Session 2012 - 13
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Other Bills before Parliament


 
 

Public Bill Committee Proceedings: 14 June 2012            

22

 

Finance Bill, continued

 
 

David Gauke

 

Agreed to  28

 

Schedule  8,  page  275,  line  16,  leave out ‘6 April 2012’ insert ‘the day on which this

 

Act is passed’.

 

David Gauke

 

Agreed to  29

 

Schedule  8,  page  275,  line  18,  leave out ‘date’ insert ‘day’.

 

David Gauke

 

Agreed to  30

 

Schedule  8,  page  275,  line  21,  leave out ‘date’ insert ‘day’.

 

David Gauke

 

Agreed to  31

 

Schedule  8,  page  275,  line  31,  leave out sub-paragraph (2) and insert—

 

    ‘(2)  

Those amendments have effect for the purpose of determining whether shares

 

or securities issued on or after 6 April 2012 are to be regarded as comprised in

 

a company’s qualifying holdings.’.

 

Schedule, as amended, Agreed to.

 

Clause 41 Agreed to.

 


 

Nigel Mills

 

Withdrawn  34

 

Clause  42,  page  27,  line  2,  at end add—

 

  ‘The Chancellor of the Exchequer shall instruct the Office of Tax

 

Simplification to prepare a report considering whether reforming the

 

capital allowances regime, including by switching to using accounts

 

depreciation, would be a more effective method of tackling avoidance.

 

The report shall be placed in the House of Commons Library.’.

 

Clause Agreed to.

 

Schedule 9 Agreed to.

 

Clause 44 Agreed to.

 

Schedule 10 Agreed to.

 


 

Ed Balls

 

Rachel Reeves

 

Cathy Jamieson

 

Catherine McKinnell

 

Chris Leslie

 

Withdrawn  45

 

Clause  44,  page  27,  line  8,  at end insert—


 
 

Public Bill Committee Proceedings: 14 June 2012            

23

 

Finance Bill, continued

 
 

‘(2)    

The Chancellor of the Exchequer shall review the impact of his capital

 

allowances policies on long-term investment, and will lay a report of his review

 

in the House of Commons Library.’.

 

Clause Agreed to.

 

Schedule 11 Agreed to.

 

Clause 45 Agreed to.

 


 

David Gauke

 

Agreed to  25

 

Clause  46,  page  28,  line  28,  leave out ‘or’.

 

David Gauke

 

Agreed to  26

 

Clause  46,  page  28,  line  31,  at end insert—

 

‘(iii)    

an initial payment or any other payment made under a relevant

 

superior lease to the person who is the lessor under that lease by

 

the person who is the lessee under that lease, or

 

(iv)    

a payment to the seller of the proceeds of a sale of the plant or

 

machinery to which subsection (2FC) applies,’.

 

David Gauke

 

Agreed to  27

 

Clause  46,  page  28,  leave out lines 36 to 38 and insert—

 

‘(2FB)    

For the purposes of subsection (2FA)—

 

“payment” includes the provision of any benefit, the assumption of any

 

liability and any other transfer of money’s worth (and “payable” is to be

 

construed accordingly);

 

“relevant superior lease” means any lease of the plant or machinery to which

 

the long funding lease mentioned in subsection (1)(a) is inferior.

 

(2FC)    

This subsection applies to a sale of the plant or machinery if—

 

(a)    

a person has entered into a relevant transaction with another person in

 

respect of the plant or machinery for the purposes of Chapter 17 of this

 

Part (see section 213) and the sale is within section 213(1)(a),

 

(b)    

the plant or machinery is within section 216(1)(b) (sale and lease back),

 

and

 

(c)    

the conditions in section 227(2) are met.”’.

 

Clause, as amended, Agreed to.

 

Clause 47 Agreed to.

 



 
 

Public Bill Committee Proceedings: 14 June 2012            

24

 

Finance Bill, continued

 
 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  177

 

Schedule  12,  page  294,  line  27,  leave out ‘45’ and insert ‘30’.

 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  178

 

Schedule  12,  page  294,  line  31,  leave out ‘45’ and insert ‘30’.

 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  179

 

Schedule  12,  page  295,  line  1,  leave out ‘45’ and insert ‘30’.

