Amendments proposed to the Finance Bill - continued House of Commons

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

366

Clause     94,     page     66,     line     43,     at end insert—

    '(12) The references in subsection (10) 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 Andrew Smith

337

Schedule     27,     page     482,     leave out lines 10 to 22.

   

Mr Andrew Smith

338

Schedule     27,     page     482,     line     42,     leave out from beginning to 'provisions' in line 43 and insert 'Paragraph 9 has effect wherever the enactment amended by that paragraph falls to be construed, so far as it applies'.


   

Mr Andrew Smith

329

Clause     100,     page     69,     line     28,     at end insert—

    '(5) Any payment by A to B, or by B to A, in pursuance of an agreement between them in connection with the election—

      (a) shall not be taken into account in computing profits or losses of either company for corporation tax purposes, and

      (b) shall not for any purposes of the Corporation Tax Acts be regarded as a distribution or a charge on income,

    provided it does not exceed the amount of the chargeable gain or allowable loss that is treated, as a result of the disposal, as accruing to B.'.


   

Mr Andrew Smith

355

Schedule     29,     page     490,     line     21,     leave out from beginning to 'was' in line 25 and insert—

      '(a) if the taxpayer company was a member of a group at the time when the gain accrued—

          (i) a company which was at that time the principal company of the group, and

          (ii) any other company which in any part of the period of twelve months ending with that time was a member of that group and owned the asset disposed of, or any part of it, or where that asset is an interest or right in or over another asset, owned either asset or any part of either asset; and

      (b) if the gain forms part of the chargeable profits of the taxpayer company for corporation tax purposes by virtue of section 10(3), any person who is, or during the period of twelve months ending with the time when the gain accrued'.

   

Mr Andrew Smith

356

Schedule     29,     page     491,     line     48,     leave out 'has' and insert 'and "principal company" have'.


   

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     21,     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

      (c) subsection (9) of that section were omitted.'.


   

Mr Andrew Smith

368

*Clause     110,     page     86,     line     43,     leave out 'payments of interest' and insert 'declarations under section 481(5)(k)(i) of the Taxes Act 1988'.


   

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 expenditure83C (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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