S.C.B.
Amendment Paper as at
Tuesday 25th May 1999
STANDING COMMITTEE B
New Amendments handed in are marked thus *
FINANCE BILL
(Except Clauses 2, 28 and 99)
NOTE
The Amendments have been arranged in accordance with the Order of the Committee [4th May], as follows:—
Clause 1, Clauses 3 to 9, Schedule 1, Clauses 10 to 13, Schedule 2, Clauses 14 to 27, Schedule 3, Clauses 29 to 35, Schedule 4, Clauses 36 to 48, Schedule 5, Clauses 49 and 50, Schedule 6, Clauses 51 to 65, Schedule 7, Clause 66, Schedule 8, Clause 67, Schedule 9, Clauses 68 to 70, Schedule 10, Clauses 71 to 84, Schedule 11, Clauses 85 to 97, Schedule 12, Clause 98, Clauses 100 and 101, Schedules 13 and 14, Clause 102, Schedules 15 and 16, Clause 103, Schedule 17, Clause 104, Schedule 18, Clauses 105 to 108, Schedule 19, Clauses 109 to 129, New Clauses, New Schedules, Schedule 20.
Clause No. 42 (Limited exemption for computer equipment.)
Question proposed, That the Clause stand part of the Bill:—
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
89
Clause 44, page 23, line 43, leave out '15' and insert '13'.
Mr Edward Davey
Mr Colin Breed
Mr John Burnett
Dr Vincent Cable
Mr Michael Jack
132
Clause 45, page 24, line 21, leave out 'large'.
Mr Edward Davey
Mr Colin Breed
Mr John Burnett
Dr Vincent Cable
Mr Michael Jack
133
Clause 45, page 24, line 24, leave out '"large"'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
93
Clause 45, page 24, line 25, leave out '17' and insert '9'.
Mr Edward Davey
Mr Colin Breed
Mr John Burnett
Dr Vincent Cable
134
Clause 45, page 24, line 25, leave out '17' and insert '12'.
Mr Michael Jack
160
Clause 45, page 24, line 25, leave out '17' and insert '8'.
Mr Michael Jack
161
Clause 45, page 24, line 25, leave out '17' and insert '10'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
91
Clause 45, page 24, line 27, at end insert 'or part of a journey'.
Mr Edward Davey
Mr Colin Breed
Mr John Burnett
Dr Vincent Cable
135
Clause 45, page 24, line 29, at end insert 'or,
(c) between a pre-arranged pick up point at which more than two employees are collected by the bus service and workplace,'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
144
Clause 45, page 24, line 29, at end insert 'or (c) between the workplace and centres with available public shopping facilities,'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
148
Clause 45, page 24, line 37, leave out 'only' and insert 'mainly'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
146
Clause 45, page 24, line 37, after 'employees,' insert 'or children of employees'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
147
Clause 45, page 24, line 39, after 'employees,' insert 'or children of those employees'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
149
Clause 45, page 24, line 39, leave out 'only' and insert 'mainly'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
94
Clause 45, page 25, line 20, leave out '17' and insert '9'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
92
Clause 45, page 25, line 22, at end insert 'or part of a journey'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
145
Clause 45, page 25, line 24, at end insert 'or
(c) between the workplace and centres with available public shopping facilities,'.
Mr Michael Jack
162
Clause 45, page 25, line 37, leave out subsection (4).
Mr Edward Davey
Mr Colin Breed
Mr John Burnett
Dr Vincent Cable
136
Clause 45, page 25, line 37, leave out 'substantial'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
150
Clause 45, page 25, line 39, leave out 'only' and insert 'mainly'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
143
Clause 47, page 26, leave out lines 39 to 42.
Mr Edward Davey
Mr Colin Breed
Mr John Burnett
Dr Vincent Cable
137
Clause 47, page 27, leave out lines 1 to 9.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
90
Clause 47, page 27, line 5, at end insert 'or part of a journey.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
83
Schedule 6, page 107, line 31, leave out from beginning to 'receives' in line 32 and insert—
'This Schedule applies where a person receives or pays a reverse premium.
(2) For the purposes of this Schedule a person receives a reverse premium where—
Mr Nick St. Aubyn
169
Schedule 6, page 107, line 32, after 'benefit', insert 'not being a period of occupancy at a below market rent'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
87
Schedule 6, page 107, line 38, leave out 'and'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
88
Schedule 6, page 107, line 44, at end insert 'and
(d) that sum is intended to recompense that person for costs to be incurred by him in making the estate, interest or right fit for use in his business, or for rent to be paid by him during the period of the lease.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
113
Schedule 6, page 107, line 44, at end insert—
'(1A) For the purposes of this paragraph—
(i) the term "other benefit" does not extend to any notional consideration foregone or deferred by the lessor or other provider;
(ii) in circumstances in which any condition of a lease other than the provision for rent turned out to be onerous, and that lease were cancelled and replaced by a new lease without the onerous condition, that would not constitute a benefit by way of inducement to the tenant to enter into the new lease.
(iii) a contribution to a tenant's fitting out costs shall be regarded as reverse premium.
(iv) for the purposes of sub paragraph (iii) above, fitting out costs means expenditure incurred on tenant's fixtures and trade chattels which do not affect the value of the freehold reversion.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
84
Schedule 6, page 107, line 45, leave out sub-paragraph (2) and insert—
'(3) Where a person receives a reverse premium within the meaning of subparagraph (2) above, the person who pays or otherwise provides the benefit received by the recipient is treated for the purpose of this Schedule as having paid a reverse premium'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
86
Schedule 6, page 107, line 46, at end insert—
'(2A) The value of a rent-free period is not a reverse premium for the purposes of this Schedule.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
85
Schedule 6, page 108, line 3, after 'receipt', insert 'or payment'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
82
Schedule 6, page 108, line 13, at end insert—
'Capital allowances
2A. A receipt which would in the absence of this paragraph be treated as a reverse premium by virtue of this Schedule shall not be regarded as a reverse premium to the extent that by virtue of receiving the receipt the recipient is regarded under section 153(1) of the Capital Allowances Act 1990 as not incurring expenditure.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
142
Schedule 6, page 108, line 13, at end insert—
'Tax treatment of payments by way of reverse premiums
2A—(1) A reverse premium shall be regarded for the purposes of the Tax Acts as a payment of a revenue nature.
(2) Where a person pays a reverse premium which is entered into for the purposes of a trade, profession, or vocation carried on or to be carried on by that person, the revenue premium shall be deducted in computing the profits to be charged under case I or II of Schedule D.
(3) If subparagraph (2) does not apply, the person paying the premium shall deduct that payment as if it were a transaction entered into by him for a business carried on for the exploitation, as a source of rents or other receipts, of an estate,interest or right in or over the land in question.'.
