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Notices of Amendments: 16 February 2018                  

8

 

Finance (No. 2) Bill, continued

 
 

“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

 

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: 16 February 2018                  

9

 

Finance (No. 2) Bill, continued

 
 

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

 

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,

 

(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

 

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,


 
 

Notices of Amendments: 16 February 2018                  

10

 

Finance (No. 2) Bill, continued

 
 

(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.

 

 


 

remaining new Clauses, new Schedules and amendments to Clauses and

 

Schedules

 

Charlie Elphicke

 

Caroline Flint

 

Mr lain Duncan Smith

 

Mr Alistair Carmichael

 

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.”


 
 

Notices of Amendments: 16 February 2018                  

11

 

Finance (No. 2) Bill, continued

 
 

(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.

 


 

Kirsty Blackman

 

Ian Blackford

 

Alison Thewliss

 

Deidre Brock

 

Joanna Cherry

 

Patrick Grady

Stewart Hosie

Neil Gray

Hannah Bardell

Mhairi Black

Alan Brown

Dr Lisa Cameron

Douglas Chapman

Ronnie Cowan

Angela Crawley

Martyn Day

Martin Docherty-Hughes

Marion Fellows

Stephen Gethins

Patricia Gibson

Peter Grant

Drew Hendry

Chris Law

David Linden


 
 

Notices of Amendments: 16 February 2018                  

12

 

Finance (No. 2) Bill, continued

 
 

Angus Brendan MacNeil

Stewart Malcolm McDonald

Stuart C. McDonald

John McNally

Carol Monaghan

Gavin Newlands

Brendan O‘Hara

Tommy Sheppard

Chris Stephens

Dr Philippa Whitford

Pete Wishart

 

NC10

 

Parliamentary Star    

To move the following Clause—

 

         

“Review of retrospective VAT refunds for the Scottish Fire and Rescue

 

Service and the Scottish Police Authority

 

(1)    

Within one month of this Act receiving Royal Assent, the Chancellor of the

 

Exchequer shall commission a review of the potential consequences of allowing

 

the Scottish Fire and Rescue Service and the Scottish Police Authority to claim

 

VAT refunds under section 33 of VATA 1994 retrospective to the date of their

 

establishment.

 

(2)    

The review shall consider—

 

(a)    

the administrative consequences of allowing retrospective claims, and

 

(b)    

the impact on revenue of allowing retrospective claims.

 

(3)    

The Chancellor of the Exchequer shall lay the report of this review before the

 

House of Commons within six months of this Act receiving Royal Assent.”

 

Member’s explanatory statement

 

This new clause would require the Chancellor of the Exchequer to commission a review into what

 

the potential consequences of allowing the Scottish Fire and Rescue Service and the Scottish

 

Police Authority to make retrospective claims for VAT refunds would be.

 


 

Ruth George

 

NC11

 

Parliamentary Star    

To move the following Clause—

 

         

“Analysis of effect of income tax rates on incentives into employment

 

(1)    

The Office for Budget Responsibility must review the impact of the rates of

 

income tax specified in sections 3 and 4 in accordance with this section within six

 

months of the passing of this Act.

 

(2)    

A review under this section must consider the impact of the rates of income tax

 

specified in sections 3 and 4 on the incentives for individuals to seek

 

employment, including—

 

(a)    

whether those rates create, or detract from, an incentive for those not

 

employed to enter into employment,

 

(b)    

whether those rates create, or detract from, an incentive for those

 

currently in employment entering into new employment at a different

 

level of income, and

 

(c)    

to what degree those rates create, or detract from, any such incentive.

 

(3)    

A review under this section must also consider those rates in the context of—

 

(a)    

National Insurance contributions,

 

(b)    

tax credits, and

 

(c)    

social security benefits.

 

(4)    

A review under this section must give separate analyses in relation to the impact

 

of the rates of income tax specified in sections 3 and 4 in different parts of the

 

United Kingdom.

