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Notices of Amendments: 27 June 2014                     

378

 

Finance Bill, continued

 
 

“non-trade activities” means activities which are neither of the

 

following—

 

(c)    

activities carried on in the course of a trade, and

 

(d)    

activities carried on in the course of preparing to carry on a

 

trade.”

 

Mr Chancellor of the Exchequer

 

26

 

Schedule  9,  page  345,  line  26,  at end insert—

 

“( )    

This section does not apply if the social enterprise is an accredited

 

social impact contractor.”

 

Mr Chancellor of the Exchequer

 

27

 

Schedule  9,  page  346,  line  19,  at end insert—

 

“( )    

If the social enterprise is an accredited social impact contractor, the

 

preceding provisions of this section apply with the following

 

modifications—

 

(a)    

in subsection (1), for “28 months” substitute “24 months”,

 

(b)    

in that subsection, for “the funded purpose” substitute “the

 

carrying out of the social impact contract concerned”, and

 

(c)    

omit subsections (2), (3), (5) and (6).”

 

Mr Chancellor of the Exchequer

 

28

 

Schedule  9,  page  347,  line  7,  at end insert—

 

“( )    

This section does not apply if the social enterprise is an accredited

 

social impact contractor.”

 

Mr Chancellor of the Exchequer

 

29

 

Schedule  9,  page  347,  line  20,  at end insert “257JD,”

 

Mr Chancellor of the Exchequer

 

30

 

Schedule  9,  page  353,  line  10,  at end insert—

 

“( )    

If the social enterprise is an accredited social impact contractor,

 

subsection (1) applies with the omission of its paragraph (a).”

 

Mr Chancellor of the Exchequer

 

31

 

Schedule  9,  page  354,  line  8,  at end insert—

 

“( )    

If the social enterprise is an accredited social impact contractor,

 

subsection (3) applies with the omission of its paragraph (a).”

 

Mr Chancellor of the Exchequer

 

32

 

Schedule  9,  page  355,  line  8,  at end insert—


 
 

Notices of Amendments: 27 June 2014                     

379

 

Finance Bill, continued

 
 

“( )    

An order under this section may make different provision for different

 

cases or purposes.”

 

Mr Chancellor of the Exchequer

 

33

 

Schedule  9,  page  372,  line  31,  leave out “257MA” and insert “257M”

 

Mr Chancellor of the Exchequer

 

34

 

Schedule  9,  page  373,  line  24,  after “sections” insert “257M,”

 

Mr Chancellor of the Exchequer

 

35

 

Schedule  9,  page  374,  line  13,  at end insert—

 

“(7)    

If the event mentioned in subsection (1) is one whose occurrence

 

results in the requirement in section 257M not being met in respect of

 

the investment, the references in subsections (2) and (3) to the social

 

enterprise are to—

 

(a)    

the body concerned even though it has ceased to be a social

 

enterprise, or

 

(b)    

the body into which the social enterprise has been converted.”

 

Mr Chancellor of the Exchequer

 

36

 

Schedule  9,  page  376,  line  11,  after “prevent” insert “—

 

(a)    

 

Mr Chancellor of the Exchequer

 

37

 

Schedule  9,  page  376,  line  12,  at end insert—

 

“(b)    

disclosure to a Minister of the Crown for the purposes of

 

functions of a Minister of the Crown under sections 257JD to

 

257JG, or

 

(c)    

disclosure to a person for the purposes of functions delegated

 

to the person under section 257JH(1).”

 

Mr Chancellor of the Exchequer

 

38

 

Schedule  9,  page  376,  line  18,  after “Information” insert “originally disclosed in

 

reliance on subsection (2)(a)”

 

Mr Chancellor of the Exchequer

 

39

 

Schedule  9,  page  376,  line  19,  at end insert—

 

“(5)    

Information originally disclosed in reliance on subsection (2)(b) or (c)

 

may be disclosed in reliance on subsection (3)(a) only for the purposes

 

of—

 

(a)    

functions of a Minister of the Crown under sections 257JD to

 

257JG, or

 

(b)    

functions delegated to a person under section 257JH(1).


 
 

Notices of Amendments: 27 June 2014                     

380

 

Finance Bill, continued

 
 

(6)    

If, in contravention of subsections (3) to (5), any revenue and customs

 

information relating to a person is disclosed and the identity of the

 

person—

 

(a)    

is specified in the disclosure, or

 

(b)    

can be deduced from it,

 

    

section 19 of the Commissioners for Revenue and Customs Act 2005

 

(offence of wrongful disclosure) applies as it applies in relation to a

 

disclosure of such information in contravention of section 20(9) of that

 

Act.

