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| (Except Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33,
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| and any new Clauses and new Schedules first appearing on the Order Paper not later than
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| Tuesday 17 April 2012 and relating to value added tax)
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| [NiNTH AND TenTH SITTINGS]
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| Clause 18, page 11, line 30, at end add— |
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| | ‘(3) | HM Revenue and Customs shall draw up plans to ensure that investors who are |
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| | eligible to receive interest payments gross are made aware of the need to register |
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| | with their account provider, to ensure that they do not overpay income tax.’. |
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| Clause 19, page 11, line 36, at end add— |
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| | ‘(2) | The Chancellor of the Exchequer shall review the impact of this provision on |
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| | businesses and shall consider where there are other opportunities to introduce |
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| | targeted support for business. A copy of the report shall be placed in the House of |
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| Clause 20, page 12, line 3, at end add— |
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| | ‘(2) | The Chancellor of the Exchequer shall review the extent to which intellectual |
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| | property created as a result of research and development expenditure which falls |
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| | within Part 13 of CTA 2009 is vested in companies whose income is not within |
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| | the charge to corporation tax, and place a copy of the report in the House of |
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| Schedule 3, page 185, line 3, at end insert— |
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| | ‘37A (1) | Section 1074 (“Additional deduction in calculating profits of trade”) is |
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| | (2) | In section (i) leave out “and C” and insert “C and D”. |
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| | (3) | After subsection (4) insert— |
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| | “(4A) | Condition D is that any intellectual property created as a result of the |
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| | research and development is or will be vested in a company whose |
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| | income is within the change to corporation tax”.’. |
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| Clause 23, page 14, line 36, leave out subsections (8) to (12). |
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| Clause 24, page 15, line 32, leave out ‘moving into tonnage tax’ and insert ‘joining |
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| Clause 24, page 15, line 34, leave out ‘moving into tonnage tax’ and insert |
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| ‘joining tonnage tax group’. |
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| Clause 24, page 15, line 36, leave out from ‘if’ to end of line 38 and insert ‘— |
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| | (a) | on that day A becomes a member of a tonnage tax group for the purposes |
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| | of Schedule 22 to FA 2000 without entering tonnage tax on that day, or |
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| | (b) | the day ends immediately before the day on which, for the purposes of |
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| | that Schedule, A both becomes a member of a tonnage tax group and |
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| Clause 24, page 16, line 26, leave out ‘moving into tonnage tax’ and insert ‘joining |
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| Clause 24, page 16, line 28, at end insert— |
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| | ‘(7A) | In Schedule 22 to FA 2000 (tonnage tax), after paragraph 79 insert— |
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| | “79A (1) | This paragraph applies if— |
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| | (a) | a balancing charge under this Part of this Schedule arises to |
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| | the company on the disposal of any plant or machinery, and |
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| | (b) | the plant or machinery is taken into account in calculating |
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| | income that the company is treated as receiving under section |
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| | 383 or 417 of the Corporation Tax Act 2010 (sales of lessors) |
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| | as a result of section 394ZA of that Act (company joining |
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| | (2) | The balancing charge is to be reduced by the relevant part of the sales |
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| | of lessors expense so far as relief has not previously been given for that |
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| | expense (whether under this sub-paragraph or otherwise). |
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| | (3) | “The sales of lessors expense” means— |
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| | (a) | the expense which the company is treated as incurring under |
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| | section 383 or 417 of the Corporation Tax Act 2010 as a result |
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| | of section 394ZA of that Act, or |
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| | (b) | if section 386 or 419 of that Act applies or has applied, the |
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| | expense which derives from the expense within paragraph (a). |
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| | (4) | If the sales of lessors expense is incurred at a time when the company |
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| | is in tonnage tax, the “relevant part” of that expense is so much of it |
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| | as, on a just and reasonable basis, is attributable to the matters set out |
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| | in paragraph 56(1)(a) or (b). |
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| | (a) | the sales of lessors expense is not incurred at a time when the |
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| | company is in tonnage tax, |
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| | (b) | that expense is taken into account in calculating a loss made |
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| | by the company in a trade, and |
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| | (c) | the loss is one to which paragraph 56 applies, |
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| | | the “relevant part” of the sales of lessors expense is so much of the |
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| | apportioned loss as, on a just and reasonable basis, is derived from the |
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| | sales of lessors expense. |
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| | (6) | The reference here to the apportioned loss is to the loss that is |
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| | attributable to the matters set out in paragraph 56(1)(a) or (b).”’. |
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| Clause 24, page 16, line 30, leave out paragraphs (a) and (b) and insert— |
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| | ‘(a) | where the income arises as a result of a company becoming a member of |
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| | a tonnage tax group on or after 21 March 2012 and entering tonnage tax |
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| | (b) | where the income arises as a result of a company becoming a member of |
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| | a tonnage tax group on or after 23 April 2012 without entering tonnage |
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| | (c) | where the relevant day is on or after 21 March 2012 (in any case not |
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| | within paragraph (a) or (b)).’. |
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| Clause 24, page 16, line 33, leave out from ‘(5)’ to end of line 35 and insert ‘and |
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| | (a) | where a company becomes a member of a tonnage tax group on or after |
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| | 21 March 2012 and enters tonnage tax at the same time, or |
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| | (b) | where a company becomes a member of a tonnage tax group on or after |
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| | 23 April 2012 without entering tonnage tax at the same time.’. |
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| Clause 24, page 16, line 36, leave out from ‘effect’ to end of line 37 and insert ‘— |
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| | (a) | except in a case within paragraph (b), where the transfer day is on or after |
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| | (b) | in a case where the relevant change in the relationship occurs as a result |
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| | of a company becoming a member of a tonnage tax group without |
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| | entering tonnage tax at the same time, where the transfer day is on or after |
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| | Clause, as amended, Agreed to. |
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| | Clauses 25 to 31 Agreed to. |
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| [Adjourned until Thursday at 9.00 am |
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