You are here: Parliament home page > Parliamentary business > Business Papers > Public Bills before Parliament > Bill home page

Session 2013 - 14
Internet Publications
Other Bills before Parliament

 
 

437

 

House of Commons

 
 

Monday 1 July 2013

 

Consideration of Bill

 

New Amendments handed in are marked thus Parliamentary Star

 

Finance Bill, As Amended

 

Note

 

The Amendments have been arranged in accordance with the Finance Bill:

 

Programme No. 2 Motion in the name of Mr Chancellor of the Exchequer.

 

 

NEW CLAUSES AND NEW SCHEDULES RELATING TO INCOME TAX RATES

 

Report on the additional rate of income tax

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

NC8

 

To move the following Clause:—

 

‘(1)    

The Chancellor of the Exchequer shall, within three months of the passing of this

 

Act, publish a report on the additional rate of income tax.

 

(2)    

This report shall review the impact upon Exchequer receipts of setting the

 

additional rate to 50 per cent. in the tax year 2014-15.

 

(3)    

The report shall review what impact reducing the additional rate for 2013-14 will

 

have on the amount of income tax currently paid by those with taxable incomes

 

of—

 

(a)    

over £150,000 per year; and

 

(b)    

over £1,000,000 per year.

 

(4)    

The report shall review what impact reducing the additional rate for 2013-14 will

 

have on the level of bonuses awarded in the financial sector in April 2013.’.

 

 
 

Consideration of Bill: 1 July 2013                     

438

 

Finance Bill, continued

 
 

NEW CLAUSES AND NEW SCHEDULES RELATING TO A MANSION TAX

 

Lower rate of tax and mansion tax

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

NC9

 

To move the following Clause:—

 

‘(1)    

The Chancellor of the Exchequer shall, within six months of Royal Assent, lay

 

before Parliament proposals for an income tax rate of 10 per cent. on a band of

 

income above the personal allowance.

 

(2)    

The range of income covered by the 10 per cent. rate proposal in subsection (1)

 

shall be determined by the Exchequer yield of a mansion tax.

 

(3)    

The full benefit of the 10 per cent. rate shall not be available to taxpayers paying

 

the higher or additional rates of tax.’.

 

 

NEW CLAUSES AND NEW SCHEDULES STANDING IN THE NAME OF A MINISTER OF THE

 

CROWN OTHER THAN NEW CLAUSE 7; NEW CLAUSES AND NEW SCHEDULES RELATING

 

TO THE GENERAL ANTI-ABUSE RULE

 

Transfer of deductions

 

Mr Chancellor of the Exchequer

 

NC4

 

To move the following Clause:—

 

‘Schedule [Transfer of deductions]—

 

(a)    

inserts into CTA 2010 a new Part 14A (transfer of deductions), and

 

(b)    

makes consequential provision.’.

 

 

Restrictions on buying capital allowances

 

Mr Chancellor of the Exchequer

 

NC5

 

To move the following Clause:—

 

‘     

Schedule [Restrictions on buying capital allowances] contains provision

 

amending Chapter 16A of Part 2 of CAA 2001 (restrictions on allowance

 

buying).’

 

 
 

Consideration of Bill: 1 July 2013                     

439

 

Finance Bill, continued

 
 

High quality liquid assets

 

Mr Chancellor of the Exchequer

 

NC6

 

To move the following Clause:—

 

‘(1)    

In paragraph 70 of Schedule 19 to FA 2011 (bank levy: definitions), in sub-

 

paragraph (1), in the definition of “high quality liquid asset” for “section

 

12.7.2(1) to (4)” substitute “section 12.7 (assets that are eligible for inclusion in

 

a firm’s regulatory liquid assets buffer)’.

 

(2)    

The amendment made by this section has effect in relation to chargeable periods

 

ending on or after 1 January 2011, and in relation to those chargeable periods the

 

amendment is to be treated as always having had effect.’.

 

 

Anti-abuse measures

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

NC12

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

Her Majesty’s Revenue and Customs shall review the possibility of bringing

 

forward measures as part of the GAAR to work in conjunction with other G8

 

countries to require multi-national companies to publish a single easily

 

comparable statement of the amount of corporation tax they pay in the UK.

 

(2)    

The Chancellor of the Exchequer shall review the effect of incorporating a global

 

standard for public registration of ownership of companies and trusts via a

 

convention on tax transparency, including a requirement on companies to publish

 

a single easily comparable statement of the amount of corporation tax they pay in

 

the UK, on Treasury tax receipts.

 

(3)    

The Chancellor of the Exchequer shall consider, when counteracting tax

 

advantages arising from tax arrangements that are abusive, what steps HM

 

Government could take, working alongside developing country governments, to

 

assess how UK companies could report their use of tax schemes that have an

 

impact on developing countries, and how the UK could assist in the recovery of

 

that tax.

 

(4)    

Within six months of the passage of Royal Assent, the Chancellor of the

 

Exchequer shall place copies of the review in the House of Commons Library,

 

and consult with G8 countries on their effectiveness.’.

 

 
 

Consideration of Bill: 1 July 2013                     

440

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

ns1

 

To move the following Schedule:—

 

‘Transfer of deductions

 

New Part 14A of CTA 2010

 

1          

After Part 14 of CTA 2010 insert—

 

“Part 14A

 

Transfer of deductions

 

730A  

Overview

 

(1)    

This Part makes provision restricting the circumstances in which

 

deductible amounts may be brought into account where there has been

 

a qualifying change in relation to a company.

 

(2)    

For the meaning of “deductible amount” and “qualifying change” see

 

section 730B.

 

730B  

Interpretation of Part

 

(1)    

In this Part—

 

“arrangements” includes any agreement, understanding, scheme,

 

transaction or series of transactions (whether or not legally

 

enforceable),

 

“C” means the company mentioned in section 730A(1),

 

“deductible amount” means—

 

(a)    

an expense of a trade,

 

(b)    

an expense of a UK property business or an overseas property

 

business,

 

(c)    

an expense of management of a company’s investment business

 

within the meaning of section 1219 of CTA 2009,

 

(d)    

a non-trading debit within the meaning of Parts 5 and 6 of CTA

 

2009 (loan relationships and derivative contracts) (see section

 

301(2) of that Act), or

 

(e)    

a non-trading debit within the meaning of Part 8 of CTA 2009

 

(intangible fixed assets) (see section 746 of that Act),

 

but does not include any amount that has been taken into account in

 

determining RTWDV within the meaning of Chapter 16A of Part 2 of

 

CAA 2001 (restrictions on allowance buying) (see section 212K of

 

that Act),

 

“qualifying change”, in relation to a company, has the same meaning as

 

in that Chapter, and

 

“the relevant day” means the day on which the qualifying change in

 

relation to C occurred.

 

(2)    

In this Part, references to bringing an amount into account “as a

 

deduction” in any period are to bringing it into account as a deduction

 

in that period—

 

(a)    

in calculating profits, losses or other amounts for corporation

 

tax purposes, or

 

(b)    

from profits or other amounts chargeable to corporation tax.

 
contents continue
 
© Parliamentary copyright
Revised 1 July 2013