 

(7)    

In subsection (6) “revenue and customs information relating to a

 

person” has the meaning given by section 19(2) of that Act.

 

(8)    

Subject to subsections (3) and (5), no obligation as to confidentiality

 

or other restriction on disclosure, whether imposed by an enactment or

 

otherwise, prevents disclosure of relevant information—

 

(a)    

to a Minister of the Crown for the purposes of functions of a

 

Minister of the Crown under sections 257JD to 257JG,

 

(b)    

to a person for the purposes of functions delegated to the

 

person under section 257JH(1), or

 

(c)    

to an officer of Revenue and Customs for the purpose of

 

assisting Her Majesty’s Revenue and Customs to discharge

 

their functions under the Income Tax Acts so far as relating to

 

matters arising under this Part.

 

(9)    

In subsection (8) “relevant information” means information

 

obtained—

 

(a)    

by a Minister of the Crown, or

 

(b)    

by a person to whom functions have been delegated under

 

section 257JH(1),

 

    

in the course of discharging functions under sections 257JD to 257JG.

 

(10)    

In this section “Minister of the Crown” has the meaning given by

 

section 8(1) of the Ministers of the Crown Act 1975.”

 

Mr Chancellor of the Exchequer

 

40

 

Schedule  9,  page  381,  line  20,  leave out “by way of, or amounts” and insert “not by

 

way of, and does not amount”

 


 

Mr Chancellor of the Exchequer

 

41

 

Schedule  10,  page  387,  line  5,  at end insert—

 

    “(8)  

A reference in this paragraph to a social enterprise is a reference to

 

a body that is a social enterprise for the purposes of Part 5B of ITA

 

2007 (see section 257J of that Act).”

 



 
 

Notices of Amendments: 27 June 2014                     

381

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

3

 

Schedule  27,  page  535,  line  45,  at end insert—

 

  “(7A)  

Section 207(2A) applies to an appeal by virtue of sub-paragraph (7)(a) as it

 

applies to an appeal under section 207(1).”

 


 

Mr Chancellor of the Exchequer

 

44

 

Schedule  33,  page  559,  line  35,  leave out “(see sections 236J to 236L)” and insert

 

“at the time of the disposal and continues to meet that requirement for the remainder of

 

the tax year in which that time falls (see sections 236J to 236L and subsection (4A) of this

 

section)”

 

Mr Chancellor of the Exchequer

 

45

 

Schedule  33,  page  560,  line  1,  leave out “but does meet it at the end of that year”

 

and insert “but—

 

(i)    

it meets that requirement at the end of that tax year, and

 

(ii)    

if it met the requirement at an earlier time in that tax year

 

(whether before or after the time of the disposal) it continued to

 

meet it throughout the remainder of that tax year,”

 

Mr Chancellor of the Exchequer

 

46

 

Schedule  33,  page  560,  line  7,  at end insert—

 

“(4A)    

For the purposes of subsection (4)(b)—

 

(a)    

unless the settlement met the all-employee benefit requirement by virtue

 

of section 236L (cases in which all-employee benefit requirement treated

 

as met) at the time of the disposal, that section does not apply for the

 

purposes of determining whether the settlement continues to meet that

 

requirement after the disposal, and

 

(b)    

if, at the time of the disposal, the settlement met that requirement by

 

virtue of section 236L and later continues to meet it otherwise than by

 

virtue of that section, it may not again meet the requirement by virtue of

 

that section.”

 

Mr Chancellor of the Exchequer

 

47

 

Schedule  33,  page  560,  line  19,  at end insert—

 

“(7)    

Section 236NA makes provision about events which prevent a claim being made

 

under this section and circumstances in which a claim is revoked.”

 

Mr Chancellor of the Exchequer

 

48

 

Schedule  33,  page  563,  line  46,  leave out “is treated as meeting that requirement”

 

and insert “at any time is treated as meeting that requirement at that time”


 
 

Notices of Amendments: 27 June 2014                     

382

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

49

 

Schedule  33,  page  564,  line  9,  leave out “day of the disposal mentioned in section

 

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

 

Mr Chancellor of the Exchequer

 

50

 

Schedule  33,  page  566,  line  10,  at end insert—

 

“(A1)    

The limited participation requirement is met if Conditions A and B are met.”

 

Mr Chancellor of the Exchequer

 

51

 

Schedule  33,  page  566,  line  11,  leave out “The limited participation requirement is

 

met if” and insert “Condition A is that”

 

Mr Chancellor of the Exchequer

 

52

 

Schedule  33,  page  566,  line  15,  at end insert—

 

“(1A)    

Condition B is that the participator fraction does not exceed 2/5 at any time in the

 

period beginning with that disposal and ending at the end of the tax year in which

 

it occurs.”

