Amendments proposed to the Finance Bill - continued House of Commons

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Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

137

Page     49,     line     10     [Clause     67],     leave out '2000' and insert '1998'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

138

Page     49,     line     12     [Clause     67],     leave out 'at a time before that date' and insert 'in respect of a disposal prior to 6th April 2000'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

147

Page     66,     line     21     [Clause     92],     leave out 'that are' and insert 'who are not trustees of a settlement for the benefit of the persons named in paragraphs (a) and (b) of section 86 of the Inheritance Tax Act 1984 but who are'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

148

Page     67,     line     26     [Clause     93],     after '(a)', insert '"settlement" means any settlement other than for the benefit of the persons named in paragraphs (a) and (b) of section 86 of the Inheritance Tax Act 1984 and'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

149

Page     67,     line     45     [Clause     94],     after '13', insert 'and "settlement"means any settlement not being for the benefit of the persons named in paragraphs (a) and (b) of section 86 of the Inheritance Tax Act 1984.'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

150

Page     68,     line     34     [Clause     94],     leave out 'that' and insert 'which is not engaged in a trade or which does not have a 51 per cent. subsidiary (as that term is defined in section 838 of the Taxes Act 1988) which is engaged in a trade, and which'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

151

Page     68,     line     34     [Clause     94],     at end insert—

    '(3) This section shall not apply if the trustees show in writing or otherwise to the satisfaction of the Board of Inland Revenue either

      (a) that the purpose of avoiding liability to capital gains tax was not the purpose or one of the purposes for which the trustees became a participator in the close company to which the chargeable gain accrued; or

      (b) that the acquisition and the disposal by the close company of the asset on which the chargeable gains accrued were bona fide commercial transactions and were not designed for the purpose of avoiding liability to capital gains tax.

    (4) The jurisdiction of the Special Commissioners on any appeal shall include jurisdiction to review any relevant decision taken by the Board in exercise of their functions under subsection (3) above.'.


   

Mr David Heathcoat-Amory

14

Page     72,     line     23,     leave out Clause 104.


   

Mr Chancellor of the Exchequer

64

Page     79,     line     29     [Clause     107],     leave out from beginning to 'an' in line 30 and insert 'Where'.

   

Mr Chancellor of the Exchequer

65

Page     79,     line     33     [Clause     107],     leave out 'and (b)' and insert—

      '(a) subsection (2) below applies if'.

   

Mr Chancellor of the Exchequer

66

Page     79,     line     35     [Clause     107],     at end insert 'and

      (b) subsection (2A) below applies if it becomes apparent in such a period that that amount was insufficient.'.

   

Mr Chancellor of the Exchequer

67

Page     79,     line     40     [Clause     107],     at end insert—

    '(2A) For the purpose of making good to the general insurer the loss occasioned by the deficiency, an amount calculated by applying, for a prescribed period, a prescribed rate of interest to the amount of the deficiency shall be treated as an expense of the general insurer's trade in computing for tax purposes the profits of that trade for the later period of account.'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

152

Page     80,     line     4     [Clause     107],     leave out 'such descriptions of general insurer as may be prescribed:' and insert ';

          (i) such descriptions of general insurer as may be prescribed: or

          (ii) a general insurer who elects to be subject to an arrangement prescribed in regulations which appear to the Board to be appropriate;'.

   

Mr Chancellor of the Exchequer

68

Page     80,     line     7     [Clause     107],     leave out 'and (2)' and insert 'to (2A)'.

   

Mr Chancellor of the Exchequer

69

Page     80,     line     8     [Clause     107],     after 'excessive' insert 'or insufficient'.

   

Mr Chancellor of the Exchequer

70

Page     80,     line     9     [Clause     107],     after 'excess' insert 'or deficiency'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

153

Page     80,     line     10     [Clause     107],     leave out 'prescribed' and insert 'commercial'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

154

Page     80,     line     10     [Clause     107],     after 'rate', insert 'or rates'.

   

Mr Chancellor of the Exchequer

71

Page     80,     line     12     [Clause     107],     leave out 'and (2) ' and insert 'to (2A)'.

   

Mr Chancellor of the Exchequer

72

Page     80,     line     17     [Clause     107],     after 'receipt' insert 'or expense'.


   

Mr Chancellor of the Exchequer

73

Page     81,     line     39     [Clause     107],     leave out 'above is treated as a receipt' and insert 'or (2A) above is treated as a receipt or expense'.

   

Mr Chancellor of the Exchequer

74

Page     81,     line     47     [Clause     107],     after '(2)' and insert 'or (2A)'.


   

Mr Chancellor of the Exchequer

75

Page     82,     line     4     [Clause     107],     leave out 'and (2)' and insert 'to (2A)'.

   

Mr Chancellor of the Exchequer

76

Page     82,     line     7     [Clause     107],     leave out 'period of account mentioned in paragraph (a) of' and insert 'first period of account mentioned in'.

   

Mr Chancellor of the Exchequer

77

Page     82,     line     9     [Clause     107],     leave out 'paragraph (b) of'.


   

Mr Chancellor of the Exchequer

78

Page     89,     line     35     [Clause     111],     after 'etc)' insert '—

      (a) after subsection (2) insert—

            "(2A) A declaration under section 481(5)(k)(i) must contain—

            (a) in a case falling within section 481(4)(a), the name and principal residential address of the individual who is beneficially entitled to the interest or, where two or more individuals are so entitled, of each of them;

            (b) in a case falling within section 481(4)(b), the name and principal residential address of each of the partners."; and

      (b)''.

   

Mr Chancellor of the Exchequer

79

Page     89,     line     35     [Clause     111],     at end insert—

    '( ) In section 477A of the Taxes Act 1988 (building societies: regulations for deduction of tax), after subsection (2) insert—

            "(2A) Without prejudice to the generality of subsection (2)(a) above, regulations under subsection (1) above may make provision with respect to the furnishing of information to or by building societies corresponding to any provision that is made by, or may be made under, section 482 with respect to the furnishing of information to or by deposit-takers.".'.


   

Mr Chancellor of the Exchequer

108

Page     97,     line     13     [Clause     122],     at end insert—

    '(1A) In subsection (2) (instruments on which stamp duty not chargeable) in paragraph (a) for "to another" substitute "("the transferor") to another ("the transferee")".

    (1B) In that subsection, after paragraph (b) insert—

            "unless at the time the instrument is executed arrangements are in existence by virtue of which at that or some later time any person has or could obtain, or any persons together have or could obtain, control of the transferee but not of the transferor.".'.

   

Mr Chancellor of the Exchequer

109

Page     97     [Clause     122],     leave out lines 23 to 29.

   

Mr Chancellor of the Exchequer

110

Page     97,     line     37     [Clause     122],     at end insert '; but this is subject to subsection (5A).

            (5A) In determining for the purposes of this section whether a body corporate is the parent of the transferor, paragraphs 5(3) and 5B to 5E of Schedule 18 to the Income and Corporation Taxes Act 1988 shall not apply for the purposes of paragraph (b) or (c) of subsection (2B).'.

   

Mr Chancellor of the Exchequer

111

Page     97,     line     38     [Clause     122],     leave out 'subsection (2C)' and insert 'this section'.

   

Mr Chancellor of the Exchequer

112

Page     97,     line     40     [Clause     122],     leave out 'on or'.

 
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