| Previous Section | Home Page |
Column 723
Taylor, Mrs Ann (Dewsbury)Taylor, Matthew (Truro)
Thompson, Jack (Wansbeck)
Trimble, David
Turner, Dennis
Tyler, Paul
Vaz, Keith
Walker, Rt Hon Sir Harold
Wallace, James
Walley, Joan
Wardell, Gareth (Gower)
Wareing, Robert N
Watson, Mike
Welsh, Andrew
Wicks, Malcolm
Williams, Rt Hon Alan (Sw'n W)
Williams, Alan W (Carmarthen)
Wilson, Brian
Winnick, David
Worthington, Tony
Wray, Jimmy
Wright, Dr Tony
Tellers for the Noes :
Mr. Alan Meale and
Mr. Peter Kilfoyle.
Question accordingly agreed to.
22. Value added tax (supplies of gold etc.)
Resolved,
That the Value Added Tax Act 1983 shall have effect in relation to supplies of goods which (disregarding section 5 of that Act) are made on or after 1st April 1993 with the insertion after section 37B of the following section--
"Customers to account for tax on supplies of gold etc. 37C.--(1) Where any person makes a supply of gold to another person and that supply is a taxable supply but not a zero-rated supply, the supply shall be treated for the purposes of Schedule 1 to this Act-- (
(a) as a taxable supply of that other person (as well as a taxable supply of the person who makes it) ; and
(b) in so far as that other person is supplied in connection with the carrying on by him of any business, as a supply made by him in the course of furtherance of that business,
but nothing in paragraph (b) above shall require any supply to be disregarded for the purposes of that Schedule on the grounds that it is a supply of capital assets of that other person's business. (
(2) Where a taxable person makes a supply of gold to a person who-- (
(a) is himself a taxable person at the time when the supply is made ; and
(b) is supplied in connection with the carrying on by him of any business.
it shall be for the person supplied, on the supplier's behalf, to account for and pay tax on the supply, and not for the supplier. (3) So much of this Act and of any other enactment or any subordinate legislation as has effect for the purposes of, or in connection with, the enforcement of any obligation to account for and pay value added tax shall apply for the purposes of this section in relation to any person who is required under subsection (2) above to account for and pay any tax as if that tax were tax on a supply made by him.
(4) Section 5(1) to (5) above shall not apply for determining when any supply of gold is to be treated as taking place.
(5) References in this section to a supply of gold are references to--
(a) any supply of goods consisting in gold, including gold coins, or
(b) any supply of goods containing gold where the consideration for the supply (apart from any tax) is, or is equivalent to, an amount which does not exceed, or exceeds by no more than a negligible amount, the open market value of the gold contained in the goods." And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
23. Value added tax(precious and semi-precious metals and stones)
Resolved,
That provision may be made authorising the modification of the Value Added Tax Act 1983 in relation to supplies of
Column 724
goods or services consisting in, or relating to, any precious or semi-precious metal or stones or anything containing any such metal or stones.24. Value added tax (fuel for private use)
Resolved,
That--
(1) Paragraph 3 of Schedule 6 to the Finance Act 1986 and the Table B set out after that paragraph shall not have effect in relation to any case where the prescribed accounting period begins after 5th April 1993.
(2) Accordingly, that Schedule shall have effect in relation to any such case with the following amendments, namely--
(a) in paragraph 5(1)(a), for the words from "cubic capacity" to "in question" there shall be substituted "vehicle specified in Table A above, that Table" ;
(b) in paragraph 5(1)(b), for "cubic capacity specified in those Tables" and "the Table in question" there shall be substituted, respectively, "vehicle specified in that Table" and "that Table" ; (c) in paragraph 6(1), for the words from "Tables" onwards there shall be substituted "Table A above is the capacity of its engine as calculated for the purposes of the Vehicles (Excise) Act 1971" ; and (d) in paragraph 6(2), for "Tables A and B" there shall be substituted "Table A".
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
25. Value added tax(persons belonging in other member States)
Resolved,
That provision may be made amending the Value Added Tax Act 1983 in relation to cases where goods are supplied by a person who does not have an establishment in the United Kingdom and is taxable in another member State.
26. Value added tax (bad debts)
Resolved,
That--
(1) In section 11(1)(c) of the Finance Act 1990 for "one year" there shall be substituted "six months".
(2) This Resolution shall come into force on 1st April 1993 and shall apply in relation to supplies made on or after 1st April 1992. And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
27. Value added tax (default surcharge)
Resolved,
That--
(1) In section 19 of the Finance Act 1985, in sub-section (5) (a) at the end of paragraph (b) there shall be inserted "and", and (b) for paragraphs (c) and (d) there shall be substituted the following paragraph--
"(c) in relation to each such period after the second, the specified percentage is 15 per cent."
(2) This Resolution shall apply in relation to any liability to a surcharge arising on or after 1st April 1993.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
Column 725
28. Income tax (charge and rates for
1993-94) Resolved,
That--
(1) Income tax shall be charged for the year 1993-94, and for that year--
(a) the lower rate shall be 20 per cent.,
(b) the basic rate shall be 25 per cent., and
(c) the higher rate shall be 40 per cent.
(2) For the year 1993-94 section 1(2) of the Income and Corporation Taxes Act 1988 shall apply as if--
(a) the amount specified in paragraph (aa) were £2,500, and (b) the amount specified in paragraph (b) were £23,700 ; and accordingly section 1(4) of that Act shall not apply for the year 1993-94.