 

Mr Chancellor of the Exchequer

 

53

 

Schedule  33,  page  566,  line  18,  after “(1)(b)” insert “and (1A)”

 

Mr Chancellor of the Exchequer

 

54

 

Schedule  33,  page  567,  line  7,  at end insert—

 

“236NA 

 No section 236H relief if disqualifying event in next tax year

 

(1)    

This section applies where—

 

(a)    

a disposal is made in circumstances where paragraphs (a) and

 

(b) of section 236H(1) are satisfied, and

 

(b)    

one or more disqualifying events occur in relation to the

 

disposal in the tax year following the tax year in which the

 

disposal occurs.

 

(2)    

A “disqualifying event” occurs in relation to the disposal if and

 

when—

 

(a)    

C ceases to meet the trading requirement,

 

(b)    

the settlement ceases to meet the all-employee benefit

 

requirement,

 

(c)    

the settlement ceases to meet the controlling interest

 

requirement,

 

(d)    

the participator fraction exceeds 2/5, or

 

(e)    

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

 

all-employee benefit requirement, do not permit.

 

(3)    

No claim for relief under section 236H may be made in respect of the

 

disposal on or after the day on which the disqualifying event (or, if

 

more than one, the first of them) occurs.


 
 

Notices of Amendments: 27 June 2014                     

383

 

Finance Bill, continued

 
 

(4)    

Any claim for relief under section 236H made in respect of the

 

disposal before that day is revoked, and the chargeable gains and

 

allowable losses of any person for any chargeable period are to be

 

calculated as if that claim had never been made.

 

(5)    

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 (4) (regardless of any limitation on the time within which

 

any adjustment may be made).

 

(6)    

Section 236H(4A) (restrictions on application of section 236L) applies

 

for the purposes of subsection (2)(b).

 

(7)    

Section 236N(2) applies for the purposes of subsection (2)(d) as it

 

applies in relation to section 236N(1)(b) and (1A).”

 

Mr Chancellor of the Exchequer

 

55

 

Schedule  33,  page  567,  line  11,  after “occasion” insert “, after the end of the tax

 

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

 

Mr Chancellor of the Exchequer

 

56

 

Schedule  33,  page  567,  leave out lines 13 to 25 and insert—

 

“(2)    

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

 

(a)    

C ceases to meet the trading requirement,

 

(b)    

the settlement ceases to meet the all-employee benefit requirement,

 

(c)    

the settlement ceases to meet the controlling interest requirement,

 

(d)    

the participator fraction exceeds 2/5, or

 

(e)    

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

 

benefit requirement, do not permit.”

 

Mr Chancellor of the Exchequer

 

57

 

Schedule  33,  page  567,  line  26,  leave out “after” and insert “before”

 

Mr Chancellor of the Exchequer

 

58

 

Schedule  33,  page  567,  line  34,  leave out “(2)(b)(i)” and insert “(2)(b)”

 

Mr Chancellor of the Exchequer

 

59

 

Schedule  33,  page  567,  leave out lines 44 to 48

 

Mr Chancellor of the Exchequer

 

60

 

Schedule  33,  page  568,  line  1,  leave out “(2)(b)(ii) as it applies in relation to

 

section 236N(1)(b)” and insert “(2)(b) as it applies in relation to section 236N(1)(b) and

 

(1A)”


 
 

Notices of Amendments: 27 June 2014                     

384

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

61

 

Schedule  33,  page  568,  line  36,  at end insert—

 

“(7)    

Section 236PA makes provision about events which prevent a claim being made

 

under this section and circumstances in which a claim is revoked.”

 

Mr Chancellor of the Exchequer

 

62

 

Schedule  33,  page  568,  line  36,  at end insert—

 

“236PA 

 No section 236P relief if disqualifying event in next tax year

 

(1)    

This section applies where—

 

(a)    

a deemed disposal arises in circumstances where paragraphs

 

(a) to (c) of section 236P(1) are satisfied, and

 

(b)    

one or more disqualifying events occur in relation to the

 

disposal in the tax year following the tax year in which the

 

deemed disposal arises.

 

(2)    

No claim for relief under section 236P may be made in respect of the

 

deemed disposal on or after the day on which the disqualifying event

 

(or, if more than one, the first of them) occurs.

 

(3)    

Any claim for relief under section 236P made in respect of the deemed

 

disposal before that day is revoked, and the chargeable gains and

 

allowable losses of any person for any chargeable period are to be

 

calculated as if that claim had never been made.

 

(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—


 
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