Session 2013 - 14
Internet Publications
Other Bills before Parliament


 
 

39

 

House of Commons

 
 

Tuesday 6 May 2014

 

Public Bill Committee

 

New Amendments handed in are marked thus Parliamentary Star

 

Parliamentary Star - whiteAmendments which will comply with the required notice period at their next appearance

 

Finance (No. 2) Bill


 

(Except Clauses 1, 5 to 7, 11, 72 to 74 and 112; Schedule 1; and certain new Clauses and new


 

Schedules.)


 

Note

 

The Amendments have been arranged in accordance with the Order of the

 

Committee [29 April 2014].

 


 

Ed Balls

 

Chris Leslie

 

Shabana Mahmood

 

Cathy Jamieson

 

Catherine McKinnell

 

11

 

Clause  30,  page  30,  line  8,  at end insert—

 

‘(3)    

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

 

Act, publish and lay before the House a report setting out the impact, over the next

 

three years, of the changes made to the Corporation Tax Act 2009 by this section.

 

(4)    

The report must in particular set out—

 

(a)    

how much additional tax revenue the measures introduced by this section

 

are expected to generate to the UK Exchequer, for each year in which

 

they are in operation; and

 

(b)    

the impact of those measures on revenues lost to the Exchequer as a

 

consequence of tax avoidance schemes, for each year in which they are

 

in operation.’.

 



 
 

Public Bill Committee: 6 May 2014                      

40

 

Finance (N, continued

 
 

Mr David Gauke

 

1

 

Clause  34,  page  32,  line  13,  at end insert—

 

‘( )    

section 1217CG(1)(a) and (2)(a);’.

 


 

Ed Balls

 

Chris Leslie

 

Shabana Mahmood

 

Cathy Jamieson

 

Catherine McKinnell

 

12

 

Clause  35,  page  36,  line  18,  at end insert—

 

‘(16)    

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

 

undertake a review into the impact of the changes made by this section to the

 

number of community amateur sports clubs in the UK.

 

(17)    

The report referred to in subsection (1) above must in particular examine—

 

(a)    

the value of company profit donations to community amateur sports

 

clubs over the last four years;

 

(b)    

the amount of Class 1 national insurance contributions paid by

 

community amateur sports clubs, and

 

(c)    

the average cost to community amateur sports clubs in order to retain

 

their CASC status.

 

(18)    

The Chancellor of the Exchequer must publish the report of the review and lay

 

the report before the House.’.

 


 

Mr David Gauke

 

6

 

Schedule  5,  page  232,  line  31,  leave out ‘the relevant day’ and insert ‘—

 

(i)    

the day on which the trustee’s appointment as

 

mentioned in paragraph (a) takes effect, or

 

(ii)    

if the trustee is appointed as mentioned in paragraph

 

(a) on more than one occasion, the day on which the

 

first appointment takes effect’.

 

Mr David Gauke

 

7

 

Schedule  5,  page  234,  line  41,  leave out ‘the liability of’ and insert ‘retained or

 

assumed by’.

 

Mr David Gauke

 

8

 

Schedule  5,  page  234,  line  45,  leave out from ‘be’ to end of line 46 and insert

 

‘retained or assumed by the person who was, or the persons who were, the scheme

 

administrator when there last was a scheme administrator before the relevant day (unless

 

dead or having ceased to exist).’.


 
 

Public Bill Committee: 6 May 2014                      

41

 

Finance (N, continued

 
 

Mr David Gauke

 

9

 

Schedule  5,  page  235,  line  17,  leave out ‘section).”’ and insert ‘section), and in

 

particular the liability continues to be a liability of the scheme administrator for the

 

purposes of section 271(2).

 

(10)    

If a person assumes the liability under section 271(2) at a time after P

 

or Q’s appointment as, or as one of the persons who are, the scheme

 

administrator has ceased, the person who has, or the persons who

 

have, the liability by reason of subsection (3) or (4) is, or are, released

 

from the liability.

