Session 2017-19
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1

 

House of Commons

 
 

Tuesday 31 October 2017

 

Consideration of Bill (Report Stage)

 

New Amendments handed in are marked thus Parliamentary Star

 

Parliamentary Star - whiteAmendments which will comply with the required notice period at their next appearance

 

Finance Bill, As Amended


 

Note

 

This document includes all amendments tabled to date and includes any

 

withdrawn amendments at the end. The amendments have been arranged in

 

accordance with the Finance Bill Programme (No.2) Motion to be moved by the

 

Chancellor of the Exche quer.

 

 


 

New Clauses, New Schedules and Amendments Relating to deeming

 

individuals to be domiciled in the United Kingdom or to Settlements with

 

a Settlor Domiciled OUtside the United KIngdom at any Time

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

NC1

 

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provisions were repealed.


 
 

Consideration of Bill (Report Stage): 31 October 2017      

2

 

Finance Bill, continued

 
 

(3)    

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

 

trusts” means the provisions inserted 18 to 38 and 40 of Schedule 8 to this Act.

 

(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.

 

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

4

 

Schedule  8,  page  501,  line  25,  leave out paragraphs 18 to 40

 

Member’s explanatory statement

 

This amendment would remove the exemption from the new provisions for deemed domicile in

 

Clause 29 for overseas trusts.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

5

 

Schedule  8,  page  501,  line  28,  leave out “D” and insert “E”

 

Member’s explanatory statement

 

This amendment paves the way for Amendment 6.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

6

 

Schedule  8,  page  502,  line  14,  at end insert—

 

“(8A)    

Condition E is that the settlor registers the source of the property or income on a

 

public register in a manner prescribed by regulations.

 

(8B)    

The Treasury shall by regulations prescribe the manner for public registration of

 

the source of property or income for the purposes of subsection (8A).

 

(8C)    

A statutory instrument containing regulations under subsection (8B) may not be

 

made unless a draft of it has been laid before, and approved by a resolution of, the

 

House of Commons.”

 

Member’s explanatory statement

 

This amendment would require the beneficiary of an overseas trust to provide information about

 

the sources of the property or income on a public register.


 
 

Consideration of Bill (Report Stage): 31 October 2017      

3

 

Finance Bill, continued

 
 

Chancellor of the Exchequer

 

17

 

Schedule  8,  page  521,  line  18,  leave out “or” and insert “and”

 


 

New Clauses, new Schedules and amendments 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

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

1

 

Clause  5,  page  14,  line  15,  leave out “different” and insert “higher”

 

Member’s explanatory statement

 

This amendment removes the power for the Treasury to reduce the £30,000 threshold in connection

 

with the taxation of termination payments by regulations.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

2

 

Clause  5,  page  14,  leave out lines 20 to 23

 

Member’s explanatory statement

 

This amendment is consequential upon Amendment 1.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

3

 

Clause  5,  page  14,  leave out lines 27 and 28 and insert—

 

“(2)    

“Injury” in subsection (1) includes—

 

(a)    

psychiatric injury, and

 

(b)    

injured feelings.”

 

Member’s explanatory statement

 

This amendment explicitly includes (rather than excludes) injured feelings within the definition of

 

“injury” for the purposes of payments which are excluded from the provisions of Chapter 3 of Part

 

6 of the Income Tax (Earnings and Pensions) Act 2003 (payments and benefits on termination of

 

employment).

 



 
 

Consideration of Bill (Report Stage): 31 October 2017      

4

 

Finance Bill, continued

 
 

New Clauses, new Schedules and amendments relating to digital

 

reporting and record-keeping; Remaining New Clauses, New Schedules,

 

Amendments to remaining Clauses and Schedules and Remaining

 

proceedings on Consideration

 

New Clauses, new Schedules and amendments relating to digital

 

reporting and record-keeping

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

7

 

Clause  60,  page  78,  line  19,  after “day”, insert “no earlier than 1 January 2022”

 

Member’s explanatory statement

 

This amendment provides that the provisions for digital reporting in Clause 60 may not be brought

 

into force before 2022.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

8

 

Clause  60,  page  78,  line  20,  at end insert—

 

“(4A)    

No regulations may be made under subsection (4) until 90 days after the

 

Chancellor of the Exchequer has laid a report before the House of Commons

 

which sets out—

 

(a)    

the steps which HMRC has undertaken to establish that suitable software

 

is available;

 

(b)    

the results of the testing by HMRC and others of that software, and

 

(c)    

the reasons why mandatory use of the software is in the interest of HMRC

 

and taxpayers.”

 

Member’s explanatory statement

 

This amendment would require the Chancel/or of the Exchequer to report on software suitability

 

and testing before giving effect to the provisions of Clause 60.

 



 
 

Consideration of Bill (Report Stage): 31 October 2017      

5

 

Finance Bill, continued

 
 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

9

 

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.

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

10

 

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.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

11

 

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.

 



 
 

Consideration of Bill (Report Stage): 31 October 2017      

6

 

Finance Bill, continued

 
 

Remaining New Clauses, New Schedules ANd Amendments to Remaining

 

Clauses and Schedules; Remaining proceedings on Consideration

 

Stella Creasy

 

Sir Peter Bottomley

 

Ms Angela Eagle

 

Mike Gapes

 

Julie Elliott

 

Ian Murray

Phil Wilson

Alison McGovern

Wes Streeting

John Woodcock

Stephen Kinnock

Angela Smith

Vernon Coaker

David Hanson

Gareth Snell

Liz Kendall

Heidi Alexander

Neil Coyle

Rachel Reeves

Luciana Berger

Ann Coffey

Peter Kyle

Ruth Smeeth

Chuka Umunna

Mr Adrian Bailey

Toby Perkins

 

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.

 



 
 

Consideration of Bill (Report Stage): 31 October 2017      

7

 

Finance Bill, continued

 
 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

NC3

 

To move the following Clause—

 

         

“Income provided through third parties: review of effects generally and in

 

relation to sports image rights

 

(1)    

The Chancellor of the Exchequer shall, no later than 21 July 2019, undertake a

 

review of the effects of the changes made in relation to income provided through

 

third parties.

 

(2)    

The review under subsection (1) shall consider in particular the effects in relation

 

to sports image rights.

 

(3)    

The Chancellor of the Exchequer shall lay before the House of Commons a report

 

of the review under this section no later than 15 October 2019.

 

(4)    

In this section—

 

“the changes made in relation to income provided through third parties”

 

means the provisions of sections 34 and 35 of and Schedule 11 to this

 

Act,

 

“sports image rights” means the rights or purported rights, whether or not

 

protected or capable of protection under any relevant laws, associated

 

with the identity or activities of a person where those rights or purported

 

rights are associated with their participation or former participation in a

 

sport.”

 

Member’s explanatory statement

 

This new clause requires the Chancellor of the Exchequer to carry out and publish a review of the

 

effects of provisions for disguised remuneration in relation to income provided through third

 

parties, including particularly the effects in relation to sports image rights.

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

nc4

 

To move the following Clause—

 

         

“Impact analyses of provisions of this Act

 

(1)    

The Chancellor of the Exchequer must review the impact of the provisions of this

 

Act in accordance with this section and lay a report of that review before the

 

House of Commons within six months of the passing of this Act.

 

(2)    

A review under this section must consider—

 

(a)    

the impact of those provisions on households at different levels of

 

income,

 

(b)    

the impact of those provisions on people with protected characteristics

 

(within the meaning of the Equality Act 2010), and


 
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Revised 30 October 2017