Session 2014 - 15
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Other Bills before Parliament


 
 

Notices of Amendments: 25 June 2014                     

298

 

Finance Bill, continued

 
 

(4)    

Such adjustments must be made in relation to any person, whether by

 

the making of assessments or otherwise, as are required to give effect

 

to subsection (3) (regardless of any limitation on the time within which

 

any adjustment may be made).

 

(5)    

“Disqualifying event” is to be construed in accordance with

 

subsections (2), (6) and (7) of section 236NA except that—

 

(a)    

references in those subsections to the disposal are to be read

 

as references to the deemed disposal, and

 

(b)    

in applying sections 236I to 236O and 236R for this

 

purpose—

 

(i)    

references in those provisions to the settlement are to

 

be read as references to the acquiring settlement

 

(within the meaning of section 236P(1)), and

 

(ii)    

references in those provisions to C are to be read as

 

references to the company mentioned in section

 

236P(1)(b).”

 

Mr Chancellor of the Exchequer

 

63

 

Schedule  33,  page  570,  line  17,  leave out “The” and insert “Subject to paragraph

 

2A, the”

 

Mr Chancellor of the Exchequer

 

64

 

Schedule  33,  page  570,  line  18,  at end insert—

 

“2A      

In relation to disposals made on or after 6 April 2014 but before 26 June 2014,

 

TCGA 1992 has effect as if—

 

(a)    

in section 236H—

 

(i)    

in subsection (4)(b), for the words from “at the time of the

 

disposal” to the end there were substituted “(see sections 236J

 

to 236L)”,

 

(ii)    

subsection (4)(c)(ii) (and the “and” before it) were omitted,

 

and

 

(iii)    

subsections (4A) and (7) were omitted,

 

(b)    

in section 236N—

 

(i)    

in subsection (A1), for “Conditions A and B are” there were

 

substituted “Condition A is”, and

 

(ii)    

subsection (1A) were omitted,

 

(c)    

section 236NA were omitted,

 

(d)    

in section 236O—

 

(i)    

in subsection (1) the words “, after the end of the tax year

 

following the tax year in which the acquisition occurs, when”

 

were omitted,

 

(ii)    

for subsection (2) there were substituted—

 

“(2)    

A “disqualifying event” occurs in relation to the acquisition if and when—

 

(a)    

at any time after that tax year—

 

(i)    

C ceases to meet the trading requirement, or

 

(ii)    

the settlement ceases to meet the controlling interest

 

requirement, or

 

(b)    

at any time after the acquisition—


 
 

Notices of Amendments: 25 June 2014                     

299

 

Finance Bill, continued

 
 

(i)    

the settlement ceases to meet the all-employee benefit

 

requirement,

 

(ii)    

the participator fraction exceeds 2/5, or

 

(iii)    

the trustees act in a way which the trusts, as required by the all-

 

employee benefit requirement, do not permit.”,

 

(iii)    

in subsection (3) for “before” there were substituted “after”,

 

(e)    

section 236P(7) were omitted, and

 

(f)    

section 236PA were omitted.”

 

Mr Chancellor of the Exchequer

 

65

 

Schedule  33,  page  575,  line  36,  leave out “day of the disposal mentioned in section

 

236H(1)” and insert “time in question”

 

Mr Chancellor of the Exchequer

 

66

 

Schedule  33,  page  582,  line  9,  leave out “date of the disposal mentioned in section

 

236H(1)” and insert “time in question”

 

Mr Chancellor of the Exchequer

 

NC7

 

To move the following Clause—

 

“SDLT: exercise of collective rights by tenants of flats

 

(1)    

In section 74 of FA 2003 (exercise of collective rights by tenants of flats), in

 

subsection (1A) for “£2,000,000”, in each place it occurs, substitute “£500,000”.

 

(2)    

The amendments made by this section have effect in relation to any chargeable

 

transaction of which the effective date is on or after 1 July 2014.