 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  180

 

Schedule  12,  page  295,  line  4,  leave out ‘45’ and insert ‘30’.

 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  181

 

Schedule  12,  page  295,  line  8,  leave out ‘45’ and insert ‘30’.

 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  182

 

Schedule  12,  page  295,  line  10,  leave out ‘45’ and insert ‘30’.

 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  183

 

Schedule  12,  page  295,  line  14,  leave out ‘45’ and insert ‘30’.


 
 

Public Bill Committee Proceedings: 14 June 2012            

25

 

Finance Bill, continued

 
 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  184

 

Schedule  12,  page  295,  line  21,  leave out ‘45’ and insert ‘30’.

 

Ed Balls

 

Rachel Reeves

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not called  185

 

Schedule  12,  page  310,  line  38,  at end add—

 

‘(2)    

HMRC will monitor the extent to which income and chargeable gains used to

 

make qualifying investments under this Part of the Schedule have been taxed in

 

other jurisdictions and will assess the implications of this for UK domiciled

 

investors.’.

 

Schedule Agreed to.

 

Clause 48 Agreed to.

 


 

David Gauke

 

Agreed to  118

 

Schedule  13,  page  322,  line  39,  leave out from ‘is’ to end of line 43 and insert

 

‘“completed”—

 

(a)    

when the share in the partnership’s profits of the person involved in the

 

relevant change is no longer to be determined under the asset-backed

 

arrangement (conditionally or unconditionally) by reference (wholly

 

or partly) to payments in respect of the security, or

 

(b)    

if earlier, when no responsible authority is any longer entitled

 

(conditionally or unconditionally) to any payments in connection with

 

the asset-backed arrangement.

 

      (6)  

In sub-paragraph (5)(b) the reference to payments are to payments of any type

 

including drawings or distributions from a partnership, payments in respect of

 

the security and other payments in respect of an asset (as read in accordance

 

with section 776(4)(b) of CTA 2010).

 

      (7)  

“Responsible authority” means—

 

(a)    

the persons who from time to time are the trustees of the relevant

 

scheme, or

 

(b)    

the persons who from time to time are the persons controlling the

 

management of the relevant scheme,

 

            

in their capacity as such.

 

      (8)  

A responsible authority is entitled to a payment “in connection with” the asset-

 

backed arrangement if it is entitled to the payment directly or indirectly in

 

consequence of the arrangement or otherwise in connection with the

 

arrangement.’.


 
 

Public Bill Committee Proceedings: 14 June 2012            

26

 

Finance Bill, continued

 
 

David Gauke

 

Agreed to  119

 

Schedule  13,  page  323,  line  7,  leave out ‘(2)’ and insert ‘(3)’.

 

David Gauke

 

Agreed to  120

 

Schedule  13,  page  323,  line  11,  leave out sub-paragraph (2).

 

David Gauke

 

Agreed to  121

 

Schedule  13,  page  323,  line  17,  leave out from ‘which’ to ‘the’ in line 18 and insert

 

‘a responsible authority is entitled in connection with’.

 

David Gauke

 

Agreed to  122

 

Schedule  13,  page  323,  line  38,  leave out sub-paragraphs (5) to (7).

 

David Gauke

 

Agreed to  123

 

Schedule  13,  page  324,  line  25,  leave out ‘and (6) and (7)’.

 

David Gauke

 

Agreed to  124

 

Schedule  13,  page  324,  line  26,  leave out from ‘including’ to end of line 27 and

 

insert ‘drawings or distributions from a partnership, payments in respect of the security

 

and other payments in respect of an asset (as read in accordance with section 776(4)(b) of

 

CTA 2010).’.

 

David Gauke

 

Agreed to  125

 

Schedule  13,  page  324,  line  28,  leave out sub-paragraph (9).

 

David Gauke

 

Agreed to  126

 

Schedule  13,  page  324,  line  31,  leave out ‘sub-paragraphs (4)(b) to (d) and (7)(b) to

 

(d)’ and insert ‘sub-paragraph (4)(b) to (d)’.

 

David Gauke

 

Agreed to  127

 

Schedule  13,  page  324,  line  33,  after ‘arrangement’ insert ‘or any other

 

arrangement’.

