| 'Emission Permits | 284B—(1) This section applies where a Government agency has granted a permission (the "emission permit") to emit any of the six greenhouse gasses specified in Annex 1 to the Kyoto Protocol of December 1997 for a period not exceeding three years.
(2) Subsection 45(4) of the Act shall not apply to any disposal of the emission permit on a recognised investment exchange.'.
Mr Francis Maude
Mr David Heathcoat-Amory
Mr Quentin Davies
Mr Oliver Letwin
Mr Howard Flight
26
Page 47, line 22 [Clause 72], at end insert—
'(2) The above allowance shall be termed a "tax relief which does not breach the European Union Code of Conduct for Business Taxation.".'.
Mr Francis Maude
Mr David Heathcoat-Amory
Mr Quentin Davies
Mr Oliver Letwin
Mr Howard Flight
31
Page 90, line 6 [Clause 122], after '122.', insert '(1)'.
Mr Francis Maude
Mr David Heathcoat-Amory
Mr Quentin Davies
Mr Oliver Letwin
Mr Howard Flight
32
Page 90, line 10 [Clause 122], at end insert—
'(2) The said Commissioners shall make a report to the Chancellor of the Exchequer not later than 31st December 1999 on the exercise of their functions and on the amount and timing of the expenditure incurred in respect of subsection (1), and such report shall be laid before the Commons House of Parliament within a period of one calendar month.
(3) The Commissioners shall make further reports at intervals of six months, which shall similarly be submitted to the Chancellor of the Exchequer and laid before the Commons House of Parliament.'.
Mr Chancellor of the Exchequer
14
Page 97, line 29, column 4 [Schedule 1], leave out '2,320' and insert '2,230'.
Mr Francis Maude
Mr David Heathcoat-Amory
Mr Oliver Letwin
Mr Howard Flight
Mr Oliver Heald
Mr Edward Davey
1
Page 102, line 15 [Schedule 2], at end insert—
'(5) For the purposes of subsection (2) above the Commissioners may only give notice in the circumstances specified in subsection (2) above if it appears to the Commissioners that—
(a) a company is engaged in a VAT avoidance scheme,
(b) membership of the group threatens the collectability of tax, or
(c) the revenue loss associated with its membership of the group goes beyond the natural consequences of grouping.'.
Mr Edward Leigh
33
Page 104, line 7 [Schedule 3], leave out '5' and insert '5A'.
Mr Edward Leigh
34
Page 105, line 41 [Schedule 3], at end insert—
'5A.—(1) This paragraph applies if the partners so elect.
(2) The higher earning partner shall be entitled to the children's tax credit for the year in respect of a relevant child as calculated in subparagraphs (3) to (5) below.
(3) The total income of each partner shall be added together and the sum divided by two.
(4) The allowances to which each partner is entitled shall be added together and the sum divided by two.
(5) The children's tax credit shall be calculated as if there were a claimant with a qualifying child resident with him during the whole or part of the year of assessment and with the total income and allowances calculated as in subparagraphs (3) and (4) above.'.
Mr Chancellor of the Exchequer
25
Page 112, line 37 [Schedule 5], leave out from 'Kingdom' to end of line 38 and insert 'and—
(a) any European Union institution in Brussels, Luxembourg or Strasbourg, or
(b) the national parliament of another member State.".'.
Mr Nick St. Aubyn
38
Page 135, line 31 [Schedule 13], at end insert—
'3A In the case of a conveyance or transfer of a permission to emit any of the six greenhouse gasses specified in Annex 1 to the Kyoto Protocol of December 1997 the rate is nil.'.
Mr Chancellor of the Exchequer
35
Page 175, line 26 [Schedule 20], at end insert—
'(2) Business assets: Roll-over relief
| Chapter | Short title | Extent of repeal |
| 1992 c. 12. | The Taxation of Chargeable Gains Act 1992. | Section 193. |
This repeal has effect in accordance with section (Business assets: roll-over relief)(2) of this Act.'.
|
