Session 2013 - 14
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Notices of Amendments: 26 June 2013                     

398

 

Finance Bill, continued

 
 

(c)    

after “its trade” insert “or business”,

 

(d)    

for “those activities” substitute “that activity (or that part)”, and

 

(e)    

after “separate trade” insert “or business”.

 

      (3)  

In subsection (4)—

 

(a)    

after “section 37” insert “, 62 or 66”,

 

(b)    

omit “trade”,

 

(c)    

for “earlier” substitute “other”, and

 

(d)    

after “period)” insert “or section 259 or 260(3) of this Act (special

 

leasing)”.

 

12  (1)  

Section 212Q (when there are postponed capital allowances) is amended as

 

follows.

 

      (2)  

In subsection (3)—

 

(a)    

for “a trade (or part of a trade)” substitute “a qualifying activity (or

 

part of a qualifying activity)”,

 

(b)    

for “the activities of that trade (or part of a trade)” substitute “that

 

activity (or that part of an activity)”,

 

(c)    

after “its trade” insert “or business”,

 

(d)    

for “those activities” substitute “that activity (or that part)”, and

 

(e)    

after “separate trade” insert “or business”.

 

      (3)  

In subsection (4)—

 

(a)    

after “section 37” insert “, 62 or 66”, and

 

(b)    

after “CTA 2010” insert “or section 259 or 260(3) of this Act”.

 

Commencement

 

13  (1)  

The amendments made by this Schedule have effect in relation to a qualifying

 

change if the relevant day (within the meaning of Chapter 16A of Part 2 of

 

CAA 2001) is on or after 20 March 2013.

 

      (2)  

But those amendments do not have effect if before that date—

 

(a)    

the arrangements made to bring about the qualifying change were

 

entered into, or

 

(b)    

there was an agreement, or common understanding, between the

 

parties to those arrangements as to the principal terms on which the

 

qualifying change would be brought about.’.

 

Mr Chancellor of the Exchequer

 

1

 

Clause  175,  page  105,  leave out lines 4 to 13 and insert—

 

‘(3)    

Condition A is that, at any time on or after 6 April 2013 and during the period of

 

7 years ending with the date on which the election is made, the person had a

 

spouse or civil partner who was domiciled in the United Kingdom.

 

(4)    

Condition B is that a person (“the deceased”) dies and, at any time on or after 6

 

April 2013 and within the period of 7 years ending with the date of death, the

 

deceased was—

 

(a)    

domiciled in the United Kingdom, and

 

(b)    

the spouse or civil partner of the person who would, by virtue of the

 

election, be treated as domiciled in the United Kingdom.’.

 

Mr Chancellor of the Exchequer

 

2

 

Clause  175,  page  105,  leave out lines 39 to 43.


 
 

Notices of Amendments: 26 June 2013                     

399

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

3

 

Clause  175,  page  106,  line  4,  leave out ‘spouse or civil partner’s’ and insert

 

‘deceased’s’.

 

Mr Chancellor of the Exchequer

 

4

 

Clause  175,  page  106,  line  7,  leave out from first ‘date’ to end of line 19 and insert

 

‘if, on the date—

 

(a)    

in the case of a lifetime election—

 

(i)    

the person making the election was married to, or in a civil

 

partnership with, the spouse or civil partner, and

 

(ii)    

the spouse or civil partner was domiciled in the United Kingdom,

 

or

 

(b)    

in the case of a death election—

 

(i)    

the person who is, by virtue of the election, to be treated as

 

domiciled in the United Kingdom was married to, or in a civil

 

partnership with, the deceased, and

 

(ii)    

the deceased was domiciled in the United Kingdom.’.

 

Mr Chancellor of the Exchequer

 

5

 

Clause  175,  page  106,  line  21,  leave out ‘spouse or civil partner’ and insert

 

‘deceased’.

 

Mr Chancellor of the Exchequer

 

6

 

Clause  175,  page  106,  line  27,  leave out ‘or (4)(b)’.

 

Mr Chancellor of the Exchequer

 

7

 

Clause  175,  page  106,  line  41,  leave out ‘a lifetime or death election’ and insert ‘an

 

election under section 267ZA(1)’.

