Amendments proposed to the Finance Bill - continued	House of Commons
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Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Oliver Letwin [R]
Mr Howard Flight [R]

110

Clause     45,     page     33,     line     17,     leave out from 'either' to end of line 19 and insert—

'(a) at no interest; or

(b) on which only interest is charged to the charity.'.

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Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Oliver Letwin
Mr Howard Flight

67

Clause     46,     page     33,     line     23,     leave out 'Subject to subsection (2) below'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Oliver Letwin
Mr Howard Flight

68

Clause     46,     page     33,     line     24,     leave out 'or VI'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Oliver Letwin
Mr Howard Flight

69

Clause     46,     page     33,     leave out lines 27 to 36 and insert—

    '(2) After subsection (1)(c)(iib) of section 505 of the Taxes Act 1988 there shall be inserted—

"(iic) from tax under Case VI of Schedule D save in respect of income which is chargeable to tax under that Case by virtue of section 30 of the Taxes Management Act 1970, sections 214 and 703 and paragraph 52(4) of Schedule 18 and paragraph 13(7) of Schedule 19 to the Finance Act 1990".'.

   

Mr Richard Ottaway
Mr David Heathcoat-Amory
Mr Howard Flight

66

Clause     46,     page     34,     line     8,     at end insert—

    '(5A) A charity may undertake any trade or income producing activity the income of which is exempted from tax by virtue of this section notwithstanding anything to the contrary in any enactment or instrument relating to the functions and powers of that charity.'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Oliver Letwin
Mr Howard Flight

70

Clause     46,     page     34,     line     15,     leave out 'or VI'.

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Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

133

Clause     47,     page     34,     line     23,     after 'effect' add 'from the day on which stamp duty ceases to be chargeable on the conveyance or transfer of stock or marketable securities (within the meaning of Schedule 13 to the Finance Act 1999)'.

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Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

135

Schedule     8,     page     228,     line     41,     after 'company' insert 'and the trustees'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

136

Schedule     8,     page     230,     leave out lines 1 to 10 and insert

'No loss of benefit entitlement

    38. For the purposes of an employee's entitlement to social security benefits, statutory sick pay and statutory maternity pay, the employee shall be treated for all purposes of the Social Security Acts as if he duly paid national insurance contributions on his salary at the level he would have paid them had deductions not been made under a partnership share agreement with him.'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

137

Schedule     8,     page     233,     line     24,     after 'Schedule.' insert 'Where an individual's emoluments are not liable to deduction under section 203 "salary" shall mean such emoluments as would have been liable to deduction under section 203 had the individual held an office or employment assessable to income tax under Schedule E or was not otherwise exempt from such deduction.'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

138

Schedule     8,     page     234,     line     10,     leave out from beginning to end of line 42 on page 235 and insert—

'Dividends

    53. The first £1,500 of dividends received in any tax year in respect of plan shares held on behalf of a participant shall not be subject to any additional charge to tax. Dividends received on plan shares held on behalf of a participant may be applied by that participant in the acquisition of partnership shares.'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

134

Schedule     8,     page     236,     line     22,     leave out from 'not' to end of line 25 and insert 'a dependent subsidiary within the meaning of section 86 to the Finance Act 1988'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

140

Schedule     8,     page     242,     line     18,     after 'income tax', insert 'and national insurance'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

141

Schedule     8,     page     242,     line     24,     at end insert—

    '(3)     For the purposes of section 8 to the Social Security Contributions and Benefits Act 1992 the earnings at any time in respect of any plan shares shall be:

(a)     for free shares or matching shares, the market value of those shares on the day that they were awarded to the earner; and

(b)     for partnership shares, the deductions used to acquire them.'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

139

Schedule     8,     page     246,     line     31,     leave out from beginning to end of line 7 on page 248.

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Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

125

Schedule     9,     page     264,     leave out lines 4 to 10 and insert 'if they were held by the claimant would have been business assets of his within the meaning of section 2A'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

126

Schedule     9,     page     264,     line     33,     leave out '(a)'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

127

Schedule     9,     page     264,     leave out lines 35 to 37.

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Mr David Heathcoat-Amory[R]
Mr Richard Ottaway
Mr Howard Flight[R]

132

Clause     50,     page     35,     line     12,     leave out '6th April 2002' and insert '31st December 2002'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

124

Clause     50,     page     35,     line     20,     leave out '6th April 2002' and insert '31st December 2002'.

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Mr David Heathcoat-Amory[R]
Mr Richard Ottaway
Mr Howard Flight[R]

131

Clause     54,     page     38,     line     4,     at end insert 'if a qualifying employee share ownership trust within the meaning of Schedule 5 to the Finance Act 1989 cannot be established on or after 6th April 2001'.'.

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Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

120

Clause     55,     page     38,     leave out lines 10 to 17 and insert—

'(e) the expiry of the period in subsection (5A) below, where the trustees make a qualifying transfer within subsection (3AA) below and do not during that period expend on one or more qualifying purposes a sum of not less than such consideration (if any) as they receive for such transfer.'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

121

Clause     55,     page     38,     line     26,     after 'not', insert 'manifestly'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

117

Clause     55,     page     39,     line     4,     after 'by', insert ', or to the order of, or committed or resolved to be paid to or held to the order of'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

118

Clause     55,     page     39,     line     6,     after 'account', insert 'or otherwise held on deposit with an equivalent financial institution in another jurisdiction.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

119

Clause     55,     page     39,     line     7,     after 'made by', insert 'or by the order of or on behalf of'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

123

Clause     55,     page     39,     line     11,     after '"or (e)"', insert 'and after "(e) the meeting of expenses" insert—

"(f) the making of gifts to the trustees of the plan trust of an employee share ownership plan approved under Schedule 8 to the Finance Act 2000".'.

   

Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

122

Clause     55,     page     39,     line     20,     at end insert—

    '(5A) After subsection (12) (definitions for the purpose of section 69) insert—

    "(13) for the avoidance of doubt, the occasion of a qualifying transfer within subsection (3AA) above shall not be a disposal by the trustees for the purposes of the taxation of chargeable gains Act 1992".'.

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Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]

142

Clause     56,     page     39,     line     35,     at end insert—

    '(3)     In section 4(a) of the Social Security Contributions and Benefits Act 1992 after ("the 1988 Act") insert "up to a maximum equal to the difference between the upper earnings limit and the lower earnings limit for that tax year for the purposes of section 5 below, starting with the tax year 2000-01".'.

Prepared 23 May 2000