Session 2017-19
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Notices of Amendments: 7 February 2018                  

8

 

Finance (No. 2) Bill, continued

 
 

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

 

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.

 


 

New Clauses, new Schedules and amendments relating to stamp duty land

 

tax; remaining new Clauses, new Schedules and amendments to Clauses

 

and Schedules; remaining proceedings on Consideration

 

New Clauses, new Schedules and amendments relating to stamp duty land

 

tax

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

NC7

 

Parliamentary Star    

To move the following Clause—

 

         

“Review of relief for first-time buyers

 

(1)    

The Commissioners of Her Majesty’s Revenue and Customs shall undertake a

 

review of the impact of the relief for first-time buyers introduced in Schedule

 

6ZA to FA 2003.

 

(2)    

The review shall consider, in particular, the effects of the relief on—

 

(a)    

the public revenue,


 
 

Notices of Amendments: 7 February 2018                  

9

 

Finance (No. 2) Bill, continued

 
 

(b)    

house prices, and

 

(c)    

the supply of housing.

 

(3)    

The Chancellor of the Exchequer must lay a copy of a report of the review under

 

this section before the House of Commons no later than one calendar week prior

 

to the date which he has set for his Autumn 2018 Budget Statement.”

 

Member’s explanatory statement

 

This new clause requires a review to be published prior to the Autumn 2018 Budget on the impact

 

of the relief for first-time buyers, including its effects on house prices and on the supply of housing.

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Peter Dowd

 

Jonathan Reynolds

 

Anneliese Dodds

 

NC8

 

Parliamentary Star    

To move the following Clause—

 

         

“Annual report on relief for first-time buyers

 

(1)    

The Chancellor of the Exchequer must prepare and lay before the House of

 

Commons a report for each relevant period on the operation of the relief for first-

 

time buyers introduced in Schedule 6ZA to FA 2003 not less than three months

 

after the end of the relevant period.

 

(2)    

The report shall include, in particular, information in respect of the relevant

 

period on—

 

(a)    

the number of first-time buyers benefiting from the relief,

 

(b)    

the number of purchases benefiting from the relief,

 

(c)    

the average age of first-time buyers benefiting from the relief,

 

(d)    

the effects on the operation of the private rented sector,

 

(e)    

the effects on council housing and other social housing,

 

(f)    

the effects on the supply of affordable housing, and

 

(g)    

the effects on the operation of collective investment schemes under Part

 

17 of the Financial Services and Markets Act 2000.

 

(3)    

For the purposes of this section, “relevant period” means—

 

(a)    

the period from 22 November 2017 to 5 April 2018,

 

(b)    

each period of 12 months beginning on 6 April during which the relief is

 

in effect, and

 

(c)    

the period beginning on 6 April and ending with the day on which the

 

relief ceases to have effect.”

 

Member’s explanatory statement

 

This new clause requires an annual report on the operation of the relief for first-time buyers,

 

including information on the beneficiaries and effects on different aspects of housing supply.

 

 



 
 

Notices of Amendments: 7 February 2018                  

10

 

Finance (No. 2) Bill, continued

 
 

remaining new Clauses, new Schedules and amendments to Clauses and

 

Schedules

 

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—

 

“(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).

 



 
 

Notices of Amendments: 7 February 2018                  

11

 

Finance (No. 2) Bill, continued

 
 

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.

 

 

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);

 

(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.      


 
 

Notices of Amendments: 7 February 2018                  

12

 

Finance (No. 2) Bill, continued

 
 

      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

 

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.

 


 
 

Notices of Amendments: 7 February 2018                  

13

 

Finance (No. 2) Bill, continued

 
 

Finance (No. 2) Bill (Programme (No. 2))

 

Mr Chancellor of the Exchequer

 

That the Order of 11 December 2017 (Finance (No. 2) Bill (Programme)) be varied as

 

follows:

 

1.    

Paragraphs (10) and (11) of the Order shall be omitted.

 

2.    

Proceedings on Consideration shall be taken in the order shown in the first

 

column of the following Table.

 

3.    

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.

 

      TABLE

 

Proceedings

Time for conclusion of proceedings

 
 

New Clauses, new Schedules and

Two hours after the commencement

 
 

amendments relating to the effect

of proceedings on the Motion for

 
 

of the Bill on equality

this Order

 
 

New Clauses, new Schedules and

Three and a half hours after the

 
 

amendments relating to the bank

commencement of proceedings on

 
 

levy; new Clauses, new Schedules

the Motion for this Order

 
 

and amendments relating to the

  
 

effect of the Bill on tax avoidance

  
 

or evasion

  
 

New Clauses, new Schedules and

Five hours after the commencement

 
 

amendments relating to stamp duty

of proceedings on the Motion for

 
 

land tax; remaining new Clauses,

this Order

 
 

new Schedules and amendments to

  
 

Clauses and Schedules; remaining

  
 

proceedings on Consideration

  
 

4.    

Proceedings in legislative grand committee shall (so far as not previously

 

concluded) be brought to a conclusion five hours after the commencement of

 

proceedings on the Motion for this Order.

 

5.    

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

 

brought to a conclusion six hours after the commencement of proceedings on

 

the Motion for this Order.

 


 
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Revised 07 February 2018