(3) This Resolution shall not require any change to be made in the amounts deductible or repayable under section 203 of the Income and Corporation Taxes Act 1988 before 18th May 1993.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
29. Income tax(personal and married couple's allowances) Resolved ,
That sections 257 and 257A of the Income and Corporation Taxes Act 1988 shall apply for the year 1993-94 as if the amounts specified in them were the same as the amounts specified in them as they apply for the year 1992- 93, and accordingly section 257C(1) of that Act shall not apply for the year 1993-94.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
30. Relief for interest (limit for 1993-94)
Resolved ,
That, for the year 1993-94, the qualifying maximum defined in section 367(5) of the Income and Corporation Taxes Act 1988 shall be £30,000.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
Column 726
31. Earnings cap etc. (indexation)
Resolved ,
That the figure £75,000 shall be deemed to be the figure found for the year 1993-94, for the purposes of section 590C of the Income and Corporation Taxes Act 1988, by virtue of section 590C(4) and (5). And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
32. Charitable donations(payroll deduction schemes)
Resolved ,
That, for the year 1993-94 and subsequent years of assessment, section 202(7) of the Income and Corporation Taxes Act 1988 shall have effect with the substitution of "£900" for "£600".
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
33. Corporation tax(charge and rate for financial year
1993) Resolved ,
That corporation tax shall be charged for the financial year 1993 at the rate of 33 per cent.
34. Corporation tax (small companies :
1993 )-- Resolved,
That for the financial year 1993--
(a) the small companies' rate shall be 25 per cent., and (
(b) the fraction mentioned in section 13(2) of the Income and Corporation Taxes Act 1988 shall be one fiftieth.
35. Benefits in kind (cars)
Resolved,
That--
(1) For the year 1993-94, Schedule 6 to the Income and Corporation Taxes Act 1988 shall have effect with the substitution for Part I of the following--
Part I
Tables of Flat Rate Cash Equivalents
Table A
Cars with an original market value up to £19,250 and having a cylinder capacity
Cylinder capacity of |Age of car at end of
car in cubic |relevant year of
centimetres |assessment
-------------------------------------------------------------------------------------------------------
|Under 4 years |4 years or more
1,400 or less |£2,310 |£1,580
More than 1,400 but not more than 2,000 |£2,990 |£2,030
More than 2,000 |£4,800 |£3,220
h
Table B
Cars with an original market value up to £19,250 and not having a cylinder capacity
Original market |Age of car at end of
value of car |relevant year of
|assessment
--------------------------------------------------------------------------------------------------------
|Under 4 years |4 years or more
Less than £6,000 |£2,310 |£1,580
£6,000 or more but less than £8,500 |£2,990 |£2,030
£8,500 or more but not more than £19,250 |£4,800 |£3,220
Table C
Cars with an original market value of more than £19,250
Original market value of car |Age of car at end of relevant year of assessment
|Under 4 years |4 years or more
More than £19,250 but not more than £29,000 |£6,210 |£4,180
More than £29,000 |£10,040 |£6,660
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968. 36. Benefits in kind (car fuel)-- Resolved,
That--
Column 728
(1) For the year 1993-94, section 158 of the Income and Corporation Taxes Act 1988 shall have effect with the following amendments. (2) For the Tables in subsection (2) there shall be substituted --Table A Cylinder capacity of |Cash equivalent car in cubic centimetres ---------------------------------------------------------------------------------- 1,400 or less |£600 More than 1,400 but not more than 2,000 |£760 More than 2,000 |£1,130
Table AB Cylinder capacity of |Cash equivalent car in cubic centimetres --------------------------------------------------------------- 2,000 or less |£550 More than 2,000 |£710
Table B Original market |Cash equivalent value of car -------------------------------------------------------------------- Less than £6,000 |£600 £6,000 or more but less than £8,500 |£760 £8,500 or more |£1,130
37. Benefits in kind (vans)
Resolved,
That provision may be made relating to vans available for private use.
38. Interest (corporation tax)
Resolved,
That provision may be made restricting interest allowable as a deduction in computing corporation tax.
39. Interest etc. on debts between associated companies
Resolved,
That provision may be made in relation to interest and other returns on debts owed (directly or indirectly) to companies resident in the United Kingdom by associated companies of theirs which are not so resident.
40. Relief on interest payments
Resolved,
That--
(1) In section 355 of the Income and Corporation Taxes Act 1988, after subsection (1) there shall be inserted the following subsections--
"(1A) Where, in the case of any loan--
(a) the condition specified in subsection (1)(a) above would not (apart from this subsection) be fulfilled with respect to any land, caravan or house-boat by reason of its having ceased at any time to be used by a particular person as his only or main residence ; and (
(b) the borrower's intention at that time was to take steps, before the end of the period of 12 months after the day on which it ceased to be so used, with a view to the disposal of that land, caravan or house-boat,
that condition shall be treated in relation to interest on that loan as continuing to be fulfilled with respect to that land, caravan or house-boat (as well as with respect to any other land, caravan or house-boat with respect to which it is in fact fulfilled) from that time until the end of that period or (if sooner) the abandonment by the borrower of his intention to dispose of the land, caravan or house-boat in question.
(1B) Where--
| Next Section
| Home Page |