Amendments proposed to the Finance Bill - continued House of Commons

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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 David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

414

*Clause     106,     page     76,     line     39,     after 'was', insert 'insufficient or'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

415

*Clause     106,     page     76,     line     40,     leave out 'For the purpose of making good to the Exchequer the loss occasioned by the excess, an' and insert 'An'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

416

*Clause     106,     page     76,     line     42,     after second 'the', insert 'insufficiency or the'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

417

*Clause     106,     page     76,     line     42,     after 'as', insert 'an expense or, as the case may be,'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

418

*Clause     106,     page     77,     line     4,     leave out 'profits of his trade' and insert 'opening technical provisions'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

419

*Clause     106,     page     77,     line     14,     after 'excessive', insert 'or insufficient'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

420

*Clause     106,     page     77,     line     15,     after 'excess', insert 'or insufficiency'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

421

*Clause     106,     page     77,     line     16,     after 'rate,', insert 'adjusted for an appropriate risk margin'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

422

*Clause     106,     page     78,     leave out line 22.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

423

*Clause     106,     page     78,     line     33,     after 'Board', insert 'and for the purposes of subsection (3) above "opening technical provisions" in relation to an underwriting member means so much of the premiums received, or treated (in accordance with the rules or practice of Lloyd's) as received, by him under reinsurance to close contracts;'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

425

*Clause     106,     page     78,     line     44,     at end insert—

    '(7A) The Board shall not make any regulations under this section unless a draft of them has been laid before and approved by a resolution of the House of Commons'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

424

*Clause     106,     page     78,     line     45,     after 'receipt', insert 'or as an expense'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

426

*Clause     106,     page     79,     line     14,     leave out '1st January 2000' and insert '1st January 2003'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

427

*Clause     106,     page     79,     line     16,     leave out '1st January 2001' and insert '1st January 2004'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

428

*Clause     106,     page     79,     line     19,     leave out '1st January 2000' and insert '1st January 2003'.

   

Mr David Heatcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

429

*Clause     106,     page     79,     line     22,     at end insert—

    '(12) The Chancellor of the Exchequer shall undertake to carry out a review of the impact of this section on the United Kingdom insurance industry.

    (13) Draft regulations under this section shall not be laid before the House of Commons unless and until the Chancellor of the Exchequer has certified, on the basis of the review carried out under subsection (12) above, that in his view such regulations if enacted would not have a significant adverse affect on the competitive position of the United Kingdom as a location for insurance operations.'.


   

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.".'.


   

Mr Andrew Smith

402

Schedule     40,     page     554,     line     32,     column     3,     at end insert 'Section 802.'.

   

Mr Andrew Smith

403

Schedule     40,     page     554,     line     40,     at end insert—

     

'1989 c. 26.

     

The Finance Act 1989.

     

In section 82(1)(a), the words "or foreign tax".'.


 
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