Session 2017-19
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Other Bills before Parliament


 
 

1

 

House of Commons

 
 

Notices of Amendments

 

given up to and including

 

Wednesday 25 October 2017

 

New Amendments handed in are marked thus Parliamentary Star

 

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

 

Amendments tabled since the last publication: NC2

 

Consideration of Bill (Report Stage)


 

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withdrawn amendments at the end.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 the

 

order in which they relate to the Bill.

 

 


 

New Clauses

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

NC1

 

Parliamentary Star - white    

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,


 
 

Notices of Amendments: 25 October 2017                  

2

 

Finance Bill, continued

 
 

(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provisions were repealed.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 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.

 


 

Stella Creasy

 

NC2

 

Parliamentary Star    

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.

 

 



 
 

Notices of Amendments: 25 October 2017                  

3

 

Finance Bill, continued

 
 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

1

 

Parliamentary Star - white    

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

 

Parliamentary Star - white    

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

 

Parliamentary Star - white    

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).

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

7

 

Parliamentary Star - white    

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.


 
 

Notices of Amendments: 25 October 2017                  

4

 

Finance Bill, continued

 
 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

8

 

Parliamentary Star - white    

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.

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

9

 

Parliamentary Star - white    

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

 

Parliamentary Star - white    

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

 

“(5A)    

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

 

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.


 
 

Notices of Amendments: 25 October 2017                  

5

 

Finance Bill, continued

 
 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

11

 

Parliamentary Star - white    

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.

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

4

 

Parliamentary Star - white    

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

 

Parliamentary Star - white    

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

 

Parliamentary Star - white    

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).


 
 

Notices of Amendments: 25 October 2017                  

6

 

Finance Bill, continued

 
 

(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.

 

 

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)

  

 
 

Notices of Amendments: 25 October 2017                  

7

 

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.

 


 

 

Revised 25 October 2017