|
| |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | | Negatived on division 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 |
|
| | | |
| | |
| | | |
| | Schedule 20, page 522, line 4, at end insert— |
|
| | | ‘First accounting periods |
|
| | | 49A(1) | This paragraph applies in relation to a CFC the first accounting period of which |
|
| | | is determined in accordance with paragraph 43(2) or 44(4) above. |
|
| | | (2) | For the purposes of sections 371SD(6), 371SK(3) and 371SM(3) of TIOPA |
|
| | | 2010, assume that the CFC became a CFC at the time mentioned in paragraph |
|
| | | 43(2) or 44(4) (as the case may be). |
|
| | | Elections under section 9A of CTA 2010 |
|
| | | 49B(1) | This paragraph applies if— |
|
| | | (a) | during a company’s accounting period within the meaning of Chapter |
|
| | | 4 of Part 17 of ICTA a notice is given in relation to the company under |
|
| | | paragraph 4(2C) of Schedule 24 to ICTA, |
|
| | | (b) | as a result of that, the company is to be assumed under paragraph |
|
| | | 4(2C) of Schedule 24 to ICTA to have made an election under section |
|
| | | |
| | | (c) | the assumed election— |
|
| | | (i) | does not cease to have effect before the end of the company’s |
|
| | | last accounting period within the meaning of Chapter 4 of Part |
|
| | | 17 of ICTA to begin before 1 January 2013, and |
|
| | | (ii) | apart from the repeal of that Chapter by paragraph 14 above, |
|
| | | would not have ceased to have effect at the end of that period, |
|
| | | |
| | | (d) | the company is a CFC immediately after the end of its last accounting |
|
| | | period mentioned in paragraph (c) and its first accounting period |
|
| | | within the meaning of Part 9A of TIOPA 2010 begins at that time |
|
| | | |
| | | (2) | In the application of Part 9A of TIOPA 2010 in relation to the company as a |
|
| | | CFC, the assumption mentioned in sub-paragraph (1)(b) is to continue to be |
|
| | | made as if it were required to be made by section 371SH(2) of TIOPA 2010.’. |
|
|
| |
| | |
| | |
| |
| | |
| | | |
| | Schedule 20, page 522, line 10, leave out from ‘exempt’ to end of line 12 and insert |
|
| | |
| | | (i) | does not end before the end of the company’s last accounting |
|
| | | period within the meaning of Chapter 4 of Part 17 of ICTA to |
|
| | | begin before 1 January 2013, and |
|
| | | (ii) | apart from the repeal of that Chapter by paragraph 14 above, |
|
| | | would not have ended at the end of that period, and’. |
|
| | |
| | | |
| | Schedule 20, page 522, line 29, after ‘exemption’ insert ‘or section 371JE of |
|
| | |
| | | Schedule, as amended, Agreed to. |
|
| | | Clauses 181 to 183 Agreed to. |
|
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | |
| | | |
| | 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 |
|
| | | |
| | | |
| | | Clauses 187, 188 and 190 Agreed to. |
|
| | |
| | |
| | |
| | | |
| | Schedule 24, page 542, line 11, leave out ‘20%’ and insert ‘15%’. |
|
|
| |
| | |
| | |
| |
| | |
| | |
| | | |
| | 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 |
|
| | | |
| | | (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 |
|
| | | |
| | | (i) | the amount of irrecoverable VAT incurred during that longer |
|
| | | period based on income from Machine Games being exempt |
|
| | | |
| | | (ii) | the amount of irrecoverable VAT that would be incurred had |
|
| | | income from Machine Games remained liable to VAT at the |
|
| | | |
| | | (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- |
|
| | | |
| | | (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 |
|
| | | |
| | |
| | |
| | | |
| | Schedule 24, page 557, line 16, at end insert— |
|
| | | ‘49A | In the Machine Games Duty (Exemptions) Order 2012, after Article 5, insert |
|
| | | |
| | | “Skill with prize machines |
|
| | | 6.1 | Playing a skill with prize game is to be a specified circumstance. |
|
