Session 2013 - 14
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17

 

House of Commons

 
 

Tuesday 13 May 2014

 

Public Bill Committee Proceedings

 

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.)


 

[Eighth and Ninth Sittings]


 

Clause 49 Agreed to.

 

Schedule 7 Agreed to.

 

Clause 50 Agreed to.

 


 

Mr David Gauke

 

Agreed to  16

 

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

 

Mr David Gauke

 

Agreed to  17

 

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

 

Mr David Gauke

 

Agreed to  18

 

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

 

Agreed to  19

 

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


 
 

Public Bill Committee Proceedings: 13 May 2014            

18

 

Finance (No.2) Bill, continued

 
 

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

 

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

 

Schedule, as amended, Agreed to.

 

Clauses 51 and 52 Agreed to.

 


 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

Withdrawn  20

 

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.’.

 

Clause Agreed to.

 

Schedules 9 and 10 Agreed to.

 

Clauses 54 to 56 Agreed to.

 

Clause 284 Agreed to.

 

Clauses 57 to 60 Agreed to.

 


 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

Withdrawn  21

 

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.


 
 

Public Bill Committee Proceedings: 13 May 2014            

19

 

Finance (No.2) Bill, continued

 
 

(b)    

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

 

and lay the report before the House.’.

 

Clause Agreed to.

 

Clauses 62 to 64 Agreed to.

 

Schedule 11 Agreed to.

 


 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

Negatived on division  22

 

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;

 

(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.’.

 

Clause Agreed to.

 

Schedule 12 Agreed to.

 

Clauses 66 and 67 Agreed to.

 

[Adjourned until Tuesday 10 June at 9.10 am


 
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