S.C.H.
Amendment Paper as at
Thursday 15th June 2000
STANDING COMMITTEE H
New Amendments handed in are marked thus *
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
Mr Richard Ottaway
Mr Howard Flight [R]
351
Schedule 23, page 457, line 8, leave out 'a telecommunications cable system' and insert 'wired, radio or optical transmission paths for the transfer of voice, data or information'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
352
Schedule 23, page 457, line 15, after 'disposal', insert 'or grant'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
353
Schedule 23, page 457, line 23, after 'disposal', insert 'or grant'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
354
Schedule 23, page 457, leave out lines 29 to 38.
Mr Andrew Smith
327
Schedule 23, page 458, line 27, leave out from second 'the' to end of line 28 and insert 'amount of any profits chargeable to income tax or corporation tax'.
Mr Andrew Smith
328
Schedule 23, page 458, line 32, at end insert 'if the associate or associated company acquired the IRU before that date'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
357
Clause 89, page 63, line 35, after 'company', insert 'and at that time arrangements are in existence (or there are arrangements for arrangements to come into existence) which provide or provided for the disposal of those shares and securities to any other person or for the transferor or any person connected with the transferor to receive or be entitled to receive any value at at any time derived from those shares or securities,'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
358
Clause 90, page 63, line 42, after 'property', insert 'where that disposal takes place as part of a scheme or arrangement the main purpose, or one of the main purposes, of which is the avoidance of tax'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
359
Clause 91, page 64, line 11, after 'trustees', insert '(but not include any settlement within section 86 of the Inheritance Tax Act 1984, nor any trustees of a plan trust which is an employee share ownership plan as those terms are defined for the purposes of Schedule 8 to the Finance Act 2000)'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
360
Clause 92, page 64, line 32, after 'settlement', insert 'but not including any settlement within section 86 of the Inheritance Tax Act 1984, nor any trustees of a plan trust which is an employee share ownership plan (as those terms are defined for the purposes of Schedule 8 to the Finance Act 2000)'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
361
Clause 92, page 65, line 20, at end insert—
'(5) The references in this section to trustees of a settlement do not include any settlement which has as one of its objects any charitable purpose nor any settlement of which has as a beneficiary any charity (within the meaning of section 506 of the Taxes Act 1988).'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
362
Clause 93, page 65, line 25, after 'settlement', insert 'but not including any settlement within section 86 of the Inheritance Tax Act 1984, nor any trustees of a plan trust which is an employee share ownership plan (as those terms are defined for the purposes of Schedule 8 to the Finance Act 2000)'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
363
Clause 93, page 66, line 2, after 'arrangements', insert 'which permit the attribution of all or part of that chargeable gain to the trustees in the manner, or substantially in the manner, effected by this section'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
347
Clause 93, page 66, line 17, at end insert—
'(5) This section should not operate to deny relief under any double taxation arrangements where a chargeable gain accrues to a company at any time in a period of five or more consecutive years of assessment for which it is regarded as resident in a territory other than the United Kingdom for the purposes of these double taxation arrangements.'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
Mr Michael Jack
348
Clause 93, page 66, line 17, at end insert—
'(5) This section shall not apply in relation to a company where the Board have, on the application of the company notified the company that the Board are satisfied that the company was established outside the United Kingdom for bona fida commercial reasons and was not established as part of a scheme of which the main purpose is avoidance of liability to capital gains tax or corporation tax.
(6) Subsections (2) to (5) of section 138 shall have effect in relation to subsection (5) above as they have effect in relation to subsection (1) of that section.'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
349
Clause 93, page 66, line 17, at end insert—
'(5) This section shall not apply to a company making a chargeable gain unless the trustees referred to in subsection (1) above have control of that company as defined in section 840 of the Taxes Act 1988.'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
350
Clause 93, page 66, line 17, at end insert—
'(5) This section attributes a chargeable gain to trustees under section 13 if, and only if, these trustees are, when that gain accrues to a company, (or were at any time in the previous five years of assessment) either—
(a) not resident or ordinarily resident in the United Kingdom, or
(b) regarded for the purposes of any double taxation relief arrangements as resident in a territory other than the United Kingdom.'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
364
Clause 93, page 66, line 17, at end insert—
'(5) The references in this section to trustees of a settlement do not include any settlement which has as one of its objects any charitable purpose nor any settlement which has as a beneficiary any charity (within the meaning of section 506 of the Taxes Act 1988).'.
Mr Michael Jack
367
Clause 93, page 66, line 17, at end insert—
'(5) This section shall not apply in relation to a company where the Board have, on the application of the company notified the company that the Board are satisfied that the company was established outside the United Kingdom for bona fide commercial reasons and was not established as part of a scheme of which the main purpose is avoidance of liability to capital gains tax or corporation tax.
(6) Subsections (2) to (5) of section 138 shall have effect in relation to subsection (5) above as they have effect in relation to subsection (1) of that section'.
Mr Nick St. Aubyn
150
Clause 93, page 66, line 18, leave out '21st March 2000' and insert '6th April 2002'.
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight [R]
365
Clause 94, page 66, line 36, at end insert—
'This subsection does not extend to any settlement within section 86 of the Inheritance Tax Act 1984.'.
