Session 2017-19
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Other Bills before Parliament


 
 

Public Bill Committee: 19 October 2017                  

8

 

Finance Bill, continued

 
 

Peter Dowd

 

Anneliese Dodds

 

Jeff Smith

 

34

 

Clause  61,  page  78,  line  34,  after “day”, insert “no earlier than 1 January 2022”.

 

Member’s explanatory statement

 

This amendment provides that the provisions for digital reporting in Schedule 14 and Clause 61

 

may not be brought into force before 2022.

 


 

Peter Dowd

 

Anneliese Dodds

 

Jeff Smith

 

35

 

Clause  62,  page  79,  line  12,  at end insert—

 

“(5A)    

No regulations may be made under sub-paragraph (5) on a day prior to 1 January

 

2022.”

 

Member’s explanatory statement

 

This amendment provides that the provisions for digital reporting in Clause 62 may not be brought

 

into force before 2022.

 

Kirsty Blackman

 

David Linden

 

38

 

Clause  62,  page  79,  line  12,  at end insert—

 

“(5A)    

But no regulations may be made by the Commissioners unless the conditions in

 

sub-paragraphs (5B) to (5D) are met.

 

(5B)    

The condition in this sub-paragraph is that the first regulations may not be made

 

until after the Commissioners have undertaken an assessment of the impact of the

 

implementation of the provisions of those regulations on—

 

(a)    

small businesses that have limited technological connectedness,

 

(b)    

businesses in rural areas, and

 

(c)    

businesses that are likely to have been affected by the closure of HMRC

 

offices.

 

(5C)    

The condition in this sub-paragraph is that the Commissioners have prepared an

 

assessment of the likely effects of making regulations in the form of a draft which

 

has been laid before the House of Commons by the Treasury.

 

(5D)    

The condition in this sub-paragraph is that the House of Commons has resolved

 

that regulations should be made in the form of a draft laid in accordance with sub-

 

paragraph (5C).”

 

Member’s explanatory statement

 

This amendment would provide for implementation of the provisions for making tax digital in

 

relation to VAT to take place only following a review of impact on specific groups and provision

 

for regulations to be subject to approval by resolution of the House of Commons.


 
 

Public Bill Committee: 19 October 2017                  

9

 

Finance Bill, continued

 
 

Peter Dowd

 

Anneliese Dodds

 

Jeff Smith

 

36

 

Clause  62,  page  79,  line  19,  at end insert—

 

“(6A)    

Regulations under sub-paragraph (5) may not impose mandatory requirements

 

for businesses to generate quarterly updates.”

 

Member’s explanatory statement

 

This amendment provides that any system for quarterly updates to be generated must not be

 

mandatory.

 

Stella Creasy

 

10

 

Clause  62,  page  80,  line  13,  at end insert—

 

“(12)    

Before making regulations under sub-paragraph (5) and in any case within three

 

months of the passing of the Finance (No. 2) Act 2017, the Commissioners shall

 

lay before the House of Commons an assessment on the effects on compliance

 

with the requirements of those regulations by small businesses of the United

 

Kingdom’s withdrawal from the European Union.”

 

Member’s explanatory statement

 

This amendment requires HMRC to publish an assessment of the effects on electronic VAT records

 

requirements for small business of the UK’s withdrawal from the EU.

 


 

New Clauses

 

Stella Creasy

 

NC1

 

To move the following Clause—

 

         

“Review of relief from corporation tax relief for PFI companies

 

(1)    

Within three months of the passing of this Act, the Commissioners for Her

 

Majesty’s Revenue and Customs shall complete a review about how corporation

 

tax relief is given for losses, deficits, expenses and other amounts of PFI

 

companies.

 

(2)    

For the purposes of this section, “a PFI company” means a company which has

 

entered into a contract with a public sector body under the Private Finance

 

Initiative or the PF2 initiative.

 

(3)    

The Chancellor of the Exchequer shall lay a report of the review under this section

 

before the House of Commons within three months of its completion.”

 

Member’s explanatory statement

 

This new clause requires a review to be undertaken of the corporation tax reliefs available to PFI

 

companies.

 



 
 

Public Bill Committee: 19 October 2017                  

10

 

Finance Bill, continued

 
 

Stella Creasy

 

NC2

 

To move the following Clause—

 

         

“Taxation of chargeable gains: review of treatment of commercial property

 

held by persons with foreign domicile

 

(1)    

The Taxation of Chargeable Gains Act 1992 is amended as follows.

 

(2)    

After section 14 (non-resident groups of companies), insert—

 

         

“Review of treatment of commercial property held by persons with

 

foreign domicile

 

(1)    

Within three months of the passing of the Finance (No. 2) Act 2017, the

 

Commissioners for Her Majesty’s Revenue and Customs shall complete

 

a review about the taxation of chargeable gains held by persons with

 

foreign domicile.

 

(2)    

The review shall consider in particular the implications if the treatment

 

of commercial property were to be the same as the treatment of

 

residential property under section 4BB(2).

 

(3)    

The Chancellor of the Exchequer shall lay a report of the review under

 

this section before the House of Commons within three months of its

 

completion.””

 

Member’s explanatory statement

 

This new clause requires a review to be undertaken of the treatment of capital gains on commercial

 

property disposed of by UK taxpayers with a foreign domicile.