 

(11)    

A person who has, or persons who have, the liability by reason of

 

subsection (3) or (4) may apply to an officer of Revenue and Customs

 

to be released from the liability.

 

(12)    

Section 271(6) to (13) applies in relation to an application under

 

subsection (11) as it applies in relation to an application under section

 

271(5).”’.

 

Mr David Gauke

 

10

 

Schedule  5,  page  235,  line  39,  leave out sub-paragraph (3).

 


 

Ed Balls

 

Chris Leslie

 

Shabana Mahmood

 

Cathy Jamieson

 

Catherine McKinnell

 

13

 

Clause  45,  page  43,  line  6,  at end insert—

 

‘( )    

The Chancellor of the Exchequer shall carry out reviews of the effects of the

 

operation of the provision made by or under this Clause.

 

( )    

The first review must be completed before the end of the period of five years

 

beginning with the date on which section 45 of this Act, so far as it inserts this

 

section, comes into force.

 

( )    

Subsequent reviews must be completed before the end of the period of five years

 

beginning with the date on which the previous review was completed.

 

( )    

A report of each review must be laid before both Houses of Parliament.

 

( )    

A report of each review must be made available to the Treasury Select

 

Committee.’.

 



 
 

Public Bill Committee: 6 May 2014                      

42

 

Finance (N, continued

 
 

Ed Balls

 

Chris Leslie

 

Shabana Mahmood

 

Cathy Jamieson

 

Catherine McKinnell

 

14

 

Clause  47,  page  43,  line  35,  at end insert—

 

‘(5)    

 

(a)    

The Chancellor of the Exchequer shall, within six months of this Act

 

receiving Royal Assent, undertake a review of the impact of changes

 

made by this section to the Income Tax (Earning and Pensions) Act 2003

 

(share incentive plans) on—

 

(i)    

the uptake of Share Incentive Plans;

 

(ii)    

changes made to the maximum value of Share Incentive Plans

 

that can be awarded to an employee;

 

(iii)    

changes made to the maximum amount of an employee’s salary

 

that can be used to purchase Share Incentive Plans;

 

(iv)    

the types of business using Share Incentive Plans.’.

 


 

Mr David Gauke

 

16

 

Parliamentary Star    

Schedule  8,  page  325,  line  47,  leave out ‘distribution’ and insert ‘payment’.

 

Mr David Gauke

 

17

 

Parliamentary Star    

Schedule  8,  page  326,  line  4,  leave out ‘distribution’ and insert ‘payment’.

 

Mr David Gauke

 

18

 

Parliamentary Star    

Schedule  8,  page  326,  line  27,  at end insert—

 

    ‘( )  

In section 281(1)(f)(i) or (iii) of ITA 2007 references to a company’s share

 

capital do not include so much (if any) of its share capital as consists of shares

 

issued before 6 April 2014.’.

 

Mr David Gauke

 

19

 

Parliamentary Star    

Schedule  8,  page  326,  line  27,  at end insert—

 

‘          

In section 322 of ITA 2007 (power to facilitate mergers of VCTs: provision

 

that may be made by regulations), after subsection (5) insert—

 

“(5A)    

Provision for section 281(1)(f) (withdrawal of VCT approval where

 

company has made a repayment of share capital etc) not to apply, or

 

to apply subject to modifications, to the successor company or any of

 

the merging companies, in relation to payments made, or amounts

 

used to pay up new shares, in connection with or after the merger.”’.

 



 
 

Public Bill Committee: 6 May 2014                      

43

 

Finance (N, continued

 
 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

20

 

Parliamentary Star    

Clause  53,  page  44,  line  29,  at end insert—

 

‘(3)    

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

 

Act, publish and lay before the House of Commons a report setting out the

 

predicted impact, over the next five years, of the changes introduced by Schedule

 

9 to this Act to ITA 2007 on the overall level of investment in social enterprises.

