the net amount in subsection |
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| | (5A)(b), the result is the net amount in subsection (5A)(a)). |
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| | (5C) | The net amount recognised by an insurance company in respect of the transfer of |
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| | the contracts is determined by subtracting— |
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| | (a) | the total amount in respect of liabilities relating to the contracts that is or |
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| | would be recognised for the purposes of a balance sheet drawn up at the |
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| | relevant time by the company in accordance with generally accepted |
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| | accounting practice, from |
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| | (b) | the total amount in respect of assets relating to the contracts that is or |
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| | would be recognised for those purposes, |
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| | | and “the relevant time” means the time immediately before the transfer (in the |
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| | case of the transferor) and the time immediately after it (in the case of the |
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| | (5D) | The Treasury may by order amend any of subsections (5A) to (5C).’. |
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| Clause 129, page 78, line 19, at end insert— |
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| | ‘(5E) | This section does not apply to any amount that arises in respect of a transfer so |
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| | far as the transfer consists of a with-profits fund transfer. |
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| | | The reference here to a with-profits fund transfer is a reference to— |
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|