Session 2016-17
Internet Publications
Other Bills before Parliament


 
 

Notices of Amendments: 31 August 2016                  

22

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

160

 

Parliamentary Star    

Schedule  10,  page  458,  line  8,  at end insert—

 

“PE jurisdiction

section

 
 

(in Chapter 11

259KAA(3)(a)”

 
 

of Part 6A)

  
 

Mr Chancellor of the Exchequer

 

129

 

Schedule  10,  page  458,  line  13,  at end insert—

 

“relevant

section

 
 

investment fund

259NZA”

 
 

(in Part 6A)

  
 

Mr Chancellor of the Exchequer

 

130

 

Schedule  10,  page  459,  leave out lines 31 to 42

 

Mr Chancellor of the Exchequer

 

131

 

Schedule  10,  page  459,  line  43,  after “paragraphs” insert “19,”

 


 

NEW CLAUSES, NEW SCHEDULES AND AMENDMENTS TO CLAUSES AND SCHEDULES

 

RELATING TO TAX AVOIDANCE AND EVASION

 

John McDonnell

 

Rebecca Long Bailey

 

NC12

 

Parliamentary Star    

To move the following Clause—

 

         

“Report on the impact of the criminal offences relating to offshore income,

 

assets and activities

 

(1)    

The Chancellor of the Exchequer shall, within one year of the coming into force

 

of the provisions in TMA 1970 relating to criminal offences relating to offshore

 

income, assets and activities introduced by section 165 of this Act publish a report

 

on the impact of the introduction of these offences.

 

(2)    

The report must include, but need not be limited to, information about—

 

(a)    

the number of persons who have been charged with offences under each

 

of sections 106B, 106C and 106D of TMA 1970;

 

(b)    

the number of persons who have been convicted of any such offence;

 

(c)    

the average fine imposed; and

 

(d)    

the number of people upon whom a custodial sentence has been imposed

 

for any such offence.”

 

 



 
 

Notices of Amendments: 31 August 2016                  

23

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

136

 

Clause  155,  page  241,  leave out lines 10 to 18 and insert—

 

“(d)    

a designated HMRC officer giving the taxpayer a pooling notice or a

 

notice of binding under Schedule 43A which—

 

(i)    

specifies the arrangements and the tax advantage which are

 

specified in the provisional counteraction notice, and

 

(ii)    

specifies the notified adjustments (or lesser adjustments) as the

 

counteraction that the officer considers ought to be taken;”

 

Mr Chancellor of the Exchequer

 

137

 

Clause  155,  page  241,  line  29,  after “the” insert “pooling notice or”

 


 

John McDonnell

 

Rebecca Long Bailey

 

167

 

Parliamentary Star    

Clause  163,  page  293,  line  25,  leave out “may” and insert ”must”

 

John McDonnell

 

Rebecca Long Bailey

 

168

 

Parliamentary Star    

Clause  163,  page  293,  line  41,  leave out “may” and insert ”must”

 

John McDonnell

 

Rebecca Long Bailey

 

169

 

Parliamentary Star    

Clause  163,  page  293,  line  43,  at end insert—

 

“(4E)    

The Commissioners must publish the information mentioned in subsection 4 in

 

the event of any conviction for money laundering or related offences relating to a

 

trust.”

 


 

John McDonnell

 

Rebecca Long Bailey

 

171

 

Parliamentary Star    

Clause  165,  page  295,  line  9,  at end insert “and that the person had an honest belief

 

that all of the information included was true and accurate”

 

John McDonnell

 

Rebecca Long Bailey

 

172

 

Parliamentary Star    

Clause  165,  page  295,  line  26,  at end insert “and that the person had an honest

 

belief that all of the information included was true and accurate”


 
 

Notices of Amendments: 31 August 2016                  

24

 

Finance Bill, continued

 
 

John McDonnell

 

Rebecca Long Bailey

 

173

 

Parliamentary Star    

Clause  165,  page  295,  line  40,  at end insert “and that the person had an honest

 

belief that all of the information included was true and accurate”

 


 

Caroline Flint

 

Dame Margaret Hodge

 

Stephen Kinnock

 

Karin Smyth

 

Mark Durkan

 

Mr David Nuttall

 

Roger Mullin

 

Caroline Lucas

 

Mr Philip Hollobone

 

Patrick Grady

 

Gareth Thomas

 

Joan Ryan

 

Rosie Cooper

 

Mr Kevan Jones

 

Ruth Smeeth

 

Tommy Sheppard

 

Mrs Sharon Hodgson

 

Tom Elliott

 

Danny Kinahan

 

