House of Commons Amendments

Session 2012 - 13
Internet Publications
Other Bills before Parliament

99

House of Commons

Notices of Amendments

given on

Thursday 6 June 2013

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

Finance Bill Committee 88-97

Public Bill Committee

Finance Bill

(Except Clauses 1, 3, 16, 183, 184 and 200 to 212; Schedules 3 and 41; any new Clauses, and

any new Schedules, first appearing on the Order Paper not later than Tuesday 16 April 2013

and relating to tax measures concerning housing; and any new Clauses, and any new Sched

ules, relating to value added tax or the bank levy or air passenger duty or the subject matter

of Clauses 1 and 16 and Schedule 3 or the subject matter of Clause 3 or the subject matter of

Clauses 203 to 212 and Schedule 41)

Mr David Gauke

65

Schedule  28,  page  373,  line  9,  leave out from ‘3B’ to ‘loans’ in line 10 and insert

‘makes provision about the treatment of certain repayments and return payments made in

respect of’.

Mr David Gauke

66

Schedule  28,  page  375,  line  18,  leave out from beginning to end of line 12 on page

376 and insert—

‘464C
Treatment of certain repayments and return payments

(1)
Where—

(a)
within any period of 30 days—

(i)
the qualifying amount of repayments made to a close company

in respect of one or more chargeable payments made by the

company to a person totals £5,000 or more, and

(ii)
the available amount of the relevant chargeable payments made

by the company to the person or an associate of the person totals

£5,000 or more, and

Notices of Amendments: 6 June 2013
100

Finance Bill, continued

(b)
the relevant chargeable payments are made in an accounting period

subsequent to that in which the chargeable payments mentioned in

paragraph (a)(i) were made,


the qualifying amount of the repayments, so far as not exceeding the available

amount of the relevant chargeable payments, is to be treated for the purposes of

this Chapter as a repayment of the relevant chargeable payments.

(2)
A chargeable payment is a relevant chargeable payment for the purposes of

subsection (1) if (or to the extent that) it is not repaid within the period of 30 days

mentioned in that subsection.

(3)
Where—

(a)
immediately before a repayment is made in respect of one or more

chargeable payments made by a close company to a person, the total

amount amount owed to the company by the person in respect of

chargeable payments is £15,000 or more,

(b)
at the time the repayment is made, arrangements had been made for one

or more chargeable payments to be made to replace some or all of the

amount repaid, and

(c)
the available amount of the chargeable payments made by the company

to the person or an associate of the person under the arrangements totals

£5,000 or more,


the qualifying amount of the repayment, so far as not exceeding the available

amount of the chargeable payments mentioned in paragraph (c), is to be treated

for the purposes of this Chapter as a repayment of those chargeable payments.

(4)
An amount contained in a charg eable payment is an available amount—

(a)
for the purposes of subsection (1), to the extent that no repayment has

been treated as made in respect of it by the previous operation of that

subsection, and

(b)
for the purposes of subsection (3), to the extent that no repayment has

been treated as made in respect of it—

(i)
by the operation of subsection (1), or

(ii)
by the previous operation of subsection (3).

(5)
An amount contained in a repayment is a qualifying amount to the extent that it

has not been treated by the previous operation of this section as a repayment of a

chargeable payment.

(6)
This section does not apply in relation to a repayment which gives rise to a charge

to income tax on the participator or associate by reference to whom the loan,

advance or benefit was a chargeable payment.

(7)
The Treasury may by order vary a sum specified in subsection (1) or (3).

(8)
An order under subsection (7) may contain incidental, supplemental,

consequential and transitional provision and savings.’.

Mr David Gauke

67

Schedule  28,  page  376,  line  15,  leave out ‘464C(4)’ and insert 464C(1) and (3)’.

Mr David Gauke

68

Schedule  28,  page  376,  line  18,  leave out ‘464C(4)’ and insert 464C(1) or (3)’.

Notices of Amendments: 6 June 2013
101

Finance Bill, continued

Mr David Gauke

69

Schedule  28,  page  376,  line  23,  leave out ‘464C(4)’ and insert ‘464C(1) or (3)’.



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