Amendments proposed to the Finance Bill - continued House of Commons

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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.'.

   

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

199

Schedule     14,     page     325,     leave out lines 28 to 31 and insert 'becoming 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]

216

Schedule      14,     page     325,     line     32,     leave out 'ceasing to meet' and insert 'not meeting for a period of more than six months'.

   

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

217

Schedule      14,     page     325,     leave out lines 43 to 45.

   

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

221

Schedule     14,     page     325,     leave out lines 46 and 47.

   

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

193

Schedule      14,     page     325,     line     50,     leave out '100,000' and insert '250,000'.

   

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

218

Schedule     14,     page     326,     leave out from line 29 to line 7 on page 327.

   

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

222

Schedule     14,     page     327,     leave out lines 8 to 25.

   

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

224

Schedule     14,     page     328,     line     28,     leave out '40 days' and insert 'six months'.

   

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

225

Schedule     14,     page     329,     line     29,     leave out '40 days' and insert 'six months'.


   

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

227

Schedule     15,     page     335,     line     26,     at end insert—

    '2A. A company ("the new shareholder") may be an investing company, and shares ("the sale shares") acquired by it may be relevant shares in relation to it, where the new shareholder purchases those shares from another company ("the old shareholder") and

      (a) immediately prior to that purchase the old shareholder was an investing company in relation to the sale shares;

      (b) the purchase takes place during the period of restriction which relates to the sale shares; and

      (c) the purchase has the consent of the company which, immediately prior to the purchase, was the issuing company in relation to the sale shares;

    for the purposes of this Schedule the new shareholder shall be deemed to have subscribed for the sale shares, and the sale shares shall be deemed to have been issued, on the date that the new shareholder purchased them; and nothing in this paragraph shall prevent the withdrawal of any relief granted to the old shareholder under any other provision of this Schedule.'.

   

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

228

Schedule     15,     page     336,     line     31,     leave out '30%' and insert '50%'.

   

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

229

Schedule     15,     page     338,     line     39,     after 'wholly', insert 'or mainly'.

   

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

230

Schedule     15,     page     338,     line     46,     after 'wholly', insert 'or mainly'.

   

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

231

Schedule     15,     page     339,     line     20,     leave out 'as to a substantial part' and insert 'mainly'.

   

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

232

Schedule     15,     page     339,     line     32,     leave out 'as to a substantial part' and insert 'mainly'.

   

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

233

Schedule     15,     page     340,     line     31,     after 'sub-paragraph (3)' insert 'and sub-paragraph (3a) below'.

   

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

234

Schedule     15,     page     340,     line     43,     at end insert—

    '(3A) The unquoted status requirement is not treated as not being met if at the time that the relevant shares are issued there is an intention or aspiration for any of the issuing company's shares, debentures or other securities listed or dealt in as mentioned in paragraph (a), (b) or (c) of sub-paragraph (1) but this intention or aspiration has not been formed into a definite plan or arrangements which would involve such listing or dealing taking place before the expiry of the qualification period in relation to the relevant shares in question.'.

   

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

235

Schedule     15,     page     341,     leave out lines 11 to 14 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]

236

Schedule     15,     page     341,     line     29,     leave out 'an individual' and insert 'a person not connected with (within the meaning of section 839 of the Taxes Act 1988) or'.

   

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

237

Schedule     15,     page     341,     line     37,     at end insert—

    '(2A) A person shall not be excluded from being an independent individual by sub-paragraph (2) above if they are a trustee of a settlement within section 86 of the Inheritance Tax Act 1984.'.

   

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

238

Schedule     15,     page     342,     line     31,     leave out 'it has a subsidiary which is not a qualifying subsidiary' and insert 'one fourth by number of its subsidiaries are not qualifying subsidiaries'.

   

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

239

Schedule     15,     page     343,     line     6,     after '1988', insert '(but not including any person who has control of the issuing company in circumstances where shares in that company remain eligible for relief pursuant to this Schedule)'.

   

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

240

Schedule     15,     page     343,     line     35,     leave out '15' and insert '30'.

 
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