Chris Stephens

 

Dr Philippa Whitford

 

Mr David Lammy

 

Melanie Onn

 

Jim Dowd

 

Carolyn Harris

 

Mr Virendra Sharma

 

Jeff Smith

 

Louise Haigh

 

John Spellar

 

Barbara Keeley

 

Mr Roger Godsiff

 

Tom Blenkinsop

 

Rob Marris

 

Kate Green

 

Stephen Timms

 

Paul Blomfield

 

Stephen Doughty

 

Rebecca Long Bailey

 

John McDonnell

 

Frank Field

 

John Pugh

 

Mrs Anne-Marie Trevelyan

 

 

145

 

Parliamentary Star    

Schedule  19,  page  589,  line  29,  at end insert—

 

“(6)    

The Treasury may by regulations require the group tax strategy to include a

 

country-by-country report.

 

(7)    

In this paragraph “country-by-country report” has the meaning given by the

 

Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting)

 

Regulations 2016.”

 


 

John McDonnell

 

Rebecca Long Bailey

 

163

 

Parliamentary Star    

Schedule  20,  page  609,  line  34,  at end insert “or 100% of any fee paid by Q to P in

 

respect of enabling Q to carry out offshore tax evasion or non-compliance”

 

John McDonnell

 

Rebecca Long Bailey

 

164

 

Parliamentary Star    

Schedule  20,  page  609,  line  40,  at end insert “or 100% of any fee paid by Q to P in

 

respect of enabling Q to carry out offshore tax evasion or non-compliance”.

 



 
 

Notices of Amendments: 31 August 2016                  

25

 

Finance Bill, continued

 
 

John McDonnell

 

Rebecca Long Bailey

 

165

 

Parliamentary Star    

Schedule  21,  page  618,  leave out lines 27 to 34 and insert—

 

70%

50%

35%

 
 

87.5%

58.75%

40%

 
 

100%

60%

40%

 
 

105%

62.5%

40%

 
 

125%

77.5%

55%

 
 

140%

85%

55%

 
 

150%

90%

60%

 
 

200%

115%

75%

 
 

John McDonnell

 

Rebecca Long Bailey

 

166

 

Parliamentary Star    

Schedule  21,  page  621,  leave out lines 8 to 15 and insert—

 

70%

50%

35%

 
 

87.5%

58.75%

40%

 
 

100%

60%

40%

 
 

105%

62.5%

40%

 
 

125%

77.5%

55%

 
 

140%

85%

55%

 
 

150%

90%

60%

 
 

200%

115%

75%

 
 


 

John McDonnell

 

Rebecca Long Bailey

 

170

 

Parliamentary Star    

Schedule  22,  page  627,  line  5,  leave out “100%” and insert “15%”

 



 
 

Notices of Amendments: 31 August 2016                  

26

 

Finance Bill, continued

 
 

NEW CLAUSES, NEW SCHEDULES AND AMENDMENTS TO CLAUSES RELATING TO VAT

 

on women’s sanitary products

 

Paula Sherriff

 

John McDonnell

 

Rebecca Long Bailey

 

NC4

 

Parliamentary Star    

To move the following Clause—

 

         

“Assessment of revenue from VAT on women’s sanitary products

 

(1)    

The Chancellor of the Exchequer must carry out an assessment of the revenue

 

raised from VAT on women’s sanitary products since 1 January 2001, and lay

 

before Parliament a report of that assessment within 12 months of this Act coming

 

into force.

 

(2)    

The report must include an estimate of the total revenue raised since January 2001

 

and provide information about government policy relating to this revenue.”

 

 


 

Mr Christopher Chope

 

140

 

Clause  125,  page  205,  line  32,  leave out from “after” to end of subsection and

 

insert “1 January 2017”.

 

Paula Sherriff

 

John McDonnell

 

Rebecca Long Bailey

 

142

 

Parliamentary Star    

Clause  125,  page  205,  line  32,  leave out “such” and insert “1 April 2017, or on any

 

prior”

 

Paula Sherriff

 

John McDonnell

 

Rebecca Long Bailey

 

144

 

Parliamentary Star    

Clause  125,  page  205,  line  32,  leave out “such” and insert “1 April 2018, or on any

 

prior”

 

Mr Chancellor of the Exchequer

 

161

 

Parliamentary Star    

Clause  125,  page  205,  line  33,  at end insert—

 

“( )    

The date appointed under subsection (5) must not be after the later of—

 

(a)    

1 April 2017, and

 

(b)    

the earliest date that may be appointed consistently with the United

 

Kingdom’s EU obligations.”