 


 

Peter Dowd

 

Anneliese Dodds

 

Jeff Smith

 

NC3

 

To move the following Clause—

 

         

“Deemed domicile: review of protection of overseas trusts

 

(1)    

Within fifteen months of the passing of this Act, the Commissioners for Her

 

Majesty’s Revenue and Customs shall complete a review about the operation of

 

the provisions for the protection of overseas trusts in relation to deemed domicile.

 

(2)    

The review shall in particular consider—

 

(a)    

the effects of those provisions on the Exchequer,

 

(b)    

the behavioural effects of those provisions, and

 

(c)    

the effects on the matters specified in paragraphs (a) and (b) if those

 

provisions were repealed.

 

(3)    

For the purposes of this section, “the provisions for the protection of overseas

 

trusts” means the provisions inserted by paragraphs 18 to 38 and 40 of Schedule

 

8 to this Act.


 
 

Public Bill Committee: 19 October 2017                  

11

 

Finance Bill, continued

 
 

(4)    

The Chancellor of the Exchequer shall lay a report of the review under this section

 

before the House of Commons within three months of its completion.”

 

Member’s explanatory statement

 

This new clause requires a review to be undertaken of the effects of the provisions for protecting

 

overseas trusts from the new provisions in relation to deemed domicile.

 

 

Order of the House [12 September 2017]

 

That the following provisions shall apply to the Finance Bill:

 

Committal

 

1.    

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

 

(a)    

Clause 5 (termination payments etc amounts chargeable on

 

employment income) and any new Clauses or new Schedules relating

 

to the tax treatment of payments or benefits received in connection

 

with the termination of an employment or a change in the duties in,

 

or earnings from, an employment;

 

(b)    

Clause 15 (business investment relief) and any new Clauses or new

 

Schedules relating to the conditions under which business

 

investment relief in Chapter A1 of Part 14 of the Income Tax Act

 

2007 is available;

 

(c)    

Clause 25 (trading profits taxable at the Northern Ireland rate) and

 

any new Clauses or new Schedules relating to the extent to which

 

trading profits are chargeable to corporation tax at the Northern

 

Ireland rate.

 

2.    

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

 

Proceedings in Committee of the whole House

 

3.    

Proceedings in Committee of the whole House shall be completed in one day.

 

4.    

Those proceedings shall be taken in the order shown in the first column of the

 

following Table.

 

5.    

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

 

brought to a conclusion at the times specified 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

 

Proceedings

Time for conclusion of proceedings

 
 

Proceedings committed under

2 hours from commencement of

 
 

paragraph (1)(a) (termination

proceedings on the Bill

 
 

payments etc)

  
 

Proceedings committed under

4 hours from commencement of

 
 

paragraph (1)(b) (business

proceedings on the Bill

 
 

investment relief)

  
 

Proceedings committed under

6 hours from commencement of

 
 

paragraph (1)(c) (trading profits

proceedings on the Bill

 
 

taxable at the Northern Ireland

  
 

rate)

  

 
 

Public Bill Committee: 19 October 2017                  

12

 

Finance Bill, continued

 
 

Proceedings in Public Bill Committee etc

 

7.    

Proceedings in the Public Bill Committee shall (so far as not previously

 

concluded) be brought to a conclusion on 26 October 2017.

 

8.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

9.    

When the provisions of the Bill considered, respectively, by the Committee

 

of the whole House and by the Public Bill Committee have been reported to

 

the House, the Bill shall be proceeded with as if it had been reported as a

 

whole to the House from the Public Bill Committee.

 

Proceedings on Consideration and up to and including Third Reading

 

10.    

Proceedings on Consideration and any proceedings in legislative grand

 

committee shall (so far as not previously concluded) be brought to a

 

conclusion one hour before the moment of interruption on the day on which

 

proceedings on Consideration are commenced.

 

11.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.

 

12.    

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

 

proceedings on Consideration and up to and including Third Reading.

 

 

Order of the Committee [17 October 2017]

 

That—

 

(1)  

the Committee shall (in addition to its first meeting at 9.25 am on Tuesday 17

 

October) meet—

 

(a)  

at 2.00 pm on Tuesday 17 October; 

 

(b)  

at 11.30 am and 2.00 pm on Thursday 19 October;

 

(c)  

at 9.25 am and 2.00 pm on Tuesday 24 October;

 

(d)  

at 11.30 am and 2.00 pm on Thursday 26 October;

 

(2)  

the proceedings shall be taken in the following order: Clauses 1 to 4; Clauses

 

6 to 14; Schedule 1; Clause 16; Schedule 2; Clause 17; Schedule 3; Clause

 

18; Schedule 4; Clauses 19 and 20; Schedule 5; Clause 21; Schedule 6;

 

Clauses 22 to 24; Schedule 7; Clauses 26 to 29; Schedule 8; Clauses 30 and

 

31; Schedule 9; Clauses 32 and 33; Schedule 10; Clause 34; Schedule 11;

 

Clause 35; Schedule 12; Clauses 36 to 55; Schedule 13; Clauses 56 to 61;

 

Schedule 14; Clauses 62 and 63; Schedule 15; Clauses 64 and 65; Schedule

 

16; Clause 66; Schedule 17; Clause 67; Schedule 18; Clauses 68 to 72; new

 

Clauses; new Schedules; remaining proceedings on the Bill;

 

(3)  

the proceedings shall (so far as not previously concluded) be brought to a

 

conclusion at 5.00 pm on Thursday 26 October.

 


 
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Revised 18 October 2017