 

(5)    

In this section—


 
 

Notices of Amendments: 16 February 2018                  

13

 

Finance (No. 2) Bill, continued

 
 

“parts of the United Kingdom” means—

 

(a)    

England,

 

(b)    

Scotland,

 

(c)    

Wales, and

 

(d)    

Northern Ireland.

 

(6)    

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.”

 

 


 

The Chancellor of the Exchequer

 

6

 

Parliamentary Star - white    

Clause  9,  page  4,  line  30,  leave out from beginning to end of line 32 and insert “it

 

does not meet the Euro 6d emissions standard.”

 

The Chancellor of the Exchequer

 

7

 

Parliamentary Star - white    

Clause  9,  page  4,  line  38,  leave out from “(2A)” to end of line 6 on page 5 and

 

insert—

 

“     

A vehicle meets the Euro 6d emissions standard only if it is first registered on the

 

basis of an EC certificate of conformity which indicates that the exhaust emission

 

level is Euro 6d (and it does not meet that standard if it is first registered on the

 

basis of an EC certificate of conformity which indicates that that level is Euro 6d-

 

TEMP).”

 


 

The Chancellor of the Exchequer

 

8

 

Parliamentary Star - white    

Clause  44,  page  38,  line  17,  leave out from beginning to end of line 28 and insert

 

“it does not meet the Euro 6d emissions standard.

 

      (5)  

A vehicle meets the Euro 6d emissions standard only if it is first registered on

 

the basis of an EU certificate of conformity which indicates that the exhaust

 

emission level is Euro 6d (and it does not meet that standard if it is first

 

registered on the basis of an EU certificate of conformity which indicates that

 

that level is Euro 6d-TEMP).”

 

Wes Streeting

 

10

 

Parliamentary Star - white    

Clause  44,  page  38,  line  30,  at end insert—

 

“(4A)    

In paragraph 1GE (higher rates of duty) after paragraph (3)(c) insert—

 

“(d)    

the vehicle is not a taxi.

 

(3A)    

For the purposes of this paragraph, “taxi” has the same meaning as in

 

section 64 of the Transport Act 1980.””

 

Wes Streeting

 

11

 

Parliamentary Star - white    

Clause  44,  page  39,  line  1,  after “section”, insert “(other than those made by

 

subsection (4A)”.


 
 

Notices of Amendments: 16 February 2018                  

14

 

Finance (No. 2) Bill, continued

 
 

Wes Streeting

 

12

 

Parliamentary Star - white    

Clause  44,  page  39,  line  2,  at end insert—

 

“(8)    

The amendments made by subsection (4A) have effect in relation to licences

 

taken out on or after the day on which this Act is passed.”

 


 

Mr Alistair Carmichael

 

13

 

Parliamentary Star    

Schedule  3,  page  65,  line  32,  leave out from “and” to “or” in line 36 and insert

 

“each of the conditions in subsection (1A) is met”

 

Member’s explanatory statement

 

This amendment, together with Amendment 14, provides that a pension scheme cannot be de-

 

registered on grounds of the dormancy of a single company within the scheme, but only if

 

conditions are met in relation to the date of first registration and the trading status of participating

 

companies.

 

Mr Alistair Carmichael

 

14

 

Parliamentary Star    

Schedule  3,  page  65,  line  37,  at end insert—

 

“(4A)    

In section 158 (grounds for de-registration), after subsection (1), insert—

 

“(1A)    

The conditions in this subsection are that—

 

(a)    

the scheme was registered in the current tax year or in the six

 

preceding tax years,

 

(b)    

no sponsoring employer in relation to the scheme is a body

 

corporate that is actively trading at the time that withdrawal is

 

being considered, and

 

(c)    

no sponsoring employer in relation to the scheme is a body

 

corporate that was actively trading for a period of at least twenty

 

four months.””

 

Member’s explanatory statement

 

See explanatory statement for Amendment 13.

 

The Chancellor of the Exchequer

 

9

 

Parliamentary Star - white    

Schedule  3,  page  67,  line  2,  leave out “(1)” and insert “(1)(a)”

 

 

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,


 
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Revised 16 February 2018