| Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Nick St. Aubyn 158 Schedule 14, page 319, line 37, leave out '75%' and insert '60%'.
Mr Nick St. Aubyn 159 Schedule 14, page 319, line 39, after 'spend', insert 'or in fact spends'.
Mr David Heathcoat-Amory [R] 213 Schedule 14, page 320, line 44, leave out '30%' and insert '50%.'
Mr David Heathcoat-Amory [R] 214 Schedule 14, page 320, line 48, leave out '30%' and insert '50%.'
Mr David Heathcoat-Amory [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] 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] 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] 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] 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] 217 Schedule 14, page 325, leave out lines 43 to 45.
Mr David Heathcoat-Amory [R] 221 Schedule 14, page 325, leave out lines 46 and 47.
Mr David Heathcoat-Amory [R] 193 Schedule 14, page 325, line 50, leave out '100,000' and insert '250,000'.
Mr David Heathcoat-Amory [R] 218 Schedule 14, page 326, leave out from line 29 to line 7 on page 327.
Mr David Heathcoat-Amory [R] 222 Schedule 14, page 327, leave out lines 8 to 25.
Mr David Heathcoat-Amory [R] 224 Schedule 14, page 328, line 28, leave out '40 days' and insert 'six months'.
Mr David Heathcoat-Amory [R] 225 Schedule 14, page 329, line 29, leave out '40 days' and insert 'six months'.
Mr David Heathcoat-Amory [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
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] 228 Schedule 15, page 336, line 31, leave out '30%' and insert '50%'.
Mr David Heathcoat-Amory [R] 229 Schedule 15, page 338, line 39, after 'wholly', insert 'or mainly'.
Mr David Heathcoat-Amory [R] 230 Schedule 15, page 338, line 46, after 'wholly', insert 'or mainly'.
Mr David Heathcoat-Amory [R] 231 Schedule 15, page 339, line 20, leave out 'as to a substantial part' and insert 'mainly'.
Mr David Heathcoat-Amory [R] 232 Schedule 15, page 339, line 32, leave out 'as to a substantial part' and insert 'mainly'.
Mr David Heathcoat-Amory [R] 233 Schedule 15, page 340, line 31, after 'sub-paragraph (3)' insert 'and sub-paragraph (3a) below'.
Mr David Heathcoat-Amory [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] 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] 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] 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] 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] 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] 240 Schedule 15, page 343, line 35, leave out '15' and insert '30'.
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