House of Commons Hansard Debates for 7 Dec 1993

34. Retirement benefits schemes (general)

Resolved,

That provision may be made about retirement benefits schemes (including provision imposing liability on persons for tax due from others, whenever falling due).

35. Retirement benefits schemes (annuities)

Resolved,

That provision may be made about annuities acquired with funds held for the purposes of retirement benefits schemes.

36. Assessment under Schedule D

Resolved,

That charges may be imposed by--

(a) provisions changing the basis of assessment under each of Cases I to VI of Schedule D ;

(b) provisions connected with provisions mentioned in paragraph (a) above.

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37. Partnerships and successions

Resolved,

That charges may be imposed by provisions about partnerships and the effect of changes in the ownership of trades, professions and vocations.

38. Dividends

Resolved,

That provision may be made about dividends.

39. Manufactured payments

Resolved,

That provision may be made about amounts representative of dividends or interest.

40. Sale and repurchase of securities

Resolved,

That provision may be made about the sale and repurchase of securities.

41. Premiums referred to pension business

Resolved,

That provision may be made about premiums to be referred to pension business.

42. Authorised unit trusts

Resolved,

That provision may be made amending Chapter III of Part XII of the Income and Corporation Taxes Act 1988.

43. Double taxation relief (regulations)

Resolved,

That provision may be made empowering regulations to extinguish or limit entitlement to relief under Part XVIII of the Income and Corporation Taxes Act 1988.

44. Restriction on deduction from income

Resolved,

That section 808 of the Income and Corporation Taxes Act 1988 may be amended.

45. Non-resident companies

Resolved,

That provision may be made about companies regarded for the purposes of double taxation relief arrangements as resident outside the United Kingdom.

46. Controlled foreign companies

Resolved,

That provision maay be made amending Schedule 25 of the Income and Corporation Taxes Act 1988.

47. Exchange gains and losses

Resolved,

That Chapter II of Part II of the Finance Act 1993 may be amended. e app

48. Interest rate and currency contracts and options

Resolved,

That charges (including charges by reference to existing contracts and options) may be imposed by--

(a) provisions about interest rate contracts and options and currency contracts and options ;

(b) provisions connected with provisions mentioned in paragraph (a) above.

49. Lloyd's underwriters

Resolved,

That provision (including provision having retrospective effect) may be made about Lloyd's underwriters.

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50. Corporation tax (non-payment)

Resolved,

That, in relation to cases in which, following a change in the ownership of a company, corporation tax for an accounting period of the company beginning before the change is unpaid, provision may be made for the payment of the unpaid tax by other persons.

51. Chargeable gains (annual exempt amount)

Resolved,

That provision may be made as to the operation of section 3 of the Taxation of Chargeable Gains Act 1992 for the year 1994-95.

52. Chargeable gains (indexation allowance)

Resolved,

That for the purpose of the taxation of chargeable gains provision may be made about indexation allowance.

53. Chargeable gains (options and futures)

Resolved.

That provision may be made in relation to options and commodity and financial futures contracts.

54. Capital allowances (machinery and plant)

Resolved,

That provision (including provision having retrospective effect) may be made about capital allowances in respect of machinery and plant.

55. Capital allowances(change of periods and methods)

Resolved,

That charges may be imposed by--

(a) provisions changing the periods in respect of which, and the methods by which, effect is given to the provisions of the Capital Allowances Act 1990;

(b) provisions connected with provisions mentioned in paragraph (a) above.

56. Loss relief

Resolved,

That charges may be imposed by--

(a) provisions amending Chapter I of Part X of the Income and Corporation Taxes Act 1988;

(b) provisions connected with provisions mentioned in paragraph (a) above.

57. Railways

Resolved,

That provision may be made in connection with transfers and other disposals under or by virtue of the Railways Act 1993.

58. Expenditure involving crime

Resolved,

That provision may be made preventing expenditure being deducted, or included in expenses of management, if incurred in making a payment induced by blackmail or extortion.

59. Petroleum revenue tax(abortive exploration expenditure)

Resolved,

That provision may be made amending section 5 of the Oil Taxation Act 1975 with effect from the time of royal assent to the Finance Act 1993.

60. Petroleum revenue tax (transfer of assets)

Resolved, That provision may be made about the treatment for the purposes of petroleum revenue tax of certain disposals, within the meaning of paragraph 5 of Schedule 2 to the Oil Taxation Act 1983, of assets which, in relation to a participator in an oil field, are qualifying assets for the purposes of that Act.

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61. Valuation of oil, including gas

Resolved, That, for the purposes of corporation tax and petroleum revenue tax, provision may be made with respect to the valuation of oil, including gas.

62. Inheritance tax (indexation of rate bands)

Resolved,

That provision may be made as to the operation of section 8(1) of the Inheritance Tax Act 1984 as regards chargeable transfers made in the year beginning 6th April 1994.

63. Stamp duty (execution of deeds)

Resolved,

(a) after subsection (1) there shall be inserted--

"(1A) For the purposes of this Act a deed (or, in Scotland, a deed for which delivery is required) shall be treated as executed when it is delivered or, if it is delivered subject to conditions, when the conditions are fulfilled", and

((b) at the end of the definition of "executed" and "execution" in subsection (1) there shall be added "(but subject to subsection (1A) of this section)".