 

David Gauke

 

Agreed to  128

 

Schedule  13,  page  328,  line  2,  leave out from second ‘E,’ to end of line 4 and insert

 

‘makes—

 

(a)    

to the lender, or a person connected with the lender, in order to reverse

 

the relevant change in relation to the partnership, or

 

(b)    

otherwise to a responsible authority in order to buy out the authority’s

 

interest in any partnership involved in the asset-backed arrangement.’.


 
 

Public Bill Committee Proceedings: 14 June 2012            

27

 

Finance Bill, continued

 
 

David Gauke

 

Agreed to  129

 

Schedule  13,  page  328,  line  25,  leave out from ‘not’ to end of line 30 and insert

 

‘include a responsible authority.’.

 

David Gauke

 

Agreed to  35

 

Schedule  13,  page  330,  line  33,  leave out from ‘year’ to end of line 35 and insert

 

‘(but allowing for payments otherwise due to arise on a non-working day to arise on the

 

next working day),’.

 

David Gauke

 

Agreed to  36

 

Schedule  13,  page  330,  line  49,  at end insert—

 

‘(4A)    

For the purposes of subsection (4)(b) the first payment is to arise no

 

later than one year after the day on which the advance is paid.’.

 

David Gauke

 

Agreed to  37

 

Schedule  13,  page  333,  line  22,  leave out from ‘year’ to end of line 24 and insert

 

‘(but allowing for determinations otherwise due to be made on a non-working day to be

 

made on the next working day),’.

 

David Gauke

 

Agreed to  38

 

Schedule  13,  page  333,  line  40,  at end insert—

 

‘(4A)    

For the purposes of subsection (4)(c) the first determination is to be

 

made no later than one year after the day on which the advance is

 

paid.’.

 

David Gauke

 

Agreed to  39

 

Schedule  13,  page  336,  line  11,  leave out from ‘year’ to end of line 13 and insert

 

‘(but allowing for determinations otherwise due to be made on a non-working day to be

 

made on the next working day),’.

 

David Gauke

 

Agreed to  40

 

Schedule  13,  page  336,  line  29,  at end insert—

 

‘(4A)    

For the purposes of subsection (4)(c) the first determination is to be

 

made no later than one year after the day on which the advance is

 

paid.’.

 

David Gauke

 

Agreed to  41

 

Schedule  13,  page  342,  line  17,  at end insert—

 

    ‘(3)  

For the purposes of sub-paragraph (1)(d), in sections 196C(4A), 196E(4A) and

 

196G(4A) the reference to one year is to be read as a reference to 18 months.’.

 

David Gauke

 

Agreed to  130

 

Schedule  13,  page  343,  line  12,  leave out ‘under’ and insert ‘in connection with’.


 
 

Public Bill Committee Proceedings: 14 June 2012            

28

 

Finance Bill, continued

 
 

David Gauke

 

Agreed to  131

 

Schedule  13,  page  343,  line  45,  leave out ‘under’ and insert ‘in connection with’.

 

David Gauke

 

Agreed to  132

 

Schedule  13,  page  344,  line  21,  leave out from ‘including’ to end of line 22 and

 

insert ‘drawings or distributions from a partnership, payments in respect of the security

 

and other payments in respect of an asset (as read in accordance with section 776(4)(b) of

 

CTA 2010).’.

 

David Gauke

 

Agreed to  133

 

Schedule  13,  page  344,  line  25,  at end insert—

 

  ‘(9A)  

For the purposes of sub-paragraphs (3)(a) and (6)(b) a person is entitled to a

 

payment “in connection with” the asset-backed arrangement if the person is

 

entitled to the payment directly or indirectly in consequence of the

 

arrangement or otherwise in connection with the arrangement.’.

 

David Gauke

 

Agreed to  134

 

Schedule  13,  page  344,  line  28,  after ‘arrangement’ insert ‘or any other

 

arrangement’.

 

Schedule, as amended, Agreed to.

 

Clause 49 Agreed to.

 

Schedule 14 Agreed to.

 

Clauses 50 and 51 Agreed to.

 

Schedule 15 Agreed to.

 

Clauses 52 to 54 Agreed to.

 

[Adjourned until Tuesday 19 June at 10.30 am


 
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