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| | NEW CLAUSES AND NEW SCHEDULES RELATING TO THE SUBJECT MATTER OF CLAUSE |
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| | 1; aMENDMENTS TO CLAUSE 1 |
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| | | Negatived on division NC14 |
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| | To move the following Clause— |
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| | | “Report on the additional rate of income tax |
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| | | (1) | The Chancellor of the Exchequer shall, within three months of the passing of this |
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| | | Act, publish a report on the additional rate of income tax. |
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| | | (2) | The report shall set out the impact upon Exchequer receipts of setting the |
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| | | additional rate at 50 per cent in the tax year 2015-16. |
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| | | (3) | The report shall set out the impact of reducing the additional rate for 2013-14 on |
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| | | the amount of income tax paid by— |
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| | | (a) | all people who are liable for the additional rate; |
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| | | (b) | those with taxable incomes of over £250,000 per year; and |
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| | | (c) | those with taxable incomes of over £1,000,000 per year. |
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| | | (4) | The report shall set out the impact of the reduction in the additional rate for 2013- |
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| | | 14 on the level of bonuses awarded in April 2013 to employees in the financial |
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| | NEW CLAUSES AND NEW SCHEDULES RELATING TO STAMP DUTY LAND TAX; |
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| | AMENDMENTS TO CLAUSES 105 TO 107 AND SCHEDULE 19 |
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| | Mr Chancellor of the Exchequer |
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| | To move the following Clause— |
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| | | “SDLT: exercise of collective rights by tenants of flats |
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| | | (1) | In section 74 of FA 2003 (exercise of collective rights by tenants of flats), in |
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| | | subsection (1A) for “£2,000,000”, in each place it occurs, substitute “£500,000”. |
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| | | (2) | The amendments made by this section have effect in relation to any chargeable |
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| | | transaction of which the effective date is on or after 1 July 2014. |
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| | | (3) | But the amendments do not have effect in relation to a transaction— |
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| | | (a) | effected in pursuance of a contract entered into and substantially |
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| | | performed before 20 March 2014, or |
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| | | (b) | effected in pursuance of a contract entered into before that date and not |
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| | | excluded by subsection (4). |
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| | | (4) | A transaction effected in pursuance of a contract entered into before 20 March |
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| | | 2014 is excluded by this subsection if— |
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| | | (a) | there is any variation of the contract, or assignment (or assignation) of |
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| | | rights under the contract, on or after 20 March 2014, |
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| | | (b) | the transaction is effected in consequence of the exercise on or after that |
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| | | date of any option, right of pre-emption or similar right, or |
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| | | (c) | on or after that date there is an assignment (or assignation), subsale or |
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| | | other transaction relating to the whole or part of the subject-matter of the |
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| | | contract as a result of which a person other than the purchaser under the |
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| | | contract becomes entitled to call for a conveyance.” |
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| | Clause 107, page 90, line 33, at end insert— |
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| | | ‘(5A) | The Chancellor of the Exchequer shall, within six months of this Act receiving |
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| | | Royal Assent, publish and lay before the House of Commons a report setting out |
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| | | the impact of changes made to Schedule 19 of the Finance Act 1999 by this |
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| | | (5B) | The report referred to in subsection (5A) must in particular consider— |
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| | | (a) | the impact on tax revenues; |
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| | | (b) | the expected beneficiaries; and |
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| | | (c) | a distributional analysis of the beneficiaries.” |
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| | NEW CLAUSES AND NEW SCHEDULES RELATING TO EMPLOYEE SHAREHOLDER SHARES |
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| | | Negatived on division NC11 |
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| | To move the following Clause— |
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| | | “Capital gains tax and employee shareholders |
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| | | (1) | The Chancellor of the Exchequer shall, within three months of the passing of this |
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| | | Act, undertake a review of the impact on tax revenues of employee shareholder |
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| | | status as defined by section 205A of the Employment Rights Act 1996, and set |
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| | | out the conclusion of the review in a report. |
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| | | (2) | The report referred to in subsection (1) above must in particular set out— |
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| | | (a) | the impact on total capital gains tax receipts paid to the Exchequer arising |
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| | | from the capital gains exemptions under section 236B of the Taxation of |
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| | | Chargeable Gains Act 1992; |
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| | | (b) | the estimated value of shares owned by employees working in employee |
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| | | shareholder jobs and the number of such employees. |
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| | | (3) | The Chancellor of the Exchequer must publish the report of the review and lay |
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| | | the report before the House. |
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| | | (4) | Subsequent reviews must be completed before the end of each period of 12 |
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| | | months beginning with the date on which the previous review was completed.” |
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| | NEW CLAUSES AND NEW SCHEDULES RELATING TO TAX ARRANGEMENTS THAT ARE |
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| | | Negatived on division NC12 |
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| | To move the following Clause— |
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| | | “Report on tax advantages arising from tax arrangements that are abusive |
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| | | (1) | The Chancellor of the Exchequer shall, within six months of this Act receiving |
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| | | Royal Assent, publish and lay before the House of Commons a report setting out |
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| | | further proposals to reduce the tax advantages arising from tax arrangements that |
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| | | (2) | The report referred to in subsection (1) must in particular include proposals |
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| | | (a) | the exemption from the obligation to deduct tax on yearly interest in |
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| | | respect of interest received on a quoted Eurobond contained in section |
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| | | 882 of the Income Tax Act 2007; |
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| | | (b) | disguised employment in the construction sector; and |
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| | | (c) | the use of dormant companies as a means of tax avoidance. |
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