 

(4)    

This report must in particular set out the predicted impact of sections 257MQ and

 

257MS of ITA 2007, as inserted by paragraph 1 of Schedule 9, on the overall

 

level of investment in renewable technologies over the next five years.’.

 


 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

21

 

Parliamentary Star    

Clause  61,  page  52,  line  41,  at end insert—

 

‘(13)    

 

(a)    

the Chancellor of the Exchequer shall, within six months of this Act

 

receiving Royal Assent, undertake a review of the impact of changes

 

made by this section on—

 

(i)    

the uptake of the business premises renovation allowances

 

(BPRA);

 

(ii)    

the number of BPRA schemes disclosed through DOTAS being

 

investigated by HMRC; and

 

(iii)    

the value of BPRA schemes disclosed through DOTAS being

 

investigated by HMRC.

 

(b)    

the Chancellor of the Exchequer must publish the report of the review

 

and lay the report before the House.’.

 


 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

22

 

Parliamentary Star    

Clause  65,  page  55,  line  36,  at end insert—

 

‘(1)    

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

 

undertake a review of the impact of the creation of the onshore allowance

 

introduced under this section.

 

(2)    

The report referred to in subsection (1) above must in particular examine—

 

(a)    

the estimated total loss of tax revenue to the Treasury in the next 10

 

financial years;


 
 

Public Bill Committee: 6 May 2014                      

44

 

Finance (N, continued

 
 

(b)    

the impact on onshore oil and gas exploration and field development in

 

the next 10 years; and

 

(c)    

the differential impact on individual shale fields.

 

(3)    

The Chancellor of the Exchequer must publish the report of the review and lay

 

the report before the House.’.

 


 

Ed Balls

 

Chris Leslie

 

Shabana Mahmood

 

Cathy Jamieson

 

Catherine McKinnell

 

15

 

Clause  68,  page  61,  line  39,  at end insert—

 

‘( )    

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

 

Act, publish and lay before the House of Commons a report setting out the

 

impact, over the next three years, of the changes made to the Corporation Tax Act

 

2009 and the Income Tax (Trading and Other Income) Act 2005 by Schedule 13.

 

( )    

The report must in particular set out—

 

(a)    

how much additional tax revenue the measures introduced by this section

 

are expected to generate to the UK Exchequer, for each year in which

 

they are in operation; and

 

(b)    

the impact of those measures on revenues lost to the Exchequer as a

 

consequence of tax avoidance schemes for each year in which they are in

 

operation.’.

 


 

NEW CLAUSES

 

Lower rate of tax

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

NC1

 

To move the following Clause:—

 

‘(1)    

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

 

before Parliament a report containing proposals for an income tax rate of 10 per

 

cent on a band of income above the personal allowance.

 

(2)    

The report mentioned in subsection (1) above shall provide for the full benefit of

 

the 10 per cent. rate not being available to taxpayers paying the higher or

 

additional rates of tax.’.

 



 
 

Public Bill Committee: 6 May 2014                      

45

 

Finance (N, continued

 
 

Higher rate of tax

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

NC2

 

To move the following Clause:—

 

‘(1)    

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

 

Act, undertake a review of the number of people paying the 40 per cent rate of

 

income tax in the years—

 

(a)    

2010-2011;

 

(b)    

2011-2012;

 

(c)    

2012-2013; and

 

(d)    

2013-2014.

 

(2)    

The Chancellor of the Exchequer must publish the report of the review and lay

 

the report before the House.’.

 


 

Personal allowance for those born after 5 April 1948

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

NC3

 

To move the following Clause:—

 

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

 

Act, undertake a review of the impact of the removal of the age-related personal

 

allowance on anyone who reached the age of 65 on or after April 2013 and place

 

a copy in the Library.’.

 



 
contents continue
 

© Parliamentary copyright
Revised 2 May 2014