 

(3)    

But the amendments do not have effect in relation to a transaction—

 

(a)    

effected in pursuance of a contract entered into and substantially

 

performed before 20 March 2014, or

 

(b)    

effected in pursuance of a contract entered into before that date and not

 

excluded by subsection (4).

 

(4)    

A transaction effected in pursuance of a contract entered into before 20 March

 

2014 is excluded by this subsection if—

 

(a)    

there is any variation of the contract, or assignment (or assignation) of

 

rights under the contract, on or after 20 March 2014,

 

(b)    

the transaction is effected in consequence of the exercise on or after that

 

date of any option, right of pre-emption or similar right, or

 

(c)    

on or after that date there is an assignment (or assignation), subsale or

 

other transaction relating to the whole or part of the subject-matter of the

 

contract as a result of which a person other than the purchaser under the

 

contract becomes entitled to call for a conveyance.”


 
 

Notices of Amendments: 25 June 2014                     

300

 

Finance Bill, continued

 
 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

NC8

 

To move the following Clause—

 

“Report on the additional rate of income tax

 

(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)    

The report shall set out the impact upon Exchequer receipts of setting the

 

additional rate at 50 per cent in the tax year 2015-16.

 

(3)    

The report shall set out the impact of reducing the additional rate for 2013-14 on

 

the amount of income tax paid by those with taxable incomes of—

 

(a)    

over £100,000 per year;

 

(b)    

over £250,000 per year; and

 

(c)    

over £1,000,000 per year.

 

(4)    

The report shall set out the impact of the reduction in the additional rate for 2013-

 

14 on the level of bonuses awarded in April 2013 to employees in the financial

 

sector.”

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

67

 

Clause  107,  page  90,  line  33,  at end insert—

 

‘(5A)    

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

 

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

 

the impact of changes made to Schedule 19 of the Finance Act 1999 by this

 

section.

 

(5B)    

The report referred to in subsection (5A) must in particular consider—

 

(a)    

the impact on tax revenues;

 

(b)    

the expected beneficiaries; and

 

(c)    

a distributional analysis of the beneficiaries.”

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

NC9

 

To move the following Clause—

 

“Pension flexibility: Treasury analysis

 

(1)    

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

 

Royal Assent, publish and lay before the House of Commons any analysis

 

prepared by the Treasury prior to the publication of Budget 2014 relating to the

 

impact of changes made by sections 39 to 43 of this Act to schedules 28 and 29

 

to the Finance Act 2004.

 

(2)    

The information published under subsection (1) must include—


 
 

Notices of Amendments: 25 June 2014                     

301

 

Finance Bill, continued

 
 

(a)    

any assessment made of the impact of the provision for independent face

 

to face guidance on the 2004 Act;

 

(b)    

the distributional impact, by income decile of the population, of changes

 

made by sections 39 to 43 of this Act;

 

(c)    

a behavioural analysis; and

 

(d)    

the financial risk assessment.”

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

NC10

 

To move the following Clause—

 

“Review of reform to the annual investment allowance

 

(1)    

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

 

Act, undertake a review of the impact on business investment of changes to

 

section 51A of the Capital Allowances Act 2001 made by Finance Act 2011.

 

(2)    

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

 

NC11

 

To move the following Clause—

 

“Capital gains tax and employee shareholders

 

(1)    

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

 

Act, undertake a review of the impact on tax revenues of employee shareholder

 

status as defined by section 205A of the Employment Rights Act 1996, and set

 

out the conclusion of the review in a report.

 

(2)    

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

 

(a)    

the impact on total capital gains tax receipts paid to the Exchequer arising

 

from the capital gains exemptions under section 236B of the Taxation of

 

Chargeable Gains Act 1992;

 

(b)    

the estimated value of shares owned by employees working in employee

 

shareholder jobs and the number of such employees.

 

(3)    

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

 

the report before the House.

 

(4)    

Subsequent reviews must be completed before the end of each period of 12

 

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

 

Ed Balls

 

Chris Leslie

 

Cathy Jamieson

 

Catherine McKinnell

 

Shabana Mahmood

 

NC12

 

To move the following Clause—


 
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