S.C.H.
NOTICES OF AMENDMENTS
given up to and including
Tuesday 6th June 2000
New Amendments handed in are marked thus *
STANDING COMMITTEE H
FINANCE BILL
(Except Clauses 1, 12, 30, 31, 59, 102 and 113)
NOTE
The Amendments have been arranged in accordance with the Order of the Committee [4th May] as follows:
Clauses 2 to 6, Schedule 1, Clauses 7 to 11, Clauses 13 to 15, Clause 28, Clauses 16 and 17, Schedule 2, Clauses 18 to 22, Schedule 3, Clause 23, Schedule 4, Clause 24, Schedule 5, Clauses 25 to 27, Clause 29, Schedules 6 and 7, Clauses 32 to 47, Schedule 8, Clause 48, Schedule 9, Clauses 49 to 55, Clause 134, Clause 56, Schedule 10, Clauses 57 and 58, Schedule 11, Schedule 12, Clause 60, Schedule 13, Clause 61, Schedule 14, Clause 62, Schedules 15 and 16, Clause 63, Schedule 17, Clause 64, Schedule 18, Clauses 65 to 67, Schedule 19, Clause 68, Schedules 20 and 21, Clauses 69 to 81, Schedule 22, Clauses 82 to 86, Schedule 23, Clauses 87 to 90, Schedule 24, Clause 91, Schedules 25 and 26, Clauses 92 to 96, Schedule 27, Clause 97, Schedule 28, Clauses 98 to 101, Schedule 29, Schedule 30, Clause 103, Schedule 31, Clauses 104 to 112, Clauses 114 and 115, Schedule 32, Clause 116, Schedule 33, Clauses 117 to 127, Schedule 34, Clauses 128 to 131, Schedule 35, Clause 132, Schedule 36, Clause 133, Clauses 135 to 138, Schedule 37, Clause 139, Schedule 38, Clauses 140 to 144, Schedule 39, Clauses 145 to 149, New Clauses, New Schedules, Clauses 150 and 151, Schedule 40, Clause 152.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
198
Schedule 14, page 312, leave out lines 15 to 18 and insert 'a dependent subsidiary within the meaning of section 86 of the Finance Act 1988'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
196
Schedule 14, page 313, line 23, leave out 'gross assets' and insert 'size'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
197
Schedule 14, page 313, leave out lines 24 to 30 and insert 'Any company is a qualifying company in respect to its size unless on any day:
(a) its shares are listed upon a recognised stock exchange (as defined in section 841 of the Taxes Act 1988); and
(b) its market capitalisation (measured by reference to the closing middle-market price on the trading day for that exchange which precedes the day in question) exceeds £100,000,000.'
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
200
Schedule 14, page 313, line 34, after 'wholly', insert 'or mainly'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
201
Schedule 14, page 313, line 36, after 'trade', insert 'or trades'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
207
Schedule 14, page 313, line 37, leave out from 'that' to 'at' in line 40.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
202
Schedule 14, page 313, line 38, leave out 'or as to a substantial part' and insert 'or mainly'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
203
Schedule 14, page 313, line 41, after 'wholly', insert 'or mainly'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
204
Schedule 14, page 313, line 43, after 'trade', insert 'or trades'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
205
Schedule 14, page 313, line 45, leave out 'one business' and insert 'one or more businesses'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
208
Schedule 14, page 314, leave out lines 11 to 19.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
206
Schedule 14, page 314, leave out from line 44 to line 27 on page 318 and insert—
'(a) advertising and marketing;
(c) the conduct of surveys or polls as to the opinions of members of the public (or any section of them) on any subject (whether by interview in person or by telephone or through the medium of a group discussion focussed upon any particular subject);
(e) the manufacture or retail distribution of tourist souvenirs relating to the Millennium Dome in Greenwich;
(f) consultancy as to the arrangement of objects or artefacts within any living space (where based upon the principles of any non-European philosophy);
(g) fashion modelling (the provision of individuals engaged wholly or mainly for the purpose of displaying, whether or not to the public, items of clothing);
(h) the publication of newspapers (including magazines or other periodicals, but not journals of a technical or scientific nature);
(i) the transmission of television programmes.'.
Mr Nick St. Aubyn
155
Schedule 14, page 314, leave out lines 48 to 49.
Mr Nick St. Aubyn
Mr Howard Flight [R]
156
Schedule 14, page 315, leave out lines 1 to 11.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
209
Schedule 14, page 316, line 5, leave out 'of ships'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
210
Schedule 14, page 316, line 7, after 'craft', insert 'and the leasing of products which have been produced by the relevant company itself'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
211
Schedule 14, page 317, line 4, at end insert—
'(6) A trade shall not be treated as not being a qualifying trade by reason only of its consisting in the leasing or hiring out of products which were produced by or on behalf of the relevant company provided that where products are produced on behalf of the relevant company they are produced using an intangible asset of the relevant company which would for the purposes of paragraph 22 be a relevant intangible asset.'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
212
Schedule 14, page 317, line 12, after 'assets', insert 'or partly of relevant intangible assets and partly of other intangible assets provided that such other assets were acquired by the relevant company for bona fide commercial reasons in order to exploit its own relevant intangible assets by providing them or the use of them as part of an assembly or to be used together as part of a larger asssembly to be constructed by those who as users pay the royalties or licence fees in question.'
Mr Nick St. Aubyn
Mr Howard Flight [R]
157
Schedule 14, page 319, line 36, leave out '25' and insert '20'.
Mr Nick St. Aubyn
Mr Howard Flight [R]
158
Schedule 14, page 319, line 37, leave out '75%' and insert '60%'.
Mr Nick St. Aubyn
Mr Howard Flight [R]
159
Schedule 14, page 319, line 39, after 'spend', insert 'or in fact spends'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
213
Schedule 14, page 320, line 44, leave out '30%' and insert '50%.'
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
214
Schedule 14, page 320, line 48, leave out '30%' and insert '50%.'
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
215
Schedule 14, page 320, line 49, at end insert 'but this paragraph shall not apply in circumstances where an individual's interest is only in excess of the limit set out in this paragraph for a period of not more than one year and is reduced before the end of that period below such limit as a result of a financing of the relevant company in the course of which more ordinary share capital is issued.'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
219
Schedule 14, page 325, line 23, at end insert—
'Manipulation of share price
46A. (1) This paragraph applies if, prior to the exercise of a qualifying option, there is an event which would have been a chargeable event within the meaning of section 78 of the Finance Act 1988 (charge where restrictions removed etc) had that qualifying option been an interest in shares for the purposes of that section.
(2) The charge to income tax which at that time would have arisen under section 78 shall arise on the exercise of the qualifying option, but for any other purposes of this Schedule there shall not be a disqualifying event in relation to that qualifying option.'.
Mr David Heathcoat-Amory [R]
Mr Richard Ottaway
Mr Howard Flight [R]
223
Schedule 14, page 325, line 23, at end insert—
'Conversion of convertible shares
46B. (1) This paragraph applies if, prior to the exercise of a qualifying option, there is an event which would have been a chargeable event within the meaning of section 140D of the Taxes Act 1988 (convertible shares) had that qualifying option been an interest in shares for the purposes of that section.
(2) The charge to income tax which at that time would have arisen under section 140D shall arise on the exercise of the qualifying option, but for any other purposes of this Schedule there shall not be a disqualifying event in relation to that qualifying option.'.
