Vote Bundle Text (990611-02)

Amendments proposed to the Finance Bill - continued	House of Commons

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Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 73, line 32, leave out 'marketable'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 73, line 34, leave out 'marketable'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 73, line 39, leave out 'marketable'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 74, leave out lines 3 to 5.

Mr Alan Milburn

219

Clause 106, page 74, line 6, leave out subsections (3) and (4) and insert—

'(3) In section 97(3) of that Act (bearer instruments excepted from charge on entry into clearance 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.".

(4) After that subsection insert—

(a) an instrument is regarded as raising new capital only if the condition in subsection (3B) is met, and

(b) an instrument is regarded as issued in exchange for an instrument raising new capital only if the conditions in subsection (3C) are met.

(3B) The condition mentioned in subsection (3A)(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).

(3C) The conditions mentioned in subsection (3A)(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 (3)(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 (3).

(3D) For the purposes of subsections (3B) and (3C) '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 (7) of that section substitute—

(a) a company issues securities to persons in respect of their holdings of securities issued by another company, and

(b) the securities issued by the other company are cancelled,

the issue shall be treated for the purposes of this section as an issue of securities in exchange for securities issued by the other company.".'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 74, line 15, leave out 'marketable'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 74, line 17, leave out 'marketable'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 74, line 22, leave out 'marketable'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

Clause 106, page 74, leave out lines 32 to 34.

Mr Alan Milburn

220

Clause 106, page 74, line 35, leave out subsection (5).

Mr Alan Milburn

221

Clause 107, page 75, line 7, leave out from 'if' to 'above' in line 23 and insert—

(1A) The first condition is that the old securities are held under a depositary receipt scheme.

(1B) The second condition is that—

(a) there was a charge to tax under section 93 above in respect of the transfer, issue or appropriation—

(i) of the old securities, or

(ii) of earlier securities in relation to which on a previous application of this section those securities were the new securities,

or there would have been such a charge if that section had been in force; or

(b) there would have been such a charge but for section 95(2) or (3) above.

(1C) The third condition is that there is an arrangement under which—

(a) the new securities are transferred, issued or appropriated as mentioned in section 93(1)(b), and

(b) the old securities are cancelled.

(2) For the purposes of subsection (1A)'.

Mr Alan Milburn

222

Clause 107, page 75, line 39, leave out from 'if' to 'above' in line 5 on page 76 and insert—

(1A) The first condition is that the old securities are held under a clearance services scheme.

(1B) The second condition is that—

(a) there was a charge to tax under section 96 above in respect of the transfer or issue—

(i) of the old securities, or

(ii) of earlier securities in relation to which on a previous application of this section those securities were the new securities,

or there would have been such a charge if that section had been in force; or

(b) there would have been such a charge but for section 97(3) or (4) above.

(1C) The third condition is that there is an arrangement under which—

(a) the new securities are transferred or issued as mentioned in section 96(1)(b), and

(b) the old securities are cancelled.

(2) For the purposes of subsection (1A)'.

Mr Alan Milburn

232

Page 76, line 18, leave out Clause 108.

Mr Alan Milburn

233

Page 151, line 34, leave out Schedule 19.

Mr Alan Milburn

234

Page 76, line 30, leave out Clause 109.

Mr Alan Milburn

223

Clause 110, page 77, line 15, after 'instrument)', insert 'or by means of a transfer within section 186(1) of the Finance Act 1996 (transfer of securities to member of electronic transfer system)'.

Mr Alan Milburn

235

Clause 113, page 78, leave out line 24.

Mr Alan Milburn

236

Clause 113, page 78, line 37, at end insert—

Stamp duty and stamp duty reserve tax: unit trusts

in Part IV of that Schedule, the words "and the enactments relating to stamp duty reserve tax" in paragraphs 14(1), 15(1), 16(1), 17(1) and 18(1).'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

252

*Clause 114, page 79, line 6, after '£10', insert 'provided that the increase shall not have effect until such time as an equivalent decrease in the main rate of employer's national insurance contributions is made'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

253

*Clause 116, page 80, line 10, leave out from 'regulations' to end of line 12 and insert 'no such interest shall be payable.'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

226

Clause 117, page 81, line 15, leave out 'sixty-first' and insert 'thirty-first'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

227

Clause 117, page 81, line 37, leave out 'sixty-first' and insert 'thirty-first'.

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.'.

Mr David Heathcoat-Amory
Mr John Whittingdale
Mr Nick Gibb
Mr Oliver Heald

254

*Clause 122, page 86, line 10, leave out from 'instrument' to end of line 11 and insert 'which shall not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons'.