 

Mr Chancellor of the Exchequer

 

8

 

Schedule  2,  page  144,  line  34,  at end insert—

 

‘(10A)    

For the purposes of subsection (10) it does not matter if the general

 

offer is made to different shareholders by different means.’.

 

Mr Chancellor of the Exchequer

 

9

 

Schedule  2,  page  144,  line  45,  after ‘“(7)’, insert—

 

         

‘For the purposes of sub-paragraph (5) it does not matter if the

 

general offer is made to different shareholders by different means.

 

      (8)  

’.


 
 

Notices of Amendments: 26 June 2013                     

400

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

10

 

Schedule  2,  page  146,  line  20,  at end insert—

 

‘(3DA)    

In subsection (3D)(a) the reference to the issued ordinary share capital

 

of the relevant company does not include any capital already held by

 

the person making the offer or a person connected with that person and

 

in subsection (3D)(b) the reference to the shares in the relevant

 

company does not include any shares already held by the person

 

making the offer or a person connected with that person.

 

(3DB)    

For the purposes of subsection (3D)(a) and (b) it does not matter if the

 

general offer is made to different shareholders by different means.’.

 

Mr Chancellor of the Exchequer

 

11

 

Schedule  2,  page  147,  line  16,  at end insert—

 

  ‘(1A)  

After sub-paragraph (3) insert—

 

“(3A)  

In sub-paragraph (3)(a) the reference to the issued ordinary share

 

capital of the company does not include any capital already held by

 

the person making the offer or a person connected with that person

 

and in sub-paragraph (3)(b) the reference to the shares in the

 

company does not include any shares already held by the person

 

making the offer or a person connected with that person.

 

    (3B)  

For the purposes of sub-paragraph (3)(a) and (b) it does not matter

 

if the general offer is made to different shareholders by different

 

means.”

 

    (1B)  

A SAYE option scheme approved before the day on which this Act is passed

 

which contains provision under paragraph 37(1) of Schedule 3 to ITEPA 2003

 

by reference to paragraph 37(2) has effect with any modifications needed to

 

reflect the amendment made by sub-paragraph (1A).’.

 

Mr Chancellor of the Exchequer

 

12

 

Schedule  2,  page  147,  line  37,  leave out sub-paragraph (1) and insert—

 

    ‘(1)  

In Part 7 of Schedule 3 (exercise of share options) paragraph 38 (exchange of

 

options on company reorganisation) is amended as follows.

 

    (1A)  

In sub-paragraph (2)(c)—

 

(a)    

after “982” insert “or 983 to 985”, and

 

(b)    

after “shareholder” insert “etc”.

 

    (1B)  

After sub-paragraph (2) insert—

 

“(2A)  

In sub-paragraph (2)(a)(i) the reference to the issued ordinary share

 

capital of the scheme company does not include any capital already

 

held by the person making the offer or a person connected with that

 

person and in sub-paragraph (2)(a)(ii) the reference to the shares in

 

the scheme company does not include any shares already held by

 

the person making the offer or a person connected with that person.

 

    (2B)  

For the purposes of sub-paragraph (2)(a)(i) and (ii) it does not

 

matter if the general offer is made to different shareholders by

 

different means.”’


 
 

Notices of Amendments: 26 June 2013                     

401

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

13

 

Schedule  2,  page  149,  line  34,  at end insert—

 

‘(2HA)    

In subsection (2H)(a) the reference to the issued ordinary share capital

 

of the relevant company does not include any capital already held by

 

the person making the offer or a person connected with that person and

 

in subsection (2H)(b) the reference to the shares in the relevant

 

company does not include any shares already held by the person

 

making the offer or a person connected with that person.

 

(2HB)    

For the purposes of subsection (2H)(a) and (b) it does not matter if the

 

general offer is made to different shareholders by different means.’.

 

Mr Chancellor of the Exchequer

 

14

 

Schedule  2,  page  150,  line  31,  at end insert—

 

‘(3A)  

In sub-paragraph (3)(a) the reference to the issued ordinary share

 

capital of the company does not include any capital already held by

 

the person making the offer or a person connected with that person

 

and in sub-paragraph (3)(b) the reference to the shares in the

 

company does not include any shares already held by the person

 

making the offer or a person connected with that person.

 

    (3B)  

For the purposes of sub-paragraph (3)(a) and (b) it does not matter

 

if the general offer is made to different shareholders by different

 

means.’.

 

Mr Chancellor of the Exchequer

 

15

 

Schedule  2,  page  151,  line  6,  leave out sub-paragraph (1) and insert—

 

    ‘(1)  

In Part 6 of Schedule 4 (exercise of share options) paragraph 26 (exchange of

 

options on company reorganisation) is amended as follows.

 

    (1A)  

In sub-paragraph (2)(c)—

 

(a)    

after “982” insert “or 983 to 985”, and

 

(b)    

after “shareholder” insert “etc”.

 

    (1B)  

After sub-paragraph (2) insert—

 

“(2A)  

In sub-paragraph (2)(a)(i) the reference to the issued ordinary share

 

capital of the scheme company does not include any capital already

 

held by the person making the offer or a person connected with that

 

person and in sub-paragraph (2)(a)(ii) the reference to the shares in

 

the scheme company does not include any shares already held by

 

the person making the offer or a person connected with that person.

 

    (2B)  

For the purposes of sub-paragraph (2)(a)(i) and (ii) it does not

 

matter if the general offer is made to different shareholders by

 

different means.”’.


 
 

Notices of Amendments: 26 June 2013                     

402

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

16

 

Schedule  2,  page  151,  line  13,  at end insert—

 

‘Enterprise management incentives

 

30A(1)  

In Part 6 of Schedule 5 (company reorganisations) in paragraph 39

 

(introduction) after sub-paragraph (3) insert—

 

  “(4)  

In sub-paragraph (2)(a)(i) the reference to the issued share capital

 

of the company does not include any capital already held by the

 

person making the offer or a person connected with that person and

 

in sub-paragraph (2)(a)(ii) the reference to the shares in the

 

company does not include any shares already held by the person

 

making the offer or a person connected with that person.

 

      (5)  

For the purposes of sub-paragraph (2)(a)(i) and (ii) it does not

 

matter if the general offer is made to different shareholders by

 

different means.”

 

      (2)  

The amendment made by this paragraph comes into force on such day as the

 

Treasury may by order appoint.’.

 

Mr Chancellor of the Exchequer

 

17

 

Schedule  9,  page  205,  line  7,  after ‘(g)’, insert ‘or (4A)’.

 

Mr Chancellor of the Exchequer

 

18

 

Schedule  9,  page  206,  line  32,  after ‘(g)’, insert ‘or (4A)’.

 

Mr Chancellor of the Exchequer

 

19

 

Schedule  9,  page  213,  line  25,  at end insert—

 

‘(4A)  

The Commissioners for Her Majesty’s Revenue and Customs may

 

by regulations provide that sub-paragraph (2) does not apply if

 

prescribed conditions are met in relation to the assignment.

 

            

“Prescribed” means prescribed by the regulations.

 

    (4B)  

Regulations under sub-paragraph (4A) may—

 

(a)    

make different provision for different cases or

 

circumstances, and

 

(b)    

contain incidental, supplementary, consequential,

 

transitional, transitory or saving provision.’.

 

Mr Chancellor of the Exchequer

 

20

 

Schedule  9,  page  213,  line  27,  after ‘(3)’, insert ‘or (4A)’.

 

Mr Chancellor of the Exchequer

 

21

 

Schedule  9,  page  213,  line  48,  after ‘(g)’, insert ‘or (4A)’.


 
 

Notices of Amendments: 26 June 2013                     

403

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

22

 

Schedule  9,  page  214,  line  33,  at end insert—

 

‘(6A)  

The Commissioners for Her Majesty’s Revenue and Customs may

 

by regulations provide that an individual is not required to comply

 

with sub-paragraph (2) if prescribed conditions are met.

 

            

“Prescribed” means prescribed by the regulations.

 

    (6B)  

Accordingly, if by virtue of regulations under sub-paragraph (6A)

 

an individual is not required to comply with sub-paragraph (2), sub-

 

paragraph (3) does not apply because that individual does not

 

comply with sub-paragraph (2).’.

 

Mr Chancellor of the Exchequer

 

23

 

Schedule  9,  page  214,  line  42,  leave out ‘Finance Act 2013 is passed’ and insert

 

‘first regulations under paragraph (c) below come into force’.

 

Mr Chancellor of the Exchequer

 

24

 

Schedule  9,  page  215,  line  12,  at end insert—

 

‘(8A)  

Sub-paragraph (8B) applies in relation to a policy if the obligations

 

under the policy of its issuer are at any time the obligations of

 

another person (“the transferee”) to whom there has been a transfer

 

of the whole or any part of a business previously carried on by the

 

issuer.

 

    (8B)  

In relation to that time, in sub-paragraph (2) the reference to the

 

issuer of the policy is to be read as a reference to the transferee.’.

 

Mr Chancellor of the Exchequer

 

25

 

Schedule  9,  page  215,  line  13,  after ‘sub-paragraph’ insert ‘(6A) or’.

 

Mr Chancellor of the Exchequer

 

26

 

Schedule  9,  page  221,  line  38,  leave out from ‘regulations’ to end of line 9 on page

 

222 and insert ‘—

 

(a)    

requiring relevant persons—

 

(i)    

to provide prescribed information to persons who

 

apply for the issue of qualifying policies or who are,

 

or may be, required to make statements under

 

paragraph B3(2) of Schedule 15;

 

(ii)    

to provide to an officer of Revenue and Customs

 

prescribed information about qualifying policies

 

which have been issued by them or in relation to

 

which they are or have been a relevant transferee;

 

(b)    

making such provision (not falling within paragraph (a)) as

 

the Commissioners think fit for securing that an officer of

 

Revenue and Customs is able—

 

(i)    

to ascertain whether there has been or is likely to be

 

any contravention of the requirements of the

 

regulations or of paragraph B3(2) of Schedule 15;


 
 

Notices of Amendments: 26 June 2013                     

404

 

Finance Bill, continued

 
 

(ii)    

to verify any information provided to an officer of

 

Revenue and Customs as required by the

 

regulations.’.

 

Mr Chancellor of the Exchequer

 

27

 

Schedule  9,  page  222,  line  10,  leave out ‘(2)’ and insert ‘(1)(b)’.

 

Mr Chancellor of the Exchequer

 

28

 

Schedule  9,  page  222,  leave out lines 20 and 21.

 

Mr Chancellor of the Exchequer

 

29

 

Schedule  9,  page  222,  leave out lines 29 and 30 and insert—

 

‘“relevant person” means a person—

 

(a)    

who issues, or has issued, qualifying policies, or

 

(b)    

who is, or has been, a relevant transferee in relation to qualifying

 

policies.

 

(6)    

For the purposes of this section a person (“X”) is at any time a

 

“relevant transferee” in relation to a qualifying policy if the

 

obligations under the policy of its issuer are at that time the obligations

 

of X as a result of there having been a transfer to X of the whole or any

 

part of a business previously carried on by the issuer.”’.

 

Mr Chancellor of the Exchequer

 

30

 

Schedule  18,  page  310,  line  36,  at end insert—

 

  ‘(1A)  

After subsection (4) insert—

 

“(4A)    

In the case of a group, for the purposes of subsections (1) and (2) a

 

distribution falling within section 549A(5) or (7) received by a

 

member of the group is to be treated as profits of a property rental

 

business in accordance with section 549A(1) notwithstanding section

 

549A(4A).

 

(4B)    

In the case of a company, for the purposes of subsections (1) and (3) a

 

distribution falling within section 549A(5) or (7) received by the

 

company is to be treated as profits of a property rental business in

 

accordance with section 549A(1) notwithstanding section

 

549A(4A).”’.

 

Mr Chancellor of the Exchequer

 

31

 

Schedule  18,  page  311,  line  9,  leave out paragraphs 5 and 6 and insert—

 

‘5  (1)  

Section 548 (distributions: liability to tax) is amended as follows.

 

      (2)  

In subsection (5) after “2009)” insert “so far as the distribution is a distribution

 

of exempt profits”.

 

      (3)  

In subsection (6) after “2005)” insert “so far as the distribution is a distribution

 

of exempt profits”.

 

      (4)  

After subsection (8) insert—


 
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Revised 27 June 2013