Vote Bundle Text (900613-05)

Amendments proposed to the Finance Bill - continued	House of Commons

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Mr Richard Ottaway
Mr David Heathcoat-Amory
Mr Howard Flight

149

Schedule 30, page 516, line 20, leave out '6' and insert '9'.

Mr Andrew Smith

339

*Clause 104, page 70, leave out lines 15 to 31 and insert 'either the first condition or the second condition is fulfilled.

( ) The first condition is that—

(a) the accounts of the company as a whole are prepared in a currency other than sterling in accordance with normal accountancy practice; and

(b) in the case of a company which is not resident in the United Kingdom, the company makes a return of accounts for its branch in the United Kingdom prepared in such a currency in accordance with such practice.

( ) The second condition is that—

(a) the accounts of the company as a whole are prepared in sterling but, so far as relating to the business, they are prepared, using the closing rate/net investment method, from financial statements prepared in a currency other than sterling; or

(b) in the case of a company which is not resident in the United Kingdom, the company makes a return of accounts for its branch in the United Kingdom prepared in sterling but, so far as relating to the business, it is prepared, using that method, from financial statements prepared in such a currency.'.

Mr Andrew Smith

340

*Clause 104, page 71, line 46, at end insert—

''the relevant foreign currency' means the currency other than sterling or, where the first condition is fulfilled and two different such currencies are involved, the currency in which the return of accounts is prepared;'.

Mr Andrew Smith

341

*Clause 104, page 72, line 20, after 'day,' insert 'or for a period not exceeding three months which includes that day,'.

Mr Andrew Smith

342

*Clause 104, page 72, line 41, leave out 'subsection (1)(a) of' and insert 'the first condition mentioned in'.

Mr Andrew Smith

343

*Clause 104, page 73, line 9, leave out 'subsection (1)(b) of' and insert 'the second condition mentioned in'.

Mr Andrew Smith

344

*Clause 104, page 73, line 22, leave out 'an accounting' and insert 'a'.

Mr Andrew Smith

345

*Clause 104, page 73, line 23, leave out 'the'.

Mr Andrew Smith

346

*Clause 105, page 75, line 15, leave out from '135A' to end of line 27 and insert—

'.—(1) This section applies where, as regards qualifying assets and liabilities of a company—

(a) a currency other than sterling would (apart from this section) be the local currency for the purposes of sections 125 to 129 above; and

(b) the main benefit that might be expected to accrue from that currency being the local currency is that no net exchange gain would accrue to the company for those purposes.

(2) If a net exchange gain would accrue to the company if sterling were the local currency for the purposes of sections 125 to 129 above, then, as regards the assets and liabilities concerned, sterling shall be the local currency for those purposes.

(3) For the purposes of this section a net exchange gain accrues to a company if its initial exchange gains (as determined in accordance with this Chapter) exceed its initial exchange losses (as so determined).".'.

Mr Andrew Smith

330

Clause 107, page 79, line 31, leave out from 'relevant' to end of line 34 and insert—

'(3) The Board may by regulations—

(a) make provision as to the circumstances in which a trustee who is a policy holder or annuitant residing in the United Kingdom is to be treated for the purposes of this section as not so residing; and

(b) provide that nothing in Chapter II of Part XIII shall apply to a policy or contract which constitutes overseas life assurance business by virtue of any such provision as is mentioned in paragraph (a) above.

(4) Regulations under subsection (1) or (3) above may contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate.".'.

Mr Andrew Smith

331

Clause 108, page 81, line 7, leave out 'debtor relationship' and insert 'money debt'.

Mr Andrew Smith

332

Clause 108, page 81, leave out lines 13 and 14.

Mr Andrew Smith

333

Clause 108, page 81, line 20, leave out 'debtor relationship' and insert 'money debt;

"money debt" has the same meaning as in Chapter II of Part IV of the Finance Act 1996.".'.

Mr Andrew Smith

334

Clause 108, page 81, line 26, leave out 'debtor relationship' and insert 'money debt'.

Mr Andrew Smith

335

Clause 108, page 81, line 31, leave out 'relationship' and insert 'debt or liability'.

Mr Andrew Smith

336

Clause 108, page 82, line 11, at end insert '; and

Mr Nick St. Aubyn

152

Clause 141, page 109, line 28, at end insert—

'(5) This section shall not apply to any territory which is not a signatory to the International Convention on Human Rights'.

NEW CLAUSE

Volunteer expenditure

Mr David Heathcoat-Amory

Mr Richard Ottaway

Mr Oliver Letwin

Mr Howard Flight

NC1

To move the following Clause:—

'(1) After section 83B of the Taxes Act 1988 there shall be inserted—

"Volunteer expenditure 83C (1) Subsection (2) below applies to where an individual volunteers to assist in the work of a charity and in the course of providing such assistance incurs expenses attributable to the work for which the individual volunteered.
    (2) On a claim made in that behalf to an officer of the Board the relevant amount shall be allowed as a deduction in calculating the individual's income for the purposes of income tax for the year of assessment in which the expenses are incurred.
    (3) The relevant amount is the amount of the expenses incurred, after deducting any reinbursement for those expenses received by the individual from the charity for whose benefit the expenses were incurred.
    (4) In this section a 'charity' has the same meaning as in section 506 and includes each of the bodies mentioned in section 507(1).

    (2) This section has effect in relation to expenses incurred by an individual on or after 6th April 2000.".'.




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