Session 2017-19
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1

 

House of Commons

 
 

Notices of Amendments

 

given up to and including

 

Friday 2 February 2018

 

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: 1 to 4

 

Consideration of Bill (Report Stage)


 

Finance (No. 2) 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withdrawn amendments at the end.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.

 

 


 

Charlie Elphicke

 

Caroline Flint

 

Mr lain Duncan Smith

 

Mr Alistair Carmichael

 

Alison McGovern

 

Mr Jacob Rees-Mogg

Mr Virenda Sharma

Mr Alister Jack

Steve Double

Kate Hoey

Richard Drax

Craig Mackinlay

Gavin Robinson

Stephen Lloyd

Mr Bernard Jenkin

Mr John Whittingdale

 

NC1

 

To move the following Clause—

 

         

“Gifts to referendum campaigns

 

(1)    

Section 24 of IHTA 1984 (gifts to political parties) is amended as follows.

 

(2)    

In subsection (1), after paragraph (a), insert—


 
 

Notices of Amendments: 2 February 2018                  

2

 

Finance (No. 2) Bill, continued

 
 

“(b)    

are attributable to property which becomes the property of a referendum

 

campaign qualifying for exemption under this section.”

 

(3)    

After subsection (2), insert—

 

“(2A)    

A referendum campaign qualifies under this section if it was designated

 

by the Electoral Commission as a permitted participant in a referendum

 

within the meaning of—

 

(a)    

Part 7 of the Political Parties, Elections and Referendums Act

 

2000,

 

(b)    

paragraph 2 of Schedule 4 to the Scottish Independence

 

Referendum Act 2014, or

 

(c)    

Part 7 of the Act Political Parties, Elections and Referendums

 

Act 2000 as modified in its application by Schedule 1 to the

 

European Union Referendum Act 2015.”

 

(4)    

The changes made by subsections (2) and (3) are to be regarded as always having

 

had effect”.

 

Member’s explanatory statement

 

This new clause extends the exemption from inheritance tax for gifts to political parties to gifts to

 

referendum campaigns operating under the framework of the Political Parties, Elections and

 

Referendums Act 2000 (including the AV referendum) or the provisions of that referendum as

 

modified (including for the Scottish independence referendum and for the EU referendum).

 


 

Sir Vince Cable

 

Norman Lamb

 

NC2

 

To move the following Clause—

 

         

“Review of income tax revenue

 

(1)    

The Office for Budget Responsibility must review the revenue raised by the rates

 

of income tax within six months of the passing of this Act.

 

(2)    

A review under this section must consider revenue raised by the rates of income

 

tax specified in sections 3 and 4.

 

(3)    

A review under this section must also consider the effect on revenue of raising

 

each of the rates of income tax specified in sections 3 and 4 by one percentage

 

point.

 

(4)    

The Chancellor of the Exchequer must lay before the House of Commons the

 

report of the review under this section as soon as practicable after its completion.”

 

Member’s explanatory statement

 

This new clause provides for a review of the revenue raised at the rates of income tax specified by

 

Clauses 3 and 4 of the Bill and the effect on revenue of raising each of those rates by one

 

percentage point.

 

 



 
 

Notices of Amendments: 2 February 2018                  

3

 

Finance (No. 2) Bill, continued

 
 

Stella Creasy

 

3

 

Parliamentary Star    

Schedule  8,  page  103,  line  41,  at end insert—

 

“21A      

After section 461 (counter-acting effect of avoidance arrangements) insert—

 

“Chapter 11

 

Review

 

461A  

Review

 

(1)    

Within six months of the passing of the Finance Act 2018, the Chancellor of the

 

Exchequer shall undertake a review of the effects of amending the operation of

 

this Part in relation to the excess profits of PFI companies.

 

(2)    

For the purposes of the review under this section, it shall be assumed that the

 

operation of this Part would be amended so as to—

 

(a)    

deduct the uncompensated excess profit amount of PFI companies from

 

the aggregate of the interest allowances of the group for periods before

 

the current period so far as they are available in the current period for the

 

purposes of calculating the interest capacity of a worldwide group under

 

section 392 (the interest capacity of a worldwide group for a period of

 

account),

 

(b)    

provide that, for groups that contain a PFI company, the uncompensated

 

excess profit amount for a period is equal to the group excess profit

 

amount less the aggregate amount by which the group’s taxable profit has

 

been reduced in prior periods as a result of such provisions,

 

(c)    

provide that the group excess profit amount for any period will be the

 

aggregate PFI excess profit amount for each PFI company in the group,

 

and

 

(d)    

provide that the PFI excess profit amount for a PFI company for a period

 

will be the amount by which the internal rate of return on shares and

 

related party debt in that company (from inception to the end of the

 

previous accounting period) exceeds the internal rate of return set in the

 

relevant PFI contract or, if no such return was specified, 10%.