(2) In section 27 of the Stamp Duties Management Act 1891 (definitions), in the definition of "executed" and execution", for the words following "execution" there shall be substituted "have the same meaning as in the Stamp Act 1891".

(3) This Resolution shall apply to any instrument except one which, on or before 7th December 1993, had been executed for the purposes of the Stamp Act 1891 as that Act had effect before amendment by this resolution.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.

64. Stamp duty (exchange, partition, etc.)

Resolved,

(a) the consideration for the transfer or vesting of any estate or interest in land or the grant of any lease or tack consists of or includes any property, and

(b) for the purposes of stamp duty chargeable under or by reference to the heading "Conveyance or Transfer on sale" in Schedule 1 to the Stamp Act 1891 no amount or value is, apart from this Resolution, attributed to that property on that transfer, vesting or grant, then, for those purposes, the consideration or, as the case may be, the consideration so far as relating to that property shall be taken to be the market value of the property immediately before the instrument in question is executed, and accordingly the instrument shall be charged with ad valorem duty under that heading.

(2) For the purposes of this Resolution the market value of the property at any time is the price which that property might reasonably be expected to fetch on a sale at that time in the open market.

(3) Stamp duty shall not be chargeable under the heading "Exchange or Excambion" in Schedule 1 to the Stamp Act 1891, and section 73 of that Act (exchange and partition or division) shall cease to apply to the exchange of property; and, accordingly, in that section the words from first "upon" to "heritable property, or" and the words "exchange or" shall cease to have effect.

(4) In that section, as amended by paragraph (3) above, for "real or heritable property" there shall be substituted "estate or interest in land".

(5) In Schedule 1 to that Act, in paragraph (3) of the heading "Lease or Tack" (consideration consisting of money, stock or security charged as on a conveyance on sale), for "or security" there shall be substituted "security or other property".

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(6) This Resolution shall apply to instruments executed after 7th December 1993, not being instruments executed in pursuance of a control made before 30th November 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 section 50 of the Finance Act 1973.

65. Stamp duty (unascertainable consideration)

Resolved,

That the following provisions shall have effect for the period beginning 7th December 1993 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973 (1) Where, for the purposes of stamp duty chargeable under or by reference to the heading "Conveyance or Transfer on sale" in Schedule 1 to the Stamp Act 1891, the consideration, or any part of the consideration, for--

(a) the transfer or vesting of any estate or interest in land, or (

(b) the grant of any lease or tack,

cannot, apart from this Resolution, be ascertained at the time the instrument in question is executed, the consideration ftate or interest transferred or vested or, as the case may be, the lease or tack granted.

(2) Where, for the purposes of stamp duty chargeable under paragraph (3) of the heading "Lease or Tack" in Schedule 1 to that Act, the rent, or any part of the rent, payable under any lease or tack cannot, apart from this Resolution, be ascertained at the time it is executed, the rent shall for those purposes be taken to be the market rent at that time.

(3) For the purposes of this Resolution--

(a) the cases where consideration or rent cannot be ascertained at any time do not include cases where the consideration or rent could be ascertained on the assumption that any future event mentioned in the instrument in question were or were not to occur,

(b) the market rent of a lease or tack at any time is the rent which the lease or tack might reasonably be expected to fetch at that time in the open market, and

(c) the market value of property at any time is the price which that property might reasonably be expected to fetch on a sale at that time in the open market.

(4) This Resolution shall apply to instruments executed after 7 December 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 section 50 of the Finance Act 1973.

66. Stamp duty (surrender of leases)

Resolved,

That the following provisions shall have effect for the period beginning 7th December 1993 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973-- (1) Where, in pursuance of any agreement, any lease is surrendered (or, in Scotland, renounced) at any time otherwise than by deed, the agreement shall be treated for the purposes of any duty chargeable under the Stamp Act 1891 as if it were a deed executed at that time effecting the surrender (or, as the case may be, renunciation). (2) This Resolution shall apply to any agreement made after 7th December 1993.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provision of section 50 of the Finance Act 1973.

67. Relief from tax(incidental and consequential charges)

That it is expedient to authorise any incident or consequential charges to any duty or tax (including charges having retrospective effect) which may arise from provisions designed in general to afford relief from taxation.

Procedure (Future Taxation)

Resolved,

That, notwithstanding anything to the country in the practice of the House relating to the matters which may be included in

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Finance Bills, any Finance Bill of the present Session may contain the following provisions taking effect in a futureyear--

(a) provision about the management of tax ;

(b) provision about Lloyd's underwriters ;

(d) provision about the taxation of social security benefits payable in respect of incapacity for work ;

(e) provision amending sections 79 and 79A of the Income and Corporation Taxes Act 1988.

PROCEDURE (FUTURE TAXATION)

Resolved,

That, notwithstanding anything to the contrary in the practice of the House relating to the matters which may be included in Finance Bills, any Finance Bill of the present Session may contain the following provisions taking effect in a future year

(a) provision about the management of tax ;

(b) provision about Lloyd's underwriters ;

(d) provision about the taxation of social security benefits payable in respect of incapacity of work ;

(e) provision amending sections 79 and 79A of the Income and Corporation Taxes Act 1988.

FINANCE [MONEY]

Queen's Recommendation having been signified--

Resolved,

That, for the purposes of any Act of the present Session relating to finance, it is expedient to authorise--

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