S.C.B.
Amendment Paper as at
Tuesday 8th June 1999
STANDING COMMITTEE B
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.
Mr Nick St. Aubyn
182
Clause 59, page 34, line 36, after 'capable', insert 'by virtue of a power contained in its terms of issue'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
140
Clause 59, page 34, line 39, leave out from 'gain' to end of line 40.
Mr Nick St. Aubyn
178
Clause 59, page 34, line 46, at end insert—
'(1B) Where a security may be redeemed before maturity consequent to the introduction of any witholding tax at source on the interest payable by the issuer, then such security may not be regarded as a "relevant discounted security" solely as a result of either the existence or the exercise of such a power of early redemption.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
141
Clause 59, page 35, line 1, leave out '(5)' and insert '(5)(b)'.
Mr Nick St. Aubyn
176
Clause 59, page 35, line 4, after '15th February 1999' insert 'unless it is a security subject to a witholding tax at source on the interest payable by the issuer.'.
Mr Nick St. Aubyn
177
Clause 59, page 35, line 6, at end insert 'unless the payment relates to a security subject to a witholding tax at source on the interest payable by the issuer.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
184
Clause 63, page 38, line 5, leave out from 'purposes' to end of line 7.
Mr Nick St. Aubyn
171
Clause 63, page 38, line 6, leave out 'main purpose of which, or one of the main purposes' and insert 'overriding purpose.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
185
Schedule 7, page 109, line 32, leave out from 'which' to end of line 34 and insert 'the conditions for deferral relief or relief under Chapter III of Part VII of the Taxes Act (EIS income tax relief), or both, apply;'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
186
Schedule 7, page 109, leave out lines 44 and 45 and insert—
'(2) This Schedule shall be deemed always to have applied.'.
Mr Nick St. Aubyn
170
Schedule 7, page 109, line 45, at end insert—
'(3) Where assets have been acquired for use in connection with the business to which the original shares relate, then any disposal of such assets in the same year as the disposal of original shares shall itself be treated as a disposal of original shares to which this schedule applies.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
187
Clause 66, page 39, leave out lines 1 and 2 and insert—
'(2) The amendments made by Schedule 8 to this Act shall be deemed always to have had effect.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
188
Clause 68, page 41, leave out lines 16 to 18 and insert—
'(9) In this section "concession" means: Extra Statutory Concessions D15, D16, D22, D23, D24, D25, D32 and D39.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
189
Clause 69, page 42, line 19, leave out '2000' and insert '2004'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
190
Clause 76, page 47, line 25, leave out 'provisions' and insert 'rules'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
192
Clause 76, page 47, line 34, after 'attribution' insert ', in accordance with the provisions of any double taxation arrangements having effect by virtue of section 788 of the Taxes Acts,'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
194
Clause 76, page 48, line 6, leave out from 'agreement' to end of line 8 and insert 'conclusively determined in accordance with the agreement.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
191
Clause 76, page 48, line 7, leave out 'provisions' and insert 'rules'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
196
Clause 76, page 48, line 17, at end insert 'or any other section of the Taxes Act or case law relating to taxation which concern the arm's length or commercial nature of the transaction.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
193
Clause 76, page 48, leave out lines 20 to 22.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
195
Clause 78, page 50, line 37, leave out from 'agreement' to end of line 39.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
197
Clause 80, page 51, line 36, at end insert—
'(1A) Subsection (1) above shall only apply when the Board is able to demonstrate that the company has deliberately or recklessly failed to comply with its payment obligations.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
198
Clause 82, page 52, line 17, at end insert—
'(3A) Paragraph (b) of subsection 5 of section 30 of the Finance (No. 2) Act 1997 shall cease to have effect.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
199
Clause 83, page 53, line 5, leave out from 'company' to end of line 6.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
200
Clause 83, page 53, leave out subsection (5).
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
74
Clause 106, page 73, line 32, leave out 'marketable'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
75
Clause 106, page 73, line 34, leave out 'marketable'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
76
Clause 106, page 73, line 39, leave out 'marketable'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
77
Clause 106, page 74, leave out lines 3 to 5.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
78
Clause 106, page 74, line 15, leave out 'marketable'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
79
Clause 106, page 74, line 17, leave out 'marketable'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
80
Clause 106, page 74, line 22, leave out 'marketable'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
81
Clause 106, page 74, leave out lines 32 to 34.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
201
Clause 121, page 84, line 8, at end add—
'(2) This clause will not come into effect until a referendum on Britain's participation in Economic and Monetary Union has been held.'.