 

(3)    

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.

 

(4)    

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

 

before the House of Commons as soon as practicable after its completion.”

 

Member’s explanatory statement

 

This amendment requires a review about the effects of making provision to discount the excess

 

profits of a PFI company for the purpose of calculating the aggregate of the interest allowance of

 

worldwide groups in the provisions of Part 10 of the Taxation (International and Other Provisions)

 

Act 2010.

 

Stella Creasy

 

4

 

Parliamentary Star    

Schedule  8,  page  105,  line  17,  at end insert—

 

“26A      

The amendments made by paragraph 21A have effect from the day on this Act

 

is passed.”

 

Member’s explanatory statement

 

This amendment is consequential on Amendment 3.

 



 
 

Notices of Amendments: 2 February 2018                  

4

 

Finance (No. 2) Bill, continued

 
 

Stella Creasy

 

1

 

Parliamentary Star    

Schedule  9,  page  134,  line  2,  at end insert—

 

“34A      

After paragraph 81 insert—

 

“Part 10

 

Review of entities on which the bank levy is charged

 

82  (1)  

Within six months of the passing of the Finance Act 2018, the Chancellor of

 

the Exchequer shall undertake a review of the provisions in this Schedule

 

defining which groups are covered by the bank levy.

 

      (2)  

The review shall consider in particular—

 

(i)    

the adequacy of those provisions in applying the bank levy to

 

groups that are—

 

(a)    

not a group in paragraph 4(2) and

 

(b)    

derive their income from investments in the manner

 

of a group in paragraph 4(2),

 

(ii)    

the adequacy of the groups in paragraph 4(2) in charging the

 

bank levy to lending and investment entities,

 

(iii)    

the degree to which the groups in paragraph 4(2) reflect

 

lending and investment entities that have entered into

 

contracts with public sector bodies,

 

(iv)    

the adequacy of the definition of “investment group” in

 

paragraph 12(9) in reflecting lending and investment entities

 

that have entered into contracts with public sector bodies, and

 

(v)    

the revenue effects of changes to include lending and

 

investment entities that have entered into contracts with

 

public sector bodies within groups covered by the levy.

 

      (3)  

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

 

paragraph before the House of Commons as soon as practicable after its

 

completion.”

 

Member’s explanatory statement

 

This amendment requires a review about the appropriate extent of the bank levy in terms of the

 

lending and investment entities which it covers, considering the extent to which it covers PFI

 

finance groups and assessing the revenue effects of such an extension.

 

Stella Creasy

 

2

 

Parliamentary Star    

Schedule  9,  page  134,  line  10,  at end insert—

 

“37      

The amendments made by paragraph 34A have effect from the day on this Act

 

is passed.”

 

Member’s explanatory statement

 

This amendment is consequential on Amendment 1.

 

 

ORDER OF THE HOUSE [11 DECEMBER 2017]

 

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—

 

(a)    

Clause 8 (exemption for armed forces’ accommodation allowances);


 
 

Notices of Amendments: 2 February 2018                  

5

 

Finance (No. 2) Bill, continued

 
 

(b)    

Clause 33 and Schedule 9 (the bank levy);

 

(c)    

Clauses 40 and 41 and Schedule 11 (stamp duty land tax);

 

(d)    

New Clauses or new Schedules relating to—

 

(i)   The income tax treatment of armed forces’ accommodation

 

         allowances,

 

(ii)   The bank levy,

 

(iii) Stamp duty land tax,

 

(iv) The effect of the Bill on equality, or

 

(v)    The effect of the Bill on tax avoidance or evasion.

 

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 two

 

days.

 

4.    

Those proceedings shall be taken on each of those days 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

 
 

First day

  
 

Clause 33, Schedule 9, new

3 hours from commencement of

 
 

Clauses and new Schedules

proceedings on the Bill on the first

 
 

relating to the bank levy

day

 
 

Clause 40, Schedule 11, Clause

6 hours from commencement of

 
 

41, Clause 8, new Clauses and

proceedings on the Bill on the first

 
 

Schedules relating to stamp duty

day

 
 

land tax, new Clauses and

  
 

Schedules relating to the income

  
 

tax treatment of armed forces’

  
 

accommodation allowances

  
 

Second day

  
 

New Clauses and new Schedules

3 hours from commencement of

 
 

relating to the effect of the Bill on

proceedings on the Bill on the second

 
 

equality

day

 
 

New Clauses and new Schedules

6 hours from commencement of

 
 

relating to the effect of the Bill on

proceedings on the Bill on the second

 
 

tax avoidance or evasion

day

 
 

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 Thursday 18 January 2018.

 

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


 
 

Notices of Amendments: 2 February 2018                  

6

 

Finance (No. 2) Bill, continued

 
 

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 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 02 February 2018