Notices of Amendments: 1 September 2016                  

36

Finance Bill, continued

Roger Mullin

Kirsty Blackman

Philip Boswell

NC18

To move the following Clause—

“Impact of section 24 of Finance (No 2) Act 2015 on availability of affordable

housing

The Chancellor of the Exchequer must commission a review of the impact of

changes relating to income tax made by Section 24 of the Finance Act 2015 on

the availability of affordable housing, and lay the report of the review before both

Houses of Parliament within six months of the passing of this Act.”

Wes Streeting

Rachel Reeves

NC19

To move the following Clause—

“Distributional analysis of the impact of taxation measures

(1)    

The Chancellor of the Exchequer must review the impact of the measures

introduced by this Act on households at different levels of income, and lay before

each House of Parliament the report of that review within six months of this Act

coming into force.

(2)    

The Chancellor of the Exchequer must review the impact of government fiscal

measures on households at different levels of income at least once in each

calendar year, and lay before each House of Parliament a report on each review.”

Mr Chancellor of the Exchequer

132

Clause  18,  page  26,  line  25,  leave out “December 2016” and insert “April 2017”

Mr Chancellor of the Exchequer

133

Clause  18,  page  26,  line  30,  leave out “December 2016” and insert “April 2017”

Mr Chancellor of the Exchequer

134

Clause  18,  page  26,  line  32,  leave out “December 2016” and insert “April 2017”

Mr Chancellor of the Exchequer

146

Clause  19,  page  27,  line  7,  leave out “(4)” and insert “(4A)”

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Finance Bill, continued

Mr Chancellor of the Exchequer

147

Clause  19,  page  28,  line  2,  at end insert—

“(4A)    

After subsection (5E) insert—

“(5F)    

Where—

(a)    

benefit crystallisation event 5C occurs by reason of the

designation on or after 6 April 2015 of sums or assets held for the

purposes of an arrangement relating to the individual, and

(b)    

the individual died before 6 April 2012,

the standard lifetime allowance at the time of the benefit crystallisation

event is £1,800,000.

(5G)    

Where—

(a)    

benefit crystallisation event 5C occurs by reason of the

designation on or after 6 April 2015 of sums or assets held for the

purposes of an arrangement relating to the individual, and

(b)    

the individual died in the period consisting of the tax year 2012-

13 and the tax year 2013-14,

the standard lifetime allowance at the time of the benefit crystallisation

event is £1,500,000.

(5H)    

Where—

(a)    

benefit crystallisation event 5C occurs by reason of the

designation on or after 6 April 2016 of sums or assets held for the

purposes of an arrangement relating to the individual, and

(b)    

the individual died in the period consisting of the tax year 2014-

15 and the tax year 2015-16,

the standard lifetime allowance at the time of the benefit crystallisation

event is £1,250,000.

(5I)    

Where—

(a)    

benefit crystallisation event 5D occurs by reason of a person

becoming entitled on or after 6 April 2016 to an annuity in

respect of the individual, and

(b)    

the individual died in the period beginning with 3 December

2014 and ending with 5 April 2016,

the standard lifetime allowance at the time of the benefit crystallisation

event is £1,250,000.””

Mr Chancellor of the Exchequer

148

Clause  19,  page  28,  line  10,  at end insert—

“( )    

The amendment made by subsection (4A)—

(a)    

so far as it consists of the insertion of new subsections (5F) and (5G)—

(i)    

is to be treated as having come into force on 6 April 2015, and

(ii)    

has effect in relation to benefit crystallisation events occurring

on or after that date, and

(b)    

so far as it consists of the insertion of new subsections (5H) and (5I)—

(i)    

is to be treated as having come into force on 6 April 2016, and

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Finance Bill, continued

(ii)    

has effect in relation to benefit crystallisation events occurring

on or after that date.”

Mr Chancellor of the Exchequer

135

Clause  31,  page  45,  line  20,  leave out subsections (5) and (6) and insert—

“(5)    

In subsection (3A)—

(a)    

for the words from “In the second” to “does not include” substitute “An

investment made by a company (“the investor”) falls within this

subsection if it is”;

(b)    

in paragraph (c) for “the company” substitute “the investor”;

(c)    

after paragraph (c) insert—

“(d)    

money in the investor’s possession;

(e)    

a sum owed to the investor which—

(i)    

under section 285(4)(b) (read with section

285(5) and (6)) is to be regarded as an

investment of the investor, and

(ii)    

is such that the investor’s right mentioned in

section 285(5)(a) may be exercised on 7 days’

notice given by the investor.”

(5A)    

After subsection (3A) insert—

“(3B)    

In subsection (3A), any reference to a thing which may be done on 7

days’ notice includes a case where that thing may be done—

(a)    

on less than 7 days’ notice, or

(b)    

without notice.”

(6)    

In subsection (5)—

(a)    

after paragraph (b) insert—

“(ba)    

amend or repeal subsection (3B) in consequence of any

provision made under paragraph (b),”;

(b)    

in paragraph (c) for the words from “made by” to “(3A)” substitute

“falling within subsection (3A) may be held by the company”.”

Tim Farron

Tom Brake

179

Clause  99,  page  185,  line  20,  at end insert—

“(c)    

“earning” do not include any amounts that constitute qualifying bonus

payments within the meaning of section 312B of the Income Tax

(Earnings and Pensions) Act 2003.”

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Finance Bill, continued

Mr Chancellor of the Exchequer

138

Schedule  1,  page  323,  line  35,  at end insert—

“(iii)    

in Type 4 (tax charged at basic rate as a result of section 491),

omit “at the basic rate”, and”

Jonathan Reynolds

Rob Marris

141

Schedule  3,  page  337,  line  17,  at end insert—

“Provision for small amounts of partnership share money repayable to employees to be

exempt from tax if instead applied charitably

10         

In section 503 of ITEPA 2003 (charge on partnership share money paid over

to employee), after “paragraph 55(3) (partnership share money paid over on

withdrawal from partnership share agreement),” insert—

“paragraph 55(3A)(a) or (b)(i) (partnership share money paid over on

withdrawal from partnership share agreement),”

11  (1)  

In Schedule 2 to ITEPA 2003 (share incentive plans), Part 6 (partnership

shares) is amended as follows.

      (2)  

In paragraph 55 (withdrawal from partnership share agreement)—

(a)    

in sub-paragraph (3) after “as soon as practicable” insert—

“, unless the plan includes provision authorised by sub-paragraph

(3A)”

(b)    

after sub-paragraph (3) insert—

“(3A)    

The plan may provide that, where an employee withdraws

from a partnership share agreement—

(a)    

if the employee does not agree to an arrangement in

accordance with sub-paragraph (b), any partnership

share money held on behalf of the employee is to be

paid over to the employee as soon as practicable, and

(b)    

with the employee’s agreement—

(i)    

if the partnership share money held on behalf

of the employee exceeds a threshold amount

of not more than £ 10 specified in the plan,

the full amount must be paid over to the

employee as soon as practicable, and

(ii)    

if the partnership share money held on behalf

of the employee is equal to or less than the

threshold amount referred to in sub-

paragraph (b)(i), as soon as reasonably

practicable, the full amount must either—

be paid over to a charity specified in the plan, or

become held for a reasonable period, in order to be

accumulated with any other amounts that may arise in

that period in the same way, and then paid over to a

charity specified in the plan.

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Finance Bill, continued

(3B)    

Partnership share money paid over to a charity or accumulated

for that purpose under sub-paragraph (3A)(b) shall not count

as employment income by reason of section 503.

(3C)    

While the plan includes any provision authorised by sub-

paragraph (3A), the company and trustees shall make

available to participants and qualifying employees at least

annually an account of the total amount of partnership share

money that would have been returned to employees were it

not for that provision and of the related charitable donations

made.

(3D)    

The Treasury may by order amend sub-paragraph (3A)(b)(i)

by substituting for any amount for the time being specified

there an amount specified in the order.””

Mr Chancellor of the Exchequer

139

Schedule  17,  page  547,  line  31,  leave out “1 October” and insert “14 November”

Wes Streeting

John Mann

Rachel Reeves

Helen Goodman

John McDonnell

Rebecca Long Bailey

180

Schedule  25,  page  642,  line  2,  at end insert—

“(4A)    

The Chancellor of the Exchequer may not appoint the Chair of the OTS without

the consent of the Treasury Committee of the House of Commons.

(4B)    

The Chancellor of the Exchequer may not appoint the Tax Director of the OTS

without the consent of the Treasury Committee of the House of Commons.”

Wes Streeting

John Mann

Rachel Reeves

Helen Goodman

John McDonnell

Rebecca Long Bailey

181

Schedule  25,  page  642,  line  40,  at end insert—

“(2A)    

The Chancellor of the Exchequer may not terminate the appointment of the Chair

of the OTS without the consent of the Treasury Committee of the House of

Commons.

(2B)    

The Chancellor of the Exchequer may not terminate the appointment of the Tax

Director of the OTS without the consent of the Treasury Committee of the House

of Commons.”

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Finance Bill, continued

Wes Streeting

John Mann

Rachel Reeves

Helen Goodman

John McDonnell

Rebecca Long Bailey

182

Schedule  25,  page  643,  line  3,  at end insert—

“References to Treasury Committee

5A  (1)  

Any reference in this Schedule to the Treasury Committee of the House of

Commons—

(a)    

if the name of that Committee is changed, is to be treated as a reference

to that Committee by its new name, and

(b)    

if the functions of that Committee (or substantially corresponding

functions) become functions of a different Committee of the House of

Commons, is to be treated as a reference to the Committee by which

those functions are exercisable.

      (2)  

Any question arising under sub-paragraph (1) is to be determined by the

Speaker of the House of Commons.”

Order of the House [11 APRIL 2016]

That the following provisions shall apply to the Finance (No. 2) Bill:

Committal

1.    

The following shall be committed to a Committee of the whole House—

(1)    

Clauses 7 to 18 and Schedules 2 and 3 (employment income);

(2)    

Clauses 41 and 42 (corporation tax: charge and rates);

(3)    

Clauses 43 and 44 (corporation tax: research and development);

(4)    

Clauses 65 to 71 (capital allowances, trade and property business

profits);

(5)    

Clauses 72 to 81 and Schedules 11 to 14 (capital gains tax);

(6)    

Clause 129 (insurance premium tax);

(7)    

Clauses 132 to 136 (climate change levy);

(8)    

Clauses 144 to 154 and Schedules 18 to 22 (tax avoidance and

evasion);

(9)    

any new Clauses or new Schedules relating to—

(a)    

employment income,

(b)    

the subject matter of Clauses 41 to 44 and 65 to 71,

(c)    

capital gains tax,

(d)    

insurance premium tax,

(e)    

climate change levy, and

(f)    

tax avoidance and evasion.

2.    

The remainder of the Bill shall be committed to a Public Bill Committee.

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Finance Bill, continued

Proceedings in committee

3.    

Proceedings in Committee of the whole House shall be completed in two

days.

4.    

Those proceedings shall be taken on each of those days as shown in the first

column of the following Table and in the order so shown.

5.    

Each part of the proceedings shall (so far as not previously concluded) be

brought to a conclusion at the time specified in relation to it in the second

column of the Table.

6.    

Standing Order No. 83B (programming committees) shall not apply to

proceedings in Committee of the whole House.

          TABLE