 



 
 

Notices of Amendments: 31 August 2016                  

27

 

Finance Bill, continued

 
 

NEW CLAUSES, NEW SCHEDULES AND AMENDMENTS TO CLAUSES and schedules

 

relating to capital gains tax

 

John McDonnell

 

Rebecca Long Bailey

 

NC14

 

Parliamentary Star    

To move the following Clause—

 

         

“Entrepreneur’s Relief: value for money

 

(1)    

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

 

Act, publish a report giving HM Treasury’s assessment of the value for money

 

provided by Entrepreneur’s Relief.

 

(2)    

The report shall have particular reference to—

 

(a)    

the cost to the Exchequer of the Relief;

 

(b)    

the number of individuals who have benefited from the Relief;

 

(c)    

the average tax deduction received by an individual as a result of the

 

Relief; and

 

(d)    

the number of new business start-ups since introduction of the Relief.”

 

 


 

John McDonnell

 

Rebecca Long Bailey

 

174

 

Parliamentary Star    

Page  167,  line  40,  leave out Clause 82

 

Mr Chancellor of the Exchequer

 

149

 

Parliamentary Star    

Clause  82,  page  167,  line  42,  leave out “(11)” and insert “(11A)”

 

Mr Chancellor of the Exchequer

 

150

 

Parliamentary Star    

Clause  82,  page  168,  leave out line 14 and insert—

 

“(c)    

carried interest gains (see subsections (12) and (13)).”

 

Kevin Hollinrake

 

143

 

Parliamentary Star    

Clause  82,  page  168,  line  14,  at end insert—

 

“, but a gain shall not be an upper rate gain if it accrues as a result of a

 

disposal of a UK residential property interest to an occupying tenant as

 

described in subsections (2B) to (2E).

 

(2B)    

A disposal of a UK residential property shall be treated as a disposal to an

 

occupying tenant if conditions A to C are met.

 

(2C)    

Condition A is that the person purchasing the UK residential property interest is

 

a tenant of the property with a tenancy held under one of the following—

 

(a)    

Housing Act 1988;

 

(b)    

Rent Act 1977; or

 

(c)    

Housing (Scotland) Act 1988.

 

(2D)    

Condition B is that the tenant has been in occupation of the subject property for

 

a period of not less than one calendar year.


 
 

Notices of Amendments: 31 August 2016                  

28

 

Finance Bill, continued

 
 

(2E)    

Condition C is that the disposal to the tenant has been for a monetary

 

consideration at a fair market rate.

 

(2F)    

The Secretary of State may, by order, add or remove tenancy types from the list

 

in subsection 2C.”

 

Member’s explanatory statement

 

This amendment would move certain types of residential property disposals from the category of

 

higher rate chargeable gains, charged at 28%, to the lower rate, charged at 20%. A relevant UK

 

property disposal would not be a higher rate gain if all conditions outlined in subsections (2C) to

 

(2E) were met.

 

Mr Chancellor of the Exchequer

 

151

 

Parliamentary Star    

Clause  82,  page  169,  line  4,  at end insert—

 

“(11A)    

After subsection (11) insert—

 

“(12)    

In subsection (2A)(c) “carried interest gains” means—

 

(a)    

gains treated as accruing under section 103KA(2) or (3), and

 

(b)    

gains accruing to an individual as a result of carried interest

 

arising to the individual where—

 

(i)    

the individual performs investment management

 

services directly or indirectly in respect of an investment

 

scheme under arrangements not involving a partnership,

 

(ii)    

the carried interest arises to the individual under the

 

arrangements, and

 

(iii)    

the carried interest does not constitute a co-investment

 

repayment or return.

 

(13)    

For the purposes of subsection (12)(b)—

 

(a)    

“carried interest”, in relation to any arrangements, has the same

 

meaning as in section 809EZB of ITA 2007 (see sections

 

809EZC and 809EZD of that Act);

 

(b)    

carried interest “arises” to an individual if it arises to him or her

 

for the purposes of Chapter 5E of Part 13 of ITA 2007;

 

(c)    

“arrangements”, “investment management services” and

 

“investment scheme” have the same meanings as in that Chapter

 

(see sections 809EZA(6) and 809EZE of that Act);

 

(d)    

“co-investment repayment or return” has the same meaning as in

 

section 103KA.”

 


 

John McDonnell

 

Rebecca Long Bailey

 

175

 

Parliamentary Star    

Schedule  14,  page  481,  line  36,  at end insert—

 

“(12)    

Section 169Z makes provision about the expiration of this Chapter.”


 
PreviousBack to StartNext
 

Revised 31 August 2016