S.C.B.
NOTICES OF AMENDMENTS
given up to and including
Friday 11th June 1999
New Amendments handed in are marked thus *
STANDING COMMITTEE B
FINANCE BILL
(Except Clauses 2, 28 and 99)
NOTE
The Amendments have been arranged in accordance with the Order of the Commitee [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 David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
228
Clause 94, page 65, line 6, leave out 'such an' and insert 'the'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
229
Clause 94, page 65, line 26, after 'him', insert 'or are covered by professional privilege.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
248
*Clause 94, page 66, leave out lines 9 to 12.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
225
Clause 97, page 69, line 8, at end insert—
'(1A) Subsection (1) above shall not apply unless either—
(a) at least one of the parties to the instrument is resident in the United Kingdom at the time it is executed; or
(b) the instrument is executed in the United Kingdom.'.
Mr Alan Milburn
208
Schedule 12, page 127, line 27, leave out from second 'the' to end of line 32 and insert 'reference to the day on which the instrument was executed were to the day on which the lease was executed.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
249
*Schedule 12, page 127, line 29, leave out from 'executed' to end of line 32.
Mr Alan Milburn
207
Clause 98, page 70, line 13, at end insert—
'( ) This section applies to a repayment by the Commissioners of an amount lodged with them in respect of the duty payable on stamping an instrument if—
(a) the instrument is presented for stamping,
(b) the instrument is duly stamped, and
(c) the repayment is of an amount then repayable.
In that case the relevant time is 30 days after the day on which the instrument was executed or, if later, the date on which the amount was lodged with the Commissioners.'.
Mr Alan Milburn
230
Page 71, line 8, leave out Clause 100.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
250
*Clause 101, page 71, line 23, leave out '£5' and insert '50p'.
Mr Nick St. Aubyn
203
Clause 101, page 71, line 23, at end insert 'and
(c) shall in the case of each chargeable conveyance or transfer of stock or marketable securities be limited to a maximum amount of £1,000.'.
Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald
251
*Clause 101, page 71, line 24, leave out '£5' and insert '50p'.
Mr Nick St. Aubyn
205
Schedule 13, page 128, line 26, after 'securities', insert 'or rights to intangible intellectual property'.
Mr Nick St. Aubyn
204
Schedule 13, page 128, line 27, leave out '0.5%' and insert '0.25%.'.
Mr Nick St. Aubyn
206
Schedule 13, page 128, line 38, after '£500,000', insert 'or any other case where the chargeable property is within the scope of VAT at the standard rate'.
Mr Alan Milburn
209
Schedule 13, page 129, leave out lines 20 and 21 and insert—
Mr Alan Milburn
210
Schedule 13, page 129, line 23, leave out second 'or'.
Mr Alan Milburn
211
Schedule 13, page 129, line 25, at end insert ', or
(v) property of any description situated outside the United Kingdom,'.
Mr Alan Milburn
212
Schedule 13, page 130, line 17, column 2, leave out from beginning to end of line 19 and insert "Any other lease of land".
Mr Alan Milburn
213
Schedule 13, page 130, line 20, after 'lease', insert 'of land'.
Mr Alan Milburn
214
Schedule 13, page 131, line 31, after 'property', insert 'unless the instrument constitutes a conveyance or transfer on sale'.
Mr Alan Milburn
215
Schedule 13, page 132, line 14, leave out paragraph 5 and insert—
'5.—(1) An instrument (not itself a lease)—
(a) by which it is agreed that the rent reserved by a lease should be increased, or
(b) which confirms or records any such agreement made otherwise than in writing,
is chargeable with the same duty as if it were a lease in consideration of the additional rent made payable by it.
(2) Sub-paragraph (1) does not apply to an instrument giving effect to provision in the lease for periodic review of the rent reserved by it.'.
Mr Alan Milburn
216
Schedule 16, page 144, line 31, leave out 'which does not raise new capital' and insert 'which—
(i) does not raise new capital, and
(ii) is not issued in exchange for an instrument raising new capital'.
Mr Alan Milburn
217
Schedule 16, page 144, line 47, leave out 'which does not raise new capital' and insert 'which—
(i) does not raise new capital, and
(ii) is not issued in exchange for an instrument raising new capital'.
Mr Alan Milburn
231
Schedule 17, page 146, line 33, at end insert—
'Finance Act 1946 (c.64)
3A. In section 56(3) of the Finance Act 1946 (unit trust schemes: failure to keep records), for "a fine of ten pounds" substitute "a penalty not exceeding £300".
Finance (No. 2) Act (Northern Ireland) 1946 (c.17 (N.I.))
3B. In section 27(3) of the Finance (No. 2) Act (Northern Ireland) 1946 (unit trust schemes: failure to keep records), for "a fine of ten pounds" substitute "a penalty not exceeding £300".'.
Mr Alan Milburn
218
Clause 106, page 73, line 22, leave out subsections (1) and (2) and insert—
'(1) In section 95(2) of the Finance Act 1986 (bearer instruments excepted from charge on entry into depositary receipt system), for paragraph (b) (one of the categories of instrument to which the exception does not apply) substitute—
"(b) an instrument within the stamp duty exemption for non-sterling instruments which—
(i) does not raise new capital, and
(ii) is not issued in exchange for an instrument raising new capital.".
(2) After that subsection insert—
"(2A) For the purpose of subsection (2)(b)—
(a) an instrument is regarded as raising new capital only if the condition in subsection (2B) is met, and
(b) an instrument is regarded as issued in exchange for an instrument raising new capital only if the conditions in subsection (2C) are met.
(2B) The condition mentioned in subsection (2A)(a) is that the instrument—
(a) is issued in conjunction with—
(i) the issue of relevant securities for which only cash is subscribed, or
(ii) the granting of rights to subscribe for relevant securities which are granted for a cash consideration only and exercisable only by means of a cash subscription; or
(b) is issued to give effect to the exercise of such rights as are mentioned in paragraph (a)(ii).
(2C) The conditions mentioned in subsection (2A)(b) are that—
(a) the instrument is issued in conjunction with the issue of relevant securities by a company in exchange for relevant securities issued by another company, and
(b) immediately before the exchange an instrument relating to those other securities—
(i) was regarded for the purposes of subsection (2)(b) as raising new capital or as issued in exchange for an instrument raising new capital, or
(ii) would have been so regarded if the amendments made to this section by section 106 of the Finance Act 1999 had been in force at the time of its issue,
and accordingly was or would have been within the exception conferred by subsection (2).
(2D) For the purposes of subsections (2B) and (2C) 'relevant securities' means chargeable securities which are either—
(a) shares the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company, or
(b) loan capital within the meaning of section 78 above,
and which, in either case, do not carry any rights (of conversion or otherwise) by the exercise of which chargeable securities other than relevant securities may be obtained.".
( ) For subsection (6) of that section substitute—
