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Question accordingly agreed to.

Clause 64 ordered to stand part of the Bill.

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Schedule 14

Venture Capital Trusts: Meaning of "Qualifying Holdings"

Amendment proposed: No. 11, in schedule 14, page 257, line 32, at end insert--

`(6) The value of the interests in land held--

(a) by the relevant company or qualifying subsidiary of that company;


(b) (where lower) the adjusted value of the interests in land which were held by the relevant company or any qualifying subsidiary of that company immediately following the issue of the relevant holding

must not exceed half the value of the company's assets as a whole.

(7) The provisions of section 294(2) to 294(7) of the Taxes Act 1988 shall apply for the purposes of determining the value of the interests in land held by a relevant company or a qualifying subsidiary of that company. The provisions of section 295 of the Taxes Act 1988 shall apply for the purpose of sub-paragraph (6)(b) as they apply for the purposes of section 294(1)(b) of the Taxes Act 1988 to adjust the value of interest in land held immediately after the issue of a relevant holding.'.-- [Mr. Malcolm Bruce.]

Question put, That the amendment be made:--

The Committee divided: Ayes 263, Noes 298.

Division No. 51] [8.03 pm


Column 431

Adams, Mrs Irene

Ainger, Nick

Ainsworth, Robert (Cov'try NE)

Allen, Graham

Alton, David

Anderson, Donald (Swansea E)

Anderson, Ms Janet (Ros'dale)

Armstrong, Hilary

Ashton, Joe

Barnes, Harry

Barron, Kevin

Battle, John

Bayley, Hugh

Beckett, Rt Hon Margaret

Beith, Rt Hon A J

Bell, Stuart

Benn, Rt Hon Tony

Bennett, Andrew F

Benton, Joe

Bermingham, Gerald

Berry, Roger

Betts, Clive

Blair, Rt Hon Tony

Blunkett, David

Boateng, Paul

Boyes, Roland

Bradley, Keith

Bray, Dr Jeremy

Brown, Gordon (Dunfermline E)

Brown, N (N'c'tle upon Tyne E)

Bruce, Malcolm (Gordon)

Burden, Richard

Byers, Stephen

Caborn, Richard

Callaghan, Jim

Campbell, Mrs Anne (C'bridge)

Campbell, Menzies (Fife NE)

Campbell, Ronnie (Blyth V)

Campbell-Savours, D N

Canavan, Dennis

Cann, Jamie

Carlile, Alexander (Montgomery)

Chidgey, David

Chisholm, Malcolm

Column 431

Church, Judith

Clapham, Michael

Clarke, Eric (Midlothian)

Clelland, David

Clwyd, Mrs Ann

Coffey, Ann

Cohen, Harry

Connarty, Michael

Corbett, Robin

Corbyn, Jeremy

Corston, Jean

Cousins, Jim

Cox, Tom

Cummings, John

Cunliffe, Lawrence

Cunningham, Jim (Covy SE)

Cunningham, Rt Hon Dr John

Dalyell, Tam

Darling, Alistair

Davidson, Ian

Davies, Bryan (Oldham C'tral)

Davies, Rt Hon Denzil (Llanelli)

Davies, Ron (Caerphilly)

Denham, John

Dixon, Don

Dobson, Frank

Donohoe, Brian H

Dowd, Jim

Dunnachie, Jimmy

Dunwoody, Mrs Gwyneth

Eagle, Ms Angela

Enright, Derek

Etherington, Bill

Evans, John (St Helens N)

Fatchett, Derek

Field, Frank (Birkenhead)

Fisher, Mark

Flynn, Paul

Foster, Rt Hon Derek

Foster, Don (Bath)

Foulkes, George

Fraser, John

Fyfe, Maria

Galbraith, Sam

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