Session 2013 - 14
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Other Bills before Parliament


 
 

Report Stage Proceedings: 2 July 2013                  

152

 

Finance Bill, continued

 
 

“(9)    

This section does not apply in relation to a distribution falling within

 

section 549A(5) or (7) so far as the distribution is a distribution of

 

exempt profits.

 

(10)    

For the purposes of this Chapter a distribution is a “distribution of

 

exempt profits” so far as the distribution falls within section 550(2)(a),

 

(aa), (c) or (d).

 

(11)    

In applying section 550 for the purposes of subsection (10) in relation

 

to a distribution made by the principal company of a post-cessation

 

group or by a post-cessation company—

 

(a)    

subsection (1)(a) is to be read as referring to the principal

 

company of the post-cessation group, or (as the case may be)

 

(b)    

subsection (1)(b) is to be read as referring to the post-

 

cessation company.”

 

6    (1)  

Section 549 (distributions: supplementary) is amended as follows.

 

      (2)  

In subsections (2) and (2A) after “shareholder” insert “so far as they are

 

distributions of exempt profits”.

 

      (3)  

After subsection (3) insert—

 

“(3A)    

“Relevant distribution” does not include a distribution falling within

 

section 549A(5) or (7) so far as the distribution is a distribution of

 

exempt profits.”

 

      (4)  

In subsection (4) after the first “shareholder” insert “(so far as they are

 

distributions of exempt profits)”.’.

 

Mr Chancellor of the Exchequer

 

Agreed to  32

 

Schedule  18,  page  311,  line  31,  at end insert—

 

‘“(4A)    

Subsection (1) applies in relation to a distribution only so far as the

 

distribution is a distribution of exempt profits.

 

    

This is subject to section 531(4A) and (4B).”’.

 

Mr Chancellor of the Exchequer

 

Agreed to  33

 

Schedule  18,  page  312,  line  39,  leave out ‘4’ and insert ‘4(2) to (4)’.

 

Mr Chancellor of the Exchequer

 

Agreed to  34

 

Schedule  18,  page  312,  line  41,  leave out sub-paragraph (2) and insert—

 

    ‘(2)  

Subject to what follows, the amendments made by paragraphs 5 to 7 above

 

have effect in relation to distributions received on or after the day on which this

 

Act is passed.

 

      (3)  

A distribution received by a member of a group UK REIT does not fall within

 

section 549A(5) or (7) of CTA 2010 if it is received in an accounting period of

 

the principal company of the group beginning before the day on which this Act

 

is passed.

 

      (4)  

A distribution received by a company UK REIT does not fall within section

 

549A(5) or (7) of CTA 2010 if it is received in an accounting period of the

 

company beginning before the day on which this Act is passed.’.

 



 
 

Report Stage Proceedings: 2 July 2013                  

153

 

Finance Bill, continued

 
 

NEW CLAUSES AND NEW SCHEDULES RELATING TO THE TAX TREATMENT OF

 

FINANCIAL SERVICES; REMAINING PROCEEDINGS ON CONSIDERATION

 

Stamp duty reserve tax

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Negatived on division  NC11

 

To move the following Clause:—

 

‘The Chancellor shall, within six months of Royal Assent, publish and lay before

 

the House of Commons a report detailing the distributional impact of any changes

 

to or abolition of Schedule 19 to the Finance Act 1999.’.

 


 

Transfer of personal allowances between spouses

 

Tim Loughton

 

Mr Graham Brady

 

Mr James Gray

 

Nick de Bois

 

Mr Philip Hollobone

 

Negatived  NC1

 

To move the following Clause:—

 

‘After section 37 of the Income Tax Act 2007, insert—

 

“37A  

Transfer of personal allowances between spouses

 

(1)    

This section applies to an individual who is entitled to a personal

 

allowance under sections 35 to 37 for a tax year if—

 

(a)    

the individual is a person whose spouse who is living with the

 

individual for the whole or any part of the tax year,

 

(b)    

the individual is, for the whole or any part of the tax year, usually

 

resident with at least one child who is under the age of 5 years at

 

the end of the tax year, or such other age as is specified by order;

 

and

 

(c)    

the spouse meets the requirements of section 56 (residence, etc).

 

(2)    

If—

 

(a)    

the allowance exceeds the individual’s income;

 

(b)    

the individual makes an election; and

 

(c)    

the individual’s spouse makes a claim;

 

    

the individual’s spouse is entitled to an allowance for the tax year equal

 

to the amount of the transferable allowance subject to a maximum

 

amount, if any, specified by order.

 

(3)    

The individual’s transferable allowance is found by—

 

(a)    

taking any personal allowance to which the individual is entitled

 

for the tax year, and


 
 

Report Stage Proceedings: 2 July 2013                  

154

 

Finance Bill, continued

 
 

(b)    

subtracting the amount of the individual’s income.

 

(4)    

For the purposes of this section “spouse” includes civil partners.

 

(5)    

For the purposes of this section an “order” means order made by statutory

 

instrument a draft of which has been laid before and approved by

 

resolution of the House of Commons.

 

(6)    

This section shall have effect for the tax year 2014-15 and subsequent

 

years.

 

37B    

Election for transfer of allowance under section 37A

 

(1)    

An election under section 37A—

 

(a)    

must be made not more than 4 years after the end of the tax year

 

to which it relates;

 

(b)    

cannot be withdrawn; and

 

(c)    

cannot be made before 6 April 2015.

 

(2)    

If an individual makes an election for a tax year under section 37A the

 

individual is treated as also giving notice under section 51(4) that section

 

51(1) (tax reductions for married couples: transfer of unused relief) is to

 

apply for the tax year.”.’.

 


 

Transfers to political parties (repeal)

 

Charlie Elphicke

 

Not selected  NC2

 

To move the following Clause:—

 

‘Section 260(2)(b)(i) of the Taxation of Chargeable Gains Act 1992 shall be

 

repealed.’.

 


 

Transfers to political parties (report)

 

Charlie Elphicke

 

Stephen Williams

 

Not called  NC3

 

To move the following Clause:—

 

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

 

a report before Parliament assessing the extent of the use of section 260(2)(b)(i)

 

of the Taxation of Chargeable Gains Act 1992 for tax avoidance and the fiscal

 

effects of repealing that provision.’.

 



 
 

Report Stage Proceedings: 2 July 2013                  

155

 

Finance Bill, continued

 
 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not selected  55

 

Clause  1,  page  1,  line  7,  at end add—

 

‘(2)    

Income tax is charged for the tax year 2013-14, and for that tax year—

 

(a)    

the basic rate is 20%,

 

(b)    

the higher rate is 40%, and

 

(c)    

the additional rate is 50%.

 

(3)    

Income tax is charged for the tax year 2014-15, and for that tax year—

 

(a)    

the basic rate is 20%,

 

(b)    

the higher rate is 40%, and

 

(c)    

the additional rate is 50%.’.

 


 

Mr Angus MacNeil

 

Angus Robertson

 

Stewart Hosie

 

Dr Eilidh Whiteford

 

Pete Wishart

 

Mr Mike Weir

 

Not called  54

 

Page  110,  line  28,  leave out Clause 183.

 


 

Greg Mulholland

 

Not selected  58

 

Parliamentary Star    

Clause  189,  page  113,  line  6,  at end insert ‘and charitable providers of NHS

 

services.’.

 


 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Not selected  56

 

Clause  203,  page  122,  line  18,  at end insert—

 

‘(4)    

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.

 

(5)    

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.


 
 

Report Stage Proceedings: 2 July 2013                  

156

 

Finance Bill, continued

 
 

(6)    

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.

 

(7)    

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.’.

 


 

Harriett Baldwin

 

Stephen Mosley

 

Mike Freer

 

Not called  52

 

Schedule  9,  page  213,  line  2,  at end insert—

 

‘(aa)    

the policy has an annual premium of £3,600 or less.’.

 

Harriett Baldwin

 

Stephen Mosley

 

Mike Freer

 

Not called  53

 

Schedule  9,  page  213,  line  2,  at end insert—

 

‘(ab)    

the policy is subject to capital gains tax.’.

 

Bill read the third time and passed on division.

 


 
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