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S.C.H.

Amendment Paper as at
Thursday 22nd June 2000

STANDING COMMITTEE H


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

414

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

   

Mr David Heathcoat-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 Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

416

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

   

Mr David Heathcoat-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 Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

418

Clause     106,     page     77,     line     3,     leave out 'profits of his trade' and insert 'opening technical provisions'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

419

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

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

420

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

   

Mr David Heathcoat-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 Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

422

Clause     106,     page     78,     leave out line 22.

   

Mr David Heathcoat-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 Heathcoat-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 Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

424

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

   

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

430

Clause     116,     page     89,     line     39,     at end insert 'until 4th April 2002.'.


   

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

431

Schedule     33,     page     524,     line     45,     at end insert—

      '(c) to increase the stamp duty chargeable on the transfer of assets to a business on incorporation;

      (d) to increase the stamp duty chargeable on business assets sold as part of a single transaction in which the business continues as a going concern.'.


   

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

432

Clause     117,     page     91,     line     4,     at end insert—

    '(13) Section 241 of the Finance Act 1994 shall cease to have effect.'.


   

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

435

Clause     118,     page     91,     line     7,     leave out 'person' and insert 'body corporate'.

   

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

433

Clause     118,     page     91,     leave out lines 25 to 31.


   

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

434

Clause     120,     page     93,     line     41,     after first 'securities', insert 'other than an interest in a collective investment scheme within the meaning of section 75 of the Financial Services Act 1986'.


 
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©Parliamentary copyright 2000
Prepared 22 Jun 2000