Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr David Heathcoat-Amory [R] 269 Schedule 15, page 382, leave out lines 16 to 23.
Mr David Heathcoat-Amory [R] 270 Schedule 15, page 383, line 25, leave out from 'is' to end of line 27 and insert 'to be determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992.'.
Mr David Heathcoat-Amory [R] 271 Schedule 17, page 389, line 11, at end insert'(2) The Treasury may by regulations make provision for cases where
providing that the new shares or securities shall be treated as meeting those requirements. (3) The references in sub-paragraph (2) to an exchange of shares or securities include any form of company reorganisation or other arrangement which involves a holder of shares or securities in a company receiving other shares or securities
(4) The regulations shall specify
(5) The regulations may contain such administrative provisions (including provision for advance clearances) as appear to the Treasury to be necessary or expedient. (6) The regulations may authorise the Board to give notice to any person requiring him to provide such information, specified in the notice, as they may reasonably require in order to determine whether any conditions imposed by the regulations are met. (7) Regulations under this paragraph
(8) In the first column of the table in section 98 of the Taxes Management Act 1970 (penalty for failure to comply with notice requiring information etc.) after the entry relating to paragraph 4 of Schedule 22 to the Taxes Act 1988 insert "Regulations under paragraph 1(2) of Schedule 17 to the Finance Act 2000.".'.
Mr David Heathcoat-Amory [R] 226 Schedule 17, page 389, line 30, at end insert'(4) In section 297 (qualifying trades), after the words "receiving royalties or licence fees" insert: "other than the leasing or hiring or disposals by hire purchase of products which have been produced by or on behalf of the applicable company itself provided that where the 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] 272 Schedule 17, page 389, line 30, at end insert'(4) In section 293 of the Taxes Act 1988 (Qualifying Companies) in subsection (2) for paragraph (a) substitute:
In subsection (3B) for paragraph (a) substitute:
Mr David Heathcoat-Amory [R] 273 Schedule 17, page 389, line 30, at end insert'(4) In section 293 of the Taxes Act 1988 (Qualifying Companies), in subsection 3C after the words "to the company receiving them" insert "or the criteria set out in sub-paragraph (2) of Paragraph 22 of Schedule 14 to the Finance Act 2000 are met in relation to the receipt of royalties or licence fees from the exploitation of relevant financial assets (as defined in that Paragraph) or relevant financial assets and other assets acquired by the company 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 assembly to be constructed by those who as users pay the royalties or licence fees in question".'.
Mr David Heathcoat-Amory [R] 274 Schedule 17, page 389, line 30, at end insert'(4) In section 293 (Qualifying Companies) in section (6A), for the figure "15" substitute "30" and for the figure "16" substitute "32".'.
Mr David Heathcoat-Amory [R] 275 Schedule 17, page 389, line 30, at end insert'(4) In section 297 of the Taxes Act 1988 (Qualifying Trades), after the words "receiving royalties or licence fees" insert "other than the leasing or hiring or disposals by hire purchase of products which have been produced by or on behalf of the applicable company itself, provided that where the 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 of Schedule 14 to the Finance Act 2000 be a relevant intangible asset".'.
Mr David Heathcoat-Amory [R] 288 Schedule 18, page 395, line 4, at end insert'(1A).After section 842AA of the Taxes Act 1988 (venture capital trusts) insert the following: "842AB Venture capital trusts: amalgamations (1) For the purposes of section 842AA and Schedule 28B, where a venture capital trust ("the first trust") acquires control of another venture capital trust ("the second trust") then
(2) In subsection (1) above control shall have the meaning given it by section 840 below.".'.
Mr David Heathcoat-Amory [R] 289 Schedule 18, page 395, line 11, leave out 'issued' and insert 'acquired'.
Mr David Heathcoat-Amory [R] 290 Schedule 18, page 395, line 24, 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 assembly to be constructed by those who as users pay the royalties or licence fees in question'.
Mr Andrew Smith 287 Schedule 18, page 397, line 46, at end insert'( ) In section 842AA of the Taxes Act 1988 (venture capital trusts: requirements for approval), after subsection (5AC) insert
the value of the holding of new shares, and of any original shares that are retained under the exchange, shall be taken to be an amount such that the requirements of subsection (2)(b) to (d) above do not cease to be met by reason of the exchange. (5AE) In subsection (5AD) above
Mr David Heathcoat-Amory [R] 276 Clause 65, page 44, line 38, at end insert'(2A) In subsection (5), for the third and fourth columns of the table (which relates to gains on disposals of non-business assets) substitute
.'.
Mr David Heathcoat-Amory [R] 277 Clause 65, page 45, line 18, at end insert'(3A) In sub-paragraph (2)(b) of paragraph 2 of Schedule A1 to the Taxation of Chargeable Gains Act 1992 (period for which an asset is held and relevant period of ownership) for "ten" substitute